BAKERSFIELD, CA-A 165,565-sq.-ft. three-building governmental complex in Bakersfield has been sold in aworth $32.83 million.
The total sales price equates to $197 per sq. ft. The complex at 100 E.Ave. is 100 percent leased to Kern County, Calif., through 2028 with no early termination clause in the lease.
Michael Lawrence, a senior vice president investments and Blake Bokosky, an associate, both in Marcus & Millichap’s Newport Beach office, represented the seller, an offshore investment company. Marty Cohan, a vice president-investments, in the firm’s West Los Angeles office, represented the buyer, an out-of-state private investor group.
“The investment provides the new owner with a well-located office asset that has an attractive current yield and requires little management,” said Lawrence. “With long-term tenancy, annual increases and an investment-grade tenant, 100 East California Ave. should continue to provide excellent returns well into the future.”
“The Bakersfield office market is currently one of the state’s best performing office markets with an extremely low 6.7 percent vacancy rate,” Cohan added.
The complex is located on approximately 17.4 acres at the commercial intersection of East California Avenue and Union Avenue; a corner with a traffic count of 50,500 cars per day. The property has more than 450 ft. of frontage on both avenues.
The office complex was designed and built for its current tenant, the Kern County Department of Human Services. The buildings serve as an administrative and service center for the delivery of social services to Kern County residents. The main building, which totals approximately 156,874 sq. ft. and the 4,199-sq. ft. family visitation building were built in 1988. The administrative annex totals approximately 5,492 sq. ft. and was added in 2006.