BAKERSFIELD, CA-Although sources involved in the sale of 10000 Ming Ave. here in Bakersfield, CA could not disclose details, GlobeSt.com learns from an unidentified source that it traded for $37 million. The 213,143-square-foot office complex sold to an affiliate of Roll Global, a privately owned L.A.-based holding company.
The property is 100% leased to AERA Energy LLC, an oil and gas producer. CBRE's Kevin Shannon, vice chairman; Tom Bohlinger, executive vice president; Ken White, senior vice president; and Michael Longo, associate; marketed the property on behalf of the seller, Castle and Cooke, a real estate development and investment company owned by David H. Murdock.
The deal represents one of the largest office investment sales ever in the Bakersfield area, according to CBRE. “Investor interest in this property was driven in large part by the credit and stability associated with AERA Energy's long-term lease and the asset's tremendous occupancy history,” Shannon says.
10000 Ming has been the headquarters for AERA, an independently operated company which is jointly owned by affiliates of ExxonMobil and Royal Dutch Shell, since 1999. The property was built in 1984.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
