Lawrence says the property received a dozen offers and sold for 99% of the asking price. He adds that the property also offers great opportunity for future expansion, since the land surrounding it is graded, there are provisions in the back of the building for more square footage and the parking ratio is 7 to 1. Also, he says, the buyer was able to get an attractive, 10-year fixed loan with high loan-to-value at a great rate.

“The investment provides the new owner with a well-located office asset that has an attractive current yield and requires little management,” said Lawrence in a prepared statement. “With long-term tenancy, annual increases and an investment-grade tenant, 100 E. California Ave. should continue to provide excellent returns well into the future.”

The complex is located on approximately 17.4 acres at the prominent commercial intersection of E. California and Union aves., a signalized corner with a traffic count of 50,500 cars per day. The property has more than 450 ft. of frontage on both avenues.

“The Bakersfield office market is currently one of the state's best-performing office markets with an extremely low 6.7% vacancy rate,” said Cohan in the statement.

Lawrence tells GlobeSt.com that the Bakersfield office market is outperforming such in-demand markets as La Jolla, mostly due to the oil-and-gas occupancy in the region for firms like Chevron and the agricultural market occupancy as well. Lack of construction is another driver for low vacancy here.

As GlobeSt.com recently reported, Bakersfield is one of the California cities that dominates the list of best markets in which to buy short-sale properties, according to a recent report from RealtyTrac. The report shows that Santa Barbara tops the list of cities in the report, which analyzed data from fourth-quarter 2012 in more than 900 metro areas nationwide. Other high-ranking cities, in descending order, are Visalia-Porterville, Fresno, Vallejo-Fairfield, Bakersfield, Sacramento, Stockton, Modesto and Riverside.