The Cal Twin Towers office complex is located at 4900 California Ave. in Bakersfield.
BAKERSFIELD, CA—Adler Realty Investments Inc. acquired the 151,829-square-foot Cal Twin Towers office complex at 4900 California Ave. in 2005 and completed a building renovation during the 15-year ownership period. Adler recently upgraded the building's energy systems, which included a solar installation with covered carports.
The investment provided Adler's investors with cash flow and substantial appreciation for the duration of the hold period. Adler recently sold Cal Twin Towers to local investor Steve Blumer for $26 million.
"We are pleased with the success of the investment," said Michael Adler, president of Adler Realty Investments. "This venture is a typical transaction for our business. We acquired an under-performing property, executed our business plan to improve and stabilize the asset, resulting in higher values."
Adler also maintained high occupancy for the building for the past 15 years, bringing in signature tenants such as Omni Healthcare, Regus, Progressive Insurance and Principal Life.
"Adler continues to look throughout the western United States for other value-add office, industrial and retail opportunities," Adler tells GlobeSt.com.
Alex Belfour, Jeff Andrew, Scott Salters and Susan Moreno of Cushman & Wakefield represented the seller in the transaction.
Bakersfield is one of the fastest growing cities in California. The city's economy relies on agriculture, petroleum extraction and refining, resulting in numerous company headquarters located here. Inexpensive land and access to international sea ports and airports, plus local tax incentives make it attractive to businesses, according to Regus.
Bakersfield also has a growing manufacturing and distribution sector. Products manufactured in the city include ice cream (with the world's largest ice cream plant), central vacuums, highway paint and stock racing cars.
The city is home to around 400,000 people, making Bakersfield the ninth largest city in California. The metro area is home to nearly 900,000 people. With year-over-year rise in Bakersfield home prices, it stands in the top 20% nationally for real estate appreciation, according to Norada Real Estate Investments.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
