Adler Realty Sells a 526,000 Square Foot Industrial Portfolio in Bakersfield, CA
Los Angeles (March, 2017) – Adler Realty Investments, Inc. (Adler) announced today the sale of six multi-tenant industrial buildings in Bakersfield, CA for $24,100,000. Adler acquired the 62% occupied property in 2013 from a lender who had taken the property back from the previous owner. Adler renovated the buildings, including the installation of additional loading docks, and successfully leased the project up to 92% occupancy.
Four of the buildings are located on Brundage Street off of route 58; and two are located on District Avenue a mile west of route 99. Current tenants include Crystal Geyser, Bimbo Bakeries, On-Trac, and Bilfinger Industries to name a few..
The sale of the project provided Adler’s investors a 20% annual rate of return(IRR) over the three and a half year ownership period. “We are pleased with the success of the investment,” said Michael Adler, president of Adler. “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, thereby resulting in higher values and above market returns for our investors.”
Adler is aggressively looking throughout the western United States for other value-add opportunities. Patrick Barnes, Rich Putnam, and Bret Hardy of Colliers International, represented the seller and buyer in the transaction.