Bakersfield Office Complex Trades for $26M

Local Kern County investor Steve Blumer has acquired Bakersfield’s Cal Twin Towers office complex for $26 million from Adler Realty Investments, with the former originally purchasing the asset in 2005.

Located at 4900 California Ave., the office property’s tenants include Omni Healthcare, Regus, Progressive Insurance and Principal Life.

The building sold with upgraded energy systems, including a solar installation with covered carports, making it one of the most energy efficient buildings in Bakersfield. The building was renovated and maintained during Adler’s 15 years of ownership.

According to Adler President Michael Adler, the property sold after the company acquired “an under-performing property, executed our business plan to improve and stabilize the asset, resulting in higher values.”

Cushman & Wakefield’s Alex Balfour, Jeff Andrew, Scott Salters and Susan Moreno represented Adler in the transaction.

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