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Friday, Jan 27, 2023
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Adler Sells Bakersfield Office Towers

By MICHAEL AUSHENKER Staff Reporter Adler Realty Investments Inc. has sold its Cal Twin Towers office complex in Bakersfield to local investor Steve Blumer for roughly $26 million. Located at 4900 California Ave., the property was acquired by Adler in 2005 and the company completed a building renovation and maintained high occupancy during its 15 years of ownership. Adler brought in signature tenants such as Omni Healthcare, Regus, Progressive Insurance and Principal Life and recently upgraded the building’s energy systems, which include a solar installation with covered carports, making it one of the most energy efficient buildings in Bakersfield. The investment provided Adler’s investors cash flow and substantial appreciation over the ownership period. “The Bakersfield portfolio has performed well for us,” Adler Realty Investments President Michael Adler told the Business Journal. “We had a good tenant mix. I’m thinking that this is a good time to sell it and buy a bigger asset that can perform for us for the next 15 years.” Adler has its headquarters at 21031 Warner Center Lane in Woodland Hills. It is a real estate investment firm with more than $1 billion of properties acquired or in development. Adler’s real estate portfolio consists of more than 4 million square feet of properties. “We have 25 projects in seven states,” Adler said. Among the other developments currently underway is a nine-building Woodland Hills project at DeSoto Avenue and Burbank Boulevard that will add four residential complexes, four office towers and a hotel totaling 2.6 million square feet and is in line with City Councilmember Bob Blumenfield’s Warner Center 2035 Specific Plan, an initiative to transform Woodland Hills into the downtown of the San Fernando Valley. Meanwhile back in Kern County, the Bakersfield property provided Adler’s investors cash flow and substantial appreciation. “We are pleased with the success of the investment,” Adler said. “This venture is a typical transaction for our business. We acquired an under-performing property and executed our business plan to improve and stabilize the asset, resulting in higher values.”  Adler was represented in the Bakersfield deal by Alex Belfour, Jeff Andrew, Scott Salters and Susan Moreno of Cushman & Wakefield.

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