FOR SALE - LoopNet · 2020-04-15 · Bakersfield, CA 93309 Susan Moreno Marketing Specialist +1 661...

2822 F Street

Bakersfield, CA 93301

FOR SALE

Downtown Office Building Single Tenant NNN Investment with 8 Years Left on Lease

Executive Summary

Building Description

The property is a two story 21,280 square foot office building. The building is positioned right on the street offering great visibility. The building has a beautiful combination of wood and stucco accents and nice mature landscaping. The building has an elevator for access to the second-floor space. The actual building sits on a .37-acre parcel of land and then shares a 3.72-acre parking lot association with other adjacent buildings. The property is zoned C-O commercial Office.

Address 2822 F Street, Bakersfield, CA

Property Type 2 Story Professional Office Building

APN #: 001-231-11

Square Feet ±21,280 SF

Lot Size .37 Acres (2822 F Street is entitled to a proportionate share of an adjacent 3.72 acre parking lot provided by the Westchester Parking Association Block 5)

Built Built in 1982; comprehensive remodel 2007/2008.

Class B

Occupancy 100%

Alex M. BalfourSenior Director+1 661 633 [email protected] #01709847

PACCOM REALTY ADVISORS, INC. Lic. #01919464 5060 California Avenue, Suite 1000 Bakersfield, CA 93309 www.paccra.com

Susan MorenoMarketing Specialist +1 661 633 3837 [email protected] #01939777

Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

Tenant Milan Institute (Amarillo College of Hairdressing Inc., a Texas Corporation), Personally Guaranteed by the Operator

Lease Type NNN

Lease Commencement September 5, 2018

Lease Expiration September 5, 2028

Annual Rent $400,470

Annual Rent Increases 2.25%

Asking Price $4,450,.000

Cap Rate 9.0%

Lease Information






Tenant Overview

Milan Institute Bio

The MILAN INSTITUTE has a 30+ year history of family ownership and averages $50 million in annual sales.

Their multi-disciplined, college atmosphere and accredited programs are offered in 18 campuses found

in 16 cities and located within California, Nevada, Idaho and Texas. Course curricula includes: Accounting;

Administration; Medical Assistant; Barbering; Cosmetology; Dental Assistant; Industrial; Nursing Assistant,

Pharmacy Tech and others. Current combined enrollment is 2975 students; however enrollment increases

with Fall registration. Audited financial statements and ESOP Business appraisals will be made available

to qualified buyers. Corporate Headquarters are located at: 3356 S Fairway Street; Visalia, CA. 93277.

Family Owned

Founded in 1985 by the Yasuda family in Visalia, California, Milan Institute is proud to be a family-owned

and operated institution carrying on the legacy of intergenerational ownership. The Milan school group has

over 35,000 graduates and for 30 years has delivered quality career-training opportunities in more than

22 programs.

Milan Institute

• Family Owned

• Student Focused

• Long Term Oriented

• 30 Years of Service






FloorplanFirst Floor

N

FloorplanSecond Floor

N






AREAOVERVIEW

CITY OF BAKERSFIELD

OVERVIEW

Bakersfield is located at the southern end of

the great San Joaquin Valley and is partially

surrounded by three mountain ranges that

provide a stunning backdrop. The Temblor

range to the west, the Tehachapi range

to the south and the magnificent Sierra

Nevada range to the east. Bakersfield’s

central location, puts it close to a variety

of recreational and business resources.

Generally temperatures are mild year round;

summers are warm and dry and winters are

cool with mild rain fall and snow about once

every 30 years.

Bakersfield’s economy is centered on many diverse industries. Agriculture, healthcare, oil, government, and distribution are just a few of the many industries that contribute to one of the fastest growing economies and regions in the nation.

From families to college students to business professionals, Kern County has much to offer anyone looking for an affordable and attractive place to live their dreams. Cultural and outdoor activities abound, various professional sports teams offer entertainment and housing prices are more reasonable than anywhere else in California. Kern County’s combination of large community opportunity and small town appeal is just right.

• Bakersfield offers abundant amenities along with less than twenty-minute average commute times.

• The Kern River flows through the Bakersfield area and is the fastest falling river in the United States, providing exciting water recreation opportunities such as white water rafting, kayaking and fishing; Lake Ming, Buena Vista Lakes and Lake Woollomes are nearby to provide additional outdoor recreation.

• Rabobank Arena (formerly Centennial Garden) is a state-of-the-art, 10,000-seat multipurpose entertainment facility located in downtown Bakersfield and hosts sporting events, major concerts, conventions, special events and community gatherings.

Major EmployersA low cost of living, an available workforce, strategic location

and a business-friendly environment are just a few of the reasons

that companies such as ACS, Sears Logistics Services, Frito-Lay

and State Farm Insurance have chosen to call Kern County home.

Bakersfield and Kern County have recently received nation-wide

recognition for their many amenities, having been named one of the

top fifty hottest cities to do business by Expansion Management

Magazine, and ranked number 42 in Best Places for Business and

Careers, 2003 by Forbes Magazine, placing the Bakersfield area

ahead of San Francisco, San Jose, Los Angeles-Long Beach, CA

and Phoenix, AZ. Amazon is currently under construction with

the nations largest warehouse distribution facility at just under

3,000,000 square feet showing how strategic Bakersfield is to

California and the western United States. The Tenants with major

presence in Kern County include:

• Kern County Public Schools

• County of Kern

• Grimmway Enterprises

• Giumarra Vineyards

• Esparza Enterprises

• Catholic Healthcare West

• Wm. Bolthouse

• Sunview Vineyards

• City of Bakersfield

• Aera Energy

• State Farm Insurance

• Paramount Citrus

• Chevron Texaco

• California State University Bakersfield

• Target Distribution Center

• Amazon

Marketing Coordination & Support

With strong population growth projected for Bakersfield, there is estimated to be approximately 3,400 employees needing office space over the next five years. At an average of 200 square feet per employee, this is projected to generate 780,000 square feet of office absorption over the next five years, or 156,000 square feet per year. In addition:

• Cost of doing business in Kern is 93% of the national average

• Bakersfield employee turnover rates are well below industry averages

Additionally, according to the U.S. Bureau of Labor Statistics having added a total of 1.08 million private-sector jobs since May, 2017, Kern County had the third highest rate of private sector job growth in California, and was the fourth highest in the nation.

AGRICULTUREFrom grapes to livestock, Kern County’s agriculture products feed communities around the world and strengthen the local, state and national economy. Kern County’s agriculture industry generates a fifth of the county’s gross domestic product and employs up to 20% of its workforce. Most recently, Bakersfield’s largest and most significant industry, in terms of overall employment, is value-added agriculture. A highly specialized industry, value-added agriculture’s overall employment growth outpaces most competitor counties. It provides over 53,000 Kern County jobs. Kern County also features agricultural support activities, such as crop harvesting, farm labor contractors, crew leaders, and farm management services.

Agricultural companies having a prominent presence in Kern County

• Bolthouse

• SunWorld

• Grimmway Enterprises

• The Wonderful Company

39

ENERGY & NATURAL RESOURCESThe pillars of Kern County’s economy continue to be energy related. The industry thrives from the abundance of both petroleum as well as renewable energy projects like wind and solar power. Specialties include oil and gas production, field services, electricity, refining, chemicals, and plastics. Not only is the energy sector an important source of overall jobs, but a major provider of high-paying, moderate-to-high skill jobs like those in technical and engineering occupations. All industry segments pay significantly higher wages than the County average, and in the more specialized and highly skilled areas, wages are double the County average. Kern County is swiftly becoming the renewable energy center for California with more than 5,000 wind turbines in the Tehachapi-Mojave wind corridor.

With national rankings for both traditional energy (petroleum) and renewables (wind and solar), Kern County is the leading energy provider for the state of California and is connected to the strongest players in the global energy industry. Additionally, Kern County also leads as a producer of natural gas, hydro-electric power, geothermal, and is noted for its mineral wealth, including gold, borate, and kernite.

As the two giants of its local economy, energy and agriculture, continue to adapt for the future, Bakersfield and Kern County have benefited from the nation’s focus on delivering food products and reliable, affordable energy resources to the market. The Southern San Joaquin Valley is poised to capture accelerated residential growth and business development in accommodating the influx of new industries servicing the needs of area businesses and residents.

AMENITIESBakersfield offers abundant amenities such as a convention center and numerous theaters along with twenty-minute average commute times and the most affordable housing in California. Kern Counties recreational opportunities range from the symphony and art museums to white water rafting and NASCAR racing. Bakersfield has its own minor league baseball team, the Bakersfield Blaze and a minor league ice hockey team, the Condors and a soccer park where local, regional and state tournaments are held.

City population increased 56.80% between 2000 and 2018.

ALEX BALFOURSenior DirectorLic. 01709847661 633 [email protected]

SUSAN MORENOMarketing SpecialistLic. 01939777661 633 [email protected]

PACCOM REALTY ADVISORS, INC.Lic. 019194645060 California AvenueSuite 1000Bakersfield, CA 93306

paccra.com

FOR SALE - LoopNet · 2020-04-15 · Bakersfield, CA 93309 Susan Moreno Marketing Specialist +1 661...

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Transcript of FOR SALE - LoopNet · 2020-04-15 · Bakersfield, CA 93309 Susan Moreno Marketing Specialist +1 661...