BAKERSFIELD, CA-Although sources involved in the sale of 10000 Ming Ave. here in Bakersfield, CA could not disclose details, GlobeSt.com learns from an unidentified source that it traded for $37 million. The 213,143-square-foot office complex sold to an affiliate of Roll Global, a privately owned L.A.-based holding company.
The property is 100% leased to AERA Energy LLC, an oil and gas producer. CBRE’s Kevin Shannon, vice chairman; Tom Bohlinger, executive vice president; Ken White, senior vice president; and Michael Longo, associate; marketed the property on behalf of the seller, Castle and Cooke, a real estate development and investment company owned by David H. Murdock.
The deal represents one of the largest office investment sales ever in the Bakersfield area, according to CBRE. “Investor interest in this property was driven in large part by the credit and stability associated with AERA Energy’s long-term lease and the asset’s tremendous occupancy history,” Shannon says.
10000 Ming has been the headquarters for AERA, an independently operated company which is jointly owned by affiliates of ExxonMobil and Royal Dutch Shell, since 1999. The property was built in 1984.