4900 California Avenue TheCal Twin Towers office complex is located at 4900 California Ave.in Bakersfield.

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BAKERSFIELD, CA—Adler Realty Investments Inc. acquired the151,829-square-foot Cal Twin Towers office complex at 4900California Ave. in 2005 and completed a building renovation duringthe 15-year ownership period. Adler recently upgraded thebuilding's energy systems, which included a solar installation withcovered carports.

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The investment provided Adler's investors with cash flow andsubstantial appreciation for the duration of the hold period. Adlerrecently sold Cal Twin Towers to local investor Steve Blumer for$26 million.

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"We are pleased with the success of the investment," saidMichael Adler, president of Adler Realty Investments. "This ventureis a typical transaction for our business. We acquired anunder-performing property, executed our business plan to improveand stabilize the asset, resulting in higher values."

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Adler also maintained high occupancy for the building for thepast 15 years, bringing in signature tenants such as OmniHealthcare, Regus, Progressive Insurance and Principal Life.

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"Adler continues to look throughout the western United Statesfor other value-add office, industrial and retail opportunities,"Adler tells GlobeSt.com.

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Alex Belfour, Jeff Andrew, Scott Salters and Susan Moreno ofCushman & Wakefield represented the seller in thetransaction.

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Bakersfield is one of the fastest growing cities in California.The city's economy relies on agriculture, petroleum extraction andrefining, resulting in numerous company headquarters located here.Inexpensive land and access to international sea ports andairports, plus local tax incentives make it attractive tobusinesses, according to Regus.

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Bakersfield also has a growing manufacturing and distributionsector. Products manufactured in the city include ice cream (withthe world's largest ice cream plant), central vacuums, highwaypaint and stock racing cars.

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The city is home to around 400,000 people, making Bakersfieldthe ninth largest city in California. The metro area is home tonearly 900,000 people. With year-over-year rise in Bakersfield homeprices, it stands in the top 20% nationally for real estateappreciation, according to Norada Real Estate Investments.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.