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LOS ANGELES-Adler Realty Investments of Woodland Hills has acquired four multi-tenant office buildings in Long Beach and Bakersfield from Los Angeles-based Arden Realty Inc. for $56 million. Adler plans an aggressive marketing push for the former Arden properties, which are 75% occupied. The Long Beach property is situated at 100 W. Broadway on the corner of Pine Street in Downtown Long Beach. The six-story building features restaurant and retail space on the ground level, including King’s Fish Market. The Bakersfield properties are at 4200 and 4260 Truxton Ave. and at 4900 California Ave. The Truxton Avenue properties are west of Highway 99, on the main road leading into the Downtown area. The 4900 California Ave. building is in the main office corridor of Bakersfield. Michael Adler, president of Adler, describes the acquisition as a value-added play for his company, which buys both value-added and stabilized properties. “We are aggressively looking throughout the western United States for other acquisitions and opportunities including both value-added and stabilized deals,” Adler says. Bill Palmer of the Palmer Group was the selling broker for the Bakersfield properties. Steve Silk, Jay Borzi and Stephen Somer of Secured Capital were the selling brokers for the Long Beach property. Adler’s acquisition becomes part of a portfolio of more than $250 million of assets owned and managed by the Woodland Hills-based company, which is both an investor and a developer. Its properties comprise more than two million sf of office, industrial and multifamily buildings located in California, Arizona, Texas and Colorado. Adler’s holdings also include vacant land designated for future development.

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