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BAKERSFIELD, CA-The Newport Beach-based investment firm GW Realty Inc. and an investment fund of Buchanan Street Partners plan a value-added play at California Corporate Center, a two-building office project that it bought from an affiliate of GMAC for $18.4 million. The property consists of two class A office buildings of five and seven stories that total 197,371 sf.As GW Realty president Erik Good explains, the buildings historically have been fully occupied by national, regional and local tenants. But with the recent expiration of a lease with ARCO, the occupancy stands at 30%. GW Realty’s plan is to renovate the property to restore its appeal and its quality, then bring in new tenants to fill the vacancy.Good notes that the buildings offer the only existing large contiguous space in the city, which has an overall vacancy rate of 7%. The seven-story tower comprises 141,002 sf at 4550 California Ave. and the five-story tower totals 56,369 sf at 4540 California Ave.The California Corporate Center is located within a seven-building business park that includes neighboring general and medical office buildings, known as California Corporate Plaza. GW Realty represented itself in the acquisition, with the seller represented by the Grubb & Ellis offices in San Francisco and Bakersfield, with Grubb & Ellis also assigned as the leasing agent for the project.Wrightwood Capital of Chicago provided $20 million in financing for the acquisition and repositioning of the property. The financing, a 36-month loan, was arranged through Evan Anderson of Newport Beach-based Buchanan Street Partners.The Bakersfield deal is one of the latest of 40 acquisitions and dispositions by GW Realty during the past two years. The company invests in office, flex and industrial assets, primarily on the West Coast.

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