Adler acquired the property in 2005 and completed a building renovation and maintained high occupancy during its fifteen years of ownership. Adler brought in signature tenants such as Omni Healthcare, Regus, Progressive Insurance and Principal Life. Adler recently upgraded the building’s energy systems, which included a solar installation with covered carports making it one of the most energy efficient buildings in Bakersfield.

The investment provided Adler’s investors cash flow and substantial appreciation over the ownership period. “We are pleased with the success of the investment,” said Michael Adler, president of Adler. “This venture is a typical transaction for our business. We acquired an under-performing property, executed our business plan to improve and stabilize the asset, resulting in higher values.”

Adler continues to look throughout the western United States for other value-add office, industrial, and retail opportunities. Alex Belfour, Jeff Andrew, Scott Salters, and Susan Moreno of Cushman & Wakefield represented the seller in the transaction.

Four of the buildings are located on Brundage Street off of route 58; and two are located on District Avenue a mile west of route 99. Current tenants include Crystal Geyser, Bimbo Bakeries, On-Trac, and Bilfinger Industries to name a few..

The sale of the project provided Adler’s investors a 20% annual rate of return(IRR) over the three and a half year ownership period. “We are pleased with the success of the investment,” said Michael Adler, president of Adler. “This venture is a typical transaction for our business. We acquired an under-performing property, executed our business plan to improve and stabilize the asset, thereby resulting in higher values and above market returns for our investors.”

Adler is aggressively looking throughout the western United States for other value-add opportunities. Patrick Barnes, Rich Putnam, and Bret Hardy of Colliers International, represented the seller and buyer in the transaction.

Destiny Packaging Inc. provides packaging solutions and flexible packaging products for the produce industry. The company was founded in 2008 and is based in Monterey, California with offices and warehouses in Salinas, Bakersfield, Yuma, and Santa Maria.

As of December 20, 2012, Destiny Packaging Inc. operates as a subsidiary of Bunzl. Bunzl owns and operates more than 100 warehouses that serve all 50 states and Puerto Rico, as well as Canada, the Caribbean and parts of Mexico. Wes McDonald of Colliers Tingey International, Inc. represented both landlord and tenant in the deal.

Stephen Haupt of Colliers Tingey International, Inc. is the listing broker at the property and represented both landlord and tenant on the transaction.

For more information, please contact Alan Sher at (818) 884-2200, or visit www.adler-realty.com. Adler Realty Investments, Inc. is located at 20951 Burbank Blvd. Suite B, Woodland Hills, Calif. 91367.

The 526k sf portfolio is currently 62% leased. Adler plans to make renovations to the project, with a focus on improving the functionality of the space by upgrading the truck loading capabilities and bettering the overall condition of the property.

Four of the buildings front route 58 on Brundage Lane, west of Vernon Ave, and two of the buildings are located on District Blvd, west of Ashe Rd in southwest Bakersfield. Current tenants include Crystal Geyser, On-Trac, Ashley Furniture, Red Bull, Bimbo Bakeries, and the State of California.

Stephen Haupt of Colliers Tingey International has been retained as leasing agent, and M.D. Atkinson Company will be managing the property for Adler.

Full Link: http://www.rentv.com/content/southerncalifornia/mainnews/news/17319

The remodel included a full remodel of the restrooms on both these floors as well installing new contemporary lighting and material to create a warm welcoming feeling to tenants and visitors to the building. The entire exterior of the 151,124 square foot building was repainted in tones that blend with the newly remodeled lobby.