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5801 District BLVD, Bakersf...

OLP Bakersfield Acquires Industrial Center From ICI Property LLC For $10.8M
SOLDIndustrial

OLP Bakersfield Acquires Industrial Center From ICI Property LLC For $10.8M

5801 District BLVD, Bakersfield, CA, 9...

$10,800,000

Building Size

Asset Type

Industrial

Closing

Jan 21, 2019

AI

The industrial distribution center located at 5801 District Blvd in Bakersfield, CA has been sold for $10.8 million. The property, built in 1980, spans 220,180 square feet on 15.4 acres. It offers 24-foot to 28-foot clearance, expandable loading, sufficient power, secured outside yard areas, and proximity to rail service. Men's Wearhouse is the current single-tenant occupying the space on an NNN lease basis.

Summary of transaction details:

Colliers International facilitated the transaction, representing both the buyer and the seller. The team involved in the deal includes Patrick Barnes, Stephen Haupt, Christopher Maling, and David Maling. This acquisition was completed by OLP Bakersfield Ca LLC, a private investor, purchasing the property from ICI Property LLC.

Players

David Maling

Avison Young

Broker

$98.6M

vol

12 deals

Broker

Bakersfield Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.47%

Cash-on-Cash

-0.42%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93