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Location:
5080 California Avenue, Bakersfield, California
Property Description:
A four-story, Class-B, suburban office building totaling
approximately 100,000 square feet plus a 4-story parking structure
and a water plaza surrounded by mature landscaping. Built in 1986,
it was 45% leased at the time of acquisition.
Bakersfield is the fastest growing California
city, undergoing major business, population growth and a housing
boom. Corporations and professional firms are relocating and expanding.
Titan’s Mission:
- To purchase the building below replacement cost, refurbish
the common areas and building systems, conduct an aggressive
leasing campaign and then sell the building after stabilization.
Titan’s Strategy:
- The building is extremely well located in the
Southwest submarket of Bakersfield. However, the building had
substantial deferred maintenance and the common areas were vintage
1970’s with dark, tinted class and brass finishes. Immediately
after closing, Titan began a major building renovation project
including installing a raised barreled ceiling in the main entrance
and elevator lobby with pendant lighting. Complete refurbishment
of the elevator interiors finishes and installation of a modern
stainless steel clad lobby doors. New front entrance and signage
and a new building entrance. Clear Herculite glass system at
entry and lobby tenant spaces.
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Titan
Accomplished:
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The renovation was completed
within six months and the building is now considered to be
a Class A office building commanding the highest rents in
the market. Leasing interest was dramatic and occupancy increased
from 43% to over 90% within a year. |
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New HVAC system and energy management system were installed
which lowered energy costs, gave greater flexibility for cooling
after hours and increased tenant satisfaction. |
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