Colliers International is pleased to present the opportunity to acquire the 100% occupied multi-tenant investment offering located at 5800 District Boulevard, Bakersfield, CA. 5800 District is a 24,990 square feet single story office/medical building situation on 2.16 acres. 67% of the building is subject to a triple net lease. The asset features 3 suites occupied by excellent credit tenants who have occupied the building since 2009. Each tenant has “skin in the game” and invested significant capital in the design and buildout of each site.
Suite 100 (6,595 SF) is occupied by the State of California Occupational Licensing (OL) branch of the California Department of Motor Vehicles. The OL division is responsible for licensing and monitoring a wide range of motor vehicle related businesses and individuals. California’s automotive industry is one of the largest in the United States with more than 31 million vehicles with more than 24 million licensed drivers on the road in California. The sale and use of automobiles in California has resulted in widely diversified industries that address the various needs of California drivers, including vehicle manufacturing and sales, driver training, vehicle registration, and more. To protect consumers, the California DMV OL branch is responsible for regulating these industries.
Suite 200 (16,800 SF), is occupied by Option Care Health ( OPCH:NASDAQ) and represents 67% of the building subject to a triple net lease. The suite was originally leased to Walgreen Co., and was later assigned to OPCH. Walgreen remains financially responsible and shall not be released from any financial liability and/or obligations. OPCH renewed its lease for new 5-year term beginning April 1, 2021.
Option Care Health is the nation’s largest independent provider of home and alternate site infusion services. With over 5,000 teammates, including approximately 2,900 clinicians, OPCH works compassionately to elevate standards of care for patients with acute and chronic conditions in all 50 states. Through its clinical leadership, expertise and national scale, Option Care Health is reimagining the infusion care experience for patients, customers, and teammates.
Suite 300 (1,595 SF) is occupied by the State of California Department of Consumer Affairs - Contractors State Licensing Board (CSLB). The CSLB was established in 1929 and directs policies, licenses, investigates fraud, and regulates contractors. There are more than 300,000 licensed contractors in the state of California. CSLB also registers home improvement salespersons.
100% Occupancy with long term occupancy history
Financially Strong Tenants
7.39% CAP Rate Proforma
Year 1 Yield - 10.8% (Base on Loan Quote: 65% LTV @ 3.75%, 30-year amortization
Excellent Returns
Annual Income Increases
Long Term Occupancy
Excellent Submarket Occupancy
Below Replacement Cost
Specialty Interior Improvements
