Tuesday, May 01, 2007

Real estate mogul (LOL) headquarters for sale?





Remember the damage control pieces from last year by the Bakersfield Californian and KGET 17 where the reporters claimed these real estate moguls were moving into their new headquarters asap.

Not so fast. Per my review of the local MLS I came across the following:


Nothing like this in Bakersfield! This newly-finished building has it all. Its modern-style architecture perfectly fits its classy and open floor plan almost 10,000sq. ft. in size! Exceptionally located across from CSU Bakersfield, near shopping & restaurants, close to Mercy Southwest, & other medical facilities, makes it the perfect business location. Additionally, it is also located steps away from The Bakersfield bike path which allows for invigorating morning runs or lunch-time strolls.



I wonder why they are selling it? Will they get $4,500,000 for it? Will the newspaper or KGET do some followup on this story (LMAO)? Why is the building empty right now?

30 comments:

Rob Dawg said...

10,000sq. ft. unimproved Class B- unimproved office space = $700,000 right?

Bakersfield Bubble said...

10,000 sq ft x 2.00 x 12 = $240,000 expected gross rent. Since the project is not improved and has no tenants I will use a cap rate of 12% = $2,000,000. Then discount 50% = $1,000,000 MAX!

Bakersfield Bubble said...

Maybe all their staff could live in the open space?

Freedom said...

It's also interesting that they don't have any ads on the Bakersfield Californian like they used to. You know, pictures of the SLR and the jet in the back of the staff.

Bakersfield Bubble said...

They are not adverting in the real estate magazines either or on television.

I was told the SLR is gone...

HermesAurelius said...

This property was transferred via quitclaim from DC to Bfield Univ. Partners (whoever they are).

Bakersfield Bubble said...

Bakersfield University Partners is part of Greg Bynum...

http://kepler.ss.ca.gov/corpdata/ShowLpllcAllList?QueryLpllcNumber=200332200024

Perfect Storm said...
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Perfect Storm said...

Put a few kegs in that place and charge three bucks a cup and you got yourself a party.

Rob Dawg said...

10,000 sq ft x 2.00 x 12 = $240,000 expected gross rent.

You can get $2 per for bare square footage?

Bakersfield Bubble said...

No.

That is why I discounted it.

Another way would be $100 sq ft for 10,000 sq ft.

Bottom line - there is no way this is worth $4,500,000.

Webmaster said...
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Webmaster said...

Crispy,
You know you walked up to the mirror and said "damn I'm good"!

You called it my fellow blogger.

Smoking the local papers with half our brains tied behind our backs?

Just a little gloating!

Webmaster said...

Crispy, the Prophetic.

xs10shell said...

Greg Bynum was the other developer besides C&C that was selected for a partnership project with CSUB. Be interesting to see if Cal State buys or leases it.

Bakersfield Bubble said...

webmaster- LOL :)

xs10shell said...

Bakersfield Californian and KGET weren't the only ones. See this article from 12/2005 LORE Magazine. http://loremagazine.com/go/article_free.php?mp_id=94

Bakersfield Bubble said...

xs10shell-
do you believe any of those towers will be built?

Adam said...

Lol, that's classic! Good pick-up, BB.

$4.5M? Now we know why no one's selling in Bakes. That is called a "Hail Mary" price: throw it out there in desparation, and see if anyone bites! Once again, the delusional thinking that their cache and clout adds a few mil to a property! Wow....

FWIW, I saw the C & C slogan the other day: "the agents you want, the realtors you deserve". Not sure about the 1st part of the slogan, but the 2nd part takes on a whole new meaning now, i.e. am I THAT bad of a person such that I deserve these guys? LOL....

Anyone have a copy of their 30 sec. spot on an old TiVo recording, etc? I'd like to see it again (uploaded to Youtube or the like), as it could serve as a good warning to future wanna-be Trumps to keep the reins on the poseur "fake it til you make it" stuff...

xs10shell said...

I don't know what to think. Not if C&C is going bust. When I very first read about the concept I thought it was not a good fit for Bakersfield so I was surprised to see it approved. That was, until I was reminded that C&C had made a quarter million $ contribution to one of Horace Mitchell's pet projects. But I'm not really tapped in to Bakersfield business connections at all, only what makes the news. I used to see GB's name all the time as a CSUB supporter or contributor or something so it wasn't a surprise that his project was selected as one of the 3 "revenue generators". I didn't know there was a link between C&C and Greg Bynum until Hermes post here. (That might be interesting to explore). That's also why I'm wondering if CSUB will buy or lease those vacant office buildings.

xs10shell said...

Adam - you might enjoy reading that LORE magazine piece i posted the link to above. 18 months gives us a whole new perspective.

Fred said...

Where Oh Where is Cole?

Looks like a new real estate office is coming to town!

officehttp://www2.dre.ca.gov/PublicASP/pplinfo.asp?License_id=01805808

Tehachapi said...

LOL - So does this mean the Towers aren't going to be built! :)

Fred said...

It looks like David Crisp purchased the property on 4/25/2007 for $2,524,000 +/- with two loans of $ 1,888,000. Looking for almost a $2 million dollar profit??? No Fraud here! More straw buyers??

Bakersfield Bubble said...

Thanks Fred!

Fred said...

Does anyone know if C & C on California Avenue is still open, It looks like GEAR (Golden Empire Ass. of Realtors) has transfered all agents to the Stockdale Highway location??

Tehachapi said...

Fred - yes, its closed, and if you look closely at the "old" tower lending sign on California it has a black tarp over the sign - LOL!

Bakersfield Bubble said...

I noticed the tarp also. I wonder if they did that or the landlord did it?

Freedom said...

Looks like a new real estate office is coming to town!


The guy just wants to be a star. If I were Crisp, I wouldn't include my name on the company's name. Another crazy move...

Anonymous said...

A fool and his gold are soon parted.