A vacant cold storage facility in Bakersfield has recently been placed on the market for the first time since it was last acquired in 2005. The property is listed by Colliers, which declined to share guidance pricing, and offers nearly 205,000 square feet of cold storage and warehouse space on over 69 acres of land.
Located at 16350 Driver Road, public records show that the property is currently owned by Farmland Reserve Inc., an investment company based in Salt Lake City. The owner purchased the asset at an undisclosed price in 2005.
In total, the two-story building offers 14,812 square feet of office space, 58,500 square feet of warehouse space and 131,508 square feet of cold storage space.
The industrial asset also maintains easy access to the rest of Bakersfield through its location near the intersection of Kimberlina Road and Highway 99 – approximately 11 miles north of central Bakersfield.
With a growing need for cold storage space caused by a growing demand for grocery stores amid the COVID-19 pandemic, investors have continued to show interest in these spaces across Southern California. In one recent transaction, a 1.2 million square-foot cold storage facility located at 14800 Meridian Parkway in Riverside was acquired by an affiliate of IDS Real Estate Group for $225 million, or about $187 per square foot.
Additionally, in a deal that closed in April, Rexford Industrial Realty acquired a four-property industrial portfolio across Southern California totaling 150,736 square feet. The properties, which were sold for $65 million were located in Van Nuys, Carson, Vernon and Oceanside and leased by Arctic Glacier Co.
