In a deal that highlights ongoing activity in the California commercial real estate market, a Utah-based private investor has purchased the University Centre office property at 9500 Ming Avenue in Bakersfield for $9,725,000. The property, which spans 71,922 square feet and sits on a 4.99-acre lot, closed in December 2024. The sale equates to approximately $135 per square foot.
According to public records, Chevron sold the property, and Jeff Andrew of Cushman & Wakefield brokered the transaction.
Built in 2005, the three-story Class A office building is LEED certified and offers a range of features that appeal to corporate users. These include flexible suite sizes and recently added solar-covered parking spaces, which aim to reduce energy costs. Located on Ming Avenue, just west of The Marketplace Shopping Center, the building is adjacent to corporate headquarters such as Chevron, AERA Energy, and State Farm.
Based on property details available on LoopNet, the zoning envisions commercial use, while additional parking options allow for partial conversion into medical office space. The building’s architecture, energy-efficient features, and location make it suitable for corporate tenants. Its location also offers access to transportation, with Meadows Field Airport reachable within 25 minutes by car.
The total population is approximately 8,500 within a one-mile radius, but it surges to over 240,000 within five miles. The median household income within one mile is reported to be $118,245.
This University Centre transaction adds to a series of property sales in the Central Valley region, highlighting ongoing investor interest in well-located assets. Last year, Intercontinental Real Estate Corporation—in a joint venture with Kennedy Wilson—acquired Stockton Commerce Center, a 655,976-square-foot warehouse and distribution facility in Stockton, for $71.8 million. The Registry also reported about the sale of the 329,000-square-foot Merced Mall, which Ethan Conrad Properties acquired in June 2024 for $22.5 million.
Investor confidence is further supported by connection plans from California’s High-Speed Rail Authority. The authority is making strides in developing its high-speed rail project, with plans for four stations along the Central Valley segment. While the Bay Area connection remains on the horizon, the 171-mile portion winding through the San Joaquin Valley is steadily progressing, thus enhancing the region’s accessibility and long-term investment appeal.
