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BUSINESS ROUNDUP: Cal Twin Towers changes hands

Cal Twin Towers

Adler Realty Investments has sold the Cal Twin Towers office complex at 4900 California Ave. to local investor Steve Blumer.

Local investor Steve Blumer has purchased the Cal Twin Towers office complex at 4900 California Ave. from Woodland Hills-based Adler Realty Investments.

The complex measures 151,829 rentable square feet. Its tenants include Omni Healthcare, Principal Life, Progressive Insurance and Regus.

Adler owned the property since 2005 and during its ownership upgraded its energy systems to include a carport-mounted solar-power installation.

Terms of the transaction were not disclosed. The sale was carried out by Alex Balfour, Jeff Andrew, Scott Salters and Susan Moreno of Cushman & Wakefield, Pacific.

Shell Pipeline Co. LP said it has received final regulatory approval for the sale of its California crude oil pipeline systems to Denver-based Crimson Midstream LLC.

Houston-based Shell announced it had reached a sale agreement with Crimson on Feb. 7, 2019. The state Public Utilities Commission signed off on the deal Thursday.

The transaction includes 600 miles of pipeline, including a key, state-regulated conduit — the San Pablo Bay Pipeline — linking oilfields in western Kern with Bay Area refineries.

A pro-oil group called Central Valley Coalition for Energy and Jobs has launched a series of TV commercials aimed at protecting California petroleum production from state regulators.

The ads assert that the oil industry is the "bedrock" of the Central Valley's economy, providing more than 30,000 jobs and $1 billion in annual federal and state tax revenues.

A coalition representative with the California Independent Petroleum Association trade group noted in a news release Thursday that more than 90 local officials and organizations have signed a letter calling on Gov. Gavin Newsom to recognize the impacts that new regulations and moratoriums out of Sacramento are having on the Central Valley.

Bakersfield apartment vacancies jumped three-quarters of a point to 3.28 percent during the fourth quarter of last year, according to a survey by ASU Commercial of local residential income properties.

The year-end figure was the city's highest vacancy rate in at least a year and a half, ASU data show.

Data show rents were mixed. The citywide average for a studio or loft declined by 3.5 percent in the fourth quarter to settle at $816 per month, while the average monthly rental price for a one-bedroom apartment increased by 3.8 percent to reach $847.

ASU reported the average two-bedroom rental price rose to $935 per month, an increase of 1.2 percent. Three-bedroom apartment rents slipped 8.3 percent to land at $1,100.

Flourishing Art Design Studio has acquired Bakersfield-based home-staging firm Stage Right.

Flourishing Art, a Bakersfield special-events design, production and custom floral company founded in 2003 by owner Oleta Collins, said in a news release the purchase will increase her inventory and save clients money on trucking and travel fees.

Stage Right is expected to retain its name while owner Fran Gunner, an author, painter and jewelry designer, carries out designs with associate Daniel Beer.

Hal Ennis, president of Bakersfield-based debt collection agency Commercial Trade Inc., has been awarded the Executive Business Roundtable's Vanguard Award.

Ennis has worked in the collections industry for more than 35 years and has managed Commercial Trade for more than two decades.

EBR is a Bakersfield-based business group. Its founder and chairman emeritus, Tom Svare, presented the award.

(Editor's note: An earlier version of this story misstated the amount of tax revenue generated by Central Valley oil production.)

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