A 1975 two-story, multi-tenant office building in southwest Bakersfield traded in the third quarter of 2025 at a fraction of the local average price per foot. Here is who bought it, why the price looks the way it does and what the new owner is doing with it.
The Woodrise office building at 200 New Stine Rd in southwest Bakersfield, Kern County, California, sold in the third quarter of 2025. New Stine Holding, LLC now owns and operates the two-story, multi-tenant building. A regional brokerage’s Q3 2025 office report lists the price at $3.58 million, or $66.38 per square foot on 53,934 square feet. ASU Commercial brokered the sale.
Key takeaways
- A regional brokerage report ranked the sale of 200 New Stine as Bakersfield’s top office sale of Q3 2025, at $3.58 million, or $66.38 per square foot.
- That price per foot was less than half the $151 per square foot average Bakersfield office sale price reported for the same quarter.
- The building dates to 1975 and has two floors. The brokerage report and a former listing show 53,934 square feet.
- New Stine Holding, LLC operates the property as the 200 New Stine Building and lists small second-floor executive suites of 150 to 350 square feet.
- ASU Commercial brokered the sale. See the disclosure at the end of this article.
Deal at a glance
| Item | Detail |
|---|---|
| Property | Woodrise Building, now marketed as the 200 New Stine Building |
| Address | 200 New Stine Rd., Bakersfield, CA 93309 (just south of California Avenue and Stockdale Highway) |
| Property type | Two-story, multi-tenant Class B office building with elevator |
| Building | 53,934 SF per a regional brokerage report and a former listing; built 1975 |
| Land | About 1.96 acres and about 190 parking spaces (former listing data) |
| Buyer | New Stine Holding, LLC |
| Seller | Not identified in public sources |
| Price | $3.58 million, or $66.38/SF, per a regional brokerage’s Q3 2025 report |
| Closed | Third quarter of 2025 |
| Broker | ASU Commercial brokered the sale |
| Planned use | Continued multi-tenant office, with small executive suites |
What sold at 200 New Stine Rd?
New Stine Holding, LLC bought the Woodrise Building at 200 New Stine Rd in the third quarter of 2025, and ASU Commercial brokered the sale. The property is a two-story, multi-tenant office building in southwest Bakersfield.
A regional brokerage’s Q3 2025 Bakersfield office report lists the deal as the quarter’s top office sale, at $3,580,000, or $66.38 per square foot on 53,934 square feet. The price per foot sat far below the market average. The rest of this article explains why both things can be true.
About the Woodrise Building
The building dates to 1975. A former Showcase listing describes a two-story, elevator-served Class B building on 1.96 acres with 190 parking spaces, located “just south of the intersection of California Avenue and Stockdale Highway.” Both are main east-west routes through southwest Bakersfield.
Before the sale, the building leased in small and mid-size suites. The Showcase listing advertised space from 1,086 to 12,553 square feet, along with recently remodeled common areas and monument signage. The new owner’s website says the building houses professionals “from the energy sector to the booming medical and legal industries.”
Square footage can differ by source. The 53,934 figure likely counts the whole building, while landlords bill tenants on rentable area, which usually runs lower once lobbies, corridors, stairs and mechanical rooms are handled differently. Our explainer on rentable vs. usable square feet shows how that changes the math. Any price per foot depends on which measure sits in the denominator.
Who bought 200 New Stine Rd, and what is the plan?
The buyer, New Stine Holding, LLC, now runs the property as the 200 New Stine Building, describing it as a “Professional Office Complex” with an on-site team, secure entry, conference rooms and a shared break room.
The leasing pitch has shifted toward small users. The owner’s contact page lists five second-floor suites, 265A through 265E, from 150 to 350 square feet. The home page pitches “small and large offices ideal for startups, expanding businesses, or cosmetology professionals.”
Breaking space into small, ready-to-use suites is a common way to lease up an older multi-tenant building. It widens the pool of tenants, shortens the time a suite sits empty, and usually earns more rent per foot than a large floor. The trade-off is more management work and more frequent turnover.
Who sold the Woodrise Building?
Public records and news coverage do not identify the seller or say how long the seller owned the building. For an owner of an older suburban office building, selling to an operator who plans to manage and re-lease the space is a common exit, particularly when the alternative is funding another round of tenant improvements and leasing costs.
How should you read a $66-per-square-foot office price?
Regional brokerage reports put the average Bakersfield office sale price at $151 per square foot in Q3 2025 and $144 in Q2 2026, according to the Q3 2025 and Q2 2026 reports. The 200 New Stine Rd price was less than half the Q3 2025 average. The gap is mostly about the kind of building, not a fire sale.
Investors price multi-tenant office on income, not on a citywide average. Value is roughly net operating income divided by a capitalization rate (the annual return a buyer requires, as a percentage of price). Brokerage reports put Bakersfield’s average office cap rate at 10.40% in Q3 2025. A 1975 building with many small leases carries more rollover risk, more management and older systems than a newer single-tenant or medical building. Buyers reflect that in the cap rate they require and the capital they budget. Our guide to how commercial property is valued walks through the income approach step by step.
| Property | Size | Price | Price per SF | Closed |
|---|---|---|---|---|
| 200 New Stine Rd (Woodrise Building) | 53,934 SF | $3.58 million | $66.38 | Q3 2025 |
| 9500 Ming Ave (former Chevron building) | 72,000 SF | $9.7 million | About $135 | Dec. 2024 |
| University Centre building (to Clinica Sierra Vista) | 99,368 SF | $15.7 million | About $158 | Dec. 2025 |
| 2105 24th St | 7,783 SF | $1.25 million | $160.61 | Q3 2025 |
| Regional brokerage average, Q3 2025 | $151 | |||
| Regional brokerage average, Q2 2026 | $144 |
Sources: regional brokerage Q3 2025 and Q2 2026 Bakersfield office reports; The Bakersfield Californian via Yahoo Finance (Jan. 3, 2025); CoStar News (March 25, 2026). Price per SF for 9500 Ming Ave and University Centre is Kern CRE’s calculation.
What does a buyer check in a multi-tenant office purchase?
With many small leases, the rent roll is only a starting point. Buyers compare it with each lease, collect estoppel certificates in which tenants confirm their rent and terms, map lease expirations to see how much income rolls in the first two years, and review how operating expenses are passed through.
Physical items matter as much on a 50-year-old building: roof, HVAC units, elevator and parking lot condition, plus a Phase I environmental report. Each becomes a line in the buyer’s capital budget, and the budget shapes the price.
What does the 200 New Stine Rd sale say about the southwest Bakersfield office market?
It shows that older, multi-tenant buildings price far below newer or owner-user stock, even as citywide numbers hold steady. Southwest Bakersfield has absorbed the biggest office shocks of the past few years. When Chevron sold 9500 Ming Ave, The Bakersfield Californian reported that the southwest submarket’s vacancy had topped 33% a year earlier, largely because of the vacant State Farm complex. That was more than seven times northwest Bakersfield’s rate. The Chevron building sold for $9.7 million after trading for nearly $41 million in 2009.
Users other than oil companies are now buying. In December 2025, Clinica Sierra Vista bought a 99,368-square-foot University Centre building from Chevron for $15.7 million to consolidate administrative offices and clinic services, CoStar News reported. The article called the deal a sign of “oil and energy providers giving way to other, more diversified industries.” We cover that deal in our report on the Clinica Sierra Vista purchase.
Citywide, conditions improved through the 200 New Stine sale and then leveled off. Brokerage reports showed vacancy of 10.0% in Q3 2025, down from 12.0% a year earlier, with 310,815 square feet of positive 12-month absorption. By Q2 2026, vacancy was 10.5% and 12-month absorption was negative 28,363 square feet, while average triple-net asking rent rose to $25.83 per square foot per year from $22.85 a year earlier. For another Ming and Stockdale corridor example, see Ming Office Park leasing.
What happens next at 200 New Stine?
The new owner’s job is lease-up and retention. The owner’s available-space list, any permits for suite build-outs or common-area work, and the pace at which medical, legal and professional firms fill the building’s small suites will show how the strategy is working. If it works, the property could become a benchmark for what an older suburban office building can earn when run as a small-suite business instead of a set of long, large leases.
Disclosure
ASU Commercial, the brokerage of Kern CRE’s publisher, brokered this transaction.
Frequently asked questions
Who bought 200 New Stine Rd in Bakersfield?
New Stine Holding, LLC bought the Woodrise Building in the third quarter of 2025. The company now operates the property as the 200 New Stine Building and markets office suites directly. ASU Commercial brokered the sale, and public sources do not name the seller.
How much did the Woodrise Building sell for?
A regional brokerage’s Q3 2025 Bakersfield office report lists the sale of 200 New Stine at $3,580,000, or $66.38 per square foot on 53,934 square feet. Per-foot math shifts if a different square-footage measure is used.
How big is the building at 200 New Stine Rd?
A regional brokerage report and a former listing show 53,934 square feet on two floors. The building went up in 1975 and sits on about 1.96 acres, with roughly 190 parking spaces per the former listing. Rentable area, the figure tenants are billed on, can run lower than the whole-building number.
Why did 200 New Stine Rd sell below the average Bakersfield office price?
Average price per foot blends very different buildings. This one is a 1975, two-story, multi-tenant Class B property with many small leases, so a buyer expects more turnover, management and capital spending than on a newer or single-tenant building. Investors price that risk through the cap rate, which brokerage reports put at 10.40% on average in Q3 2025.
Can I lease office space at 200 New Stine Rd?
Yes. The owner’s website lists five second-floor executive suites, from 150 to 350 square feet, with full build-out and negotiable terms. The building also offers on-site management, conference rooms, a break room, elevator access and parking, according to the owner.
What is the office vacancy rate in Bakersfield?
Regional brokerage data showed Bakersfield office vacancy of 10.5% in Q2 2026, up from 10.0% in Q1 2026 and 10.2% a year earlier. Twelve-month net absorption was negative 28,363 square feet. Average triple-net asking rent was $25.83 per square foot per year, and the average office sale price was $144 per square foot.
Own an older office building in southwest Bakersfield, or looking for one to buy? Call Kern CRE at 855-KERN-CRE (855-537-6273) or contact us. Get Kern County CRE news monthly: subscribe to the Kern CRE report.
Sources
- Q3 2025 Bakersfield, CA Office Market Overview, Lee & Associates, October 2025.
- Q2 2026 Bakersfield, CA Office Market Overview, Lee & Associates, July 2026.
- 200 New Stine Rd, Bakersfield, CA 93309 (former lease listing, off market), Showcase.com.
- 200 New Stine Building website, New Stine Holding LLC.
- Contact Us, 200 New Stine Building, New Stine Holding LLC.
- Sale of former Chevron building reflects tough office market, shrinking oil footprint, The Bakersfield Californian (John Cox) via Yahoo Finance, Jan. 3, 2025.
- A new line of business for an office building in a changing community, CoStar News, March 25, 2026.
About this article
Kern CRE prepared this article with help from AI research and writing tools. An editor reviewed the draft, checked its facts against the sources linked above and edited it for accuracy and clarity. ASU Commercial brokered the sale described here; details otherwise come from public records and the sources cited.