Bakersfield grew up as an oil town: Oil was discovered in the San Juaquin Valley in 1865, and Kern County, with Bakersfield as the county seat, is still California's biggest producer. Standard Oil of California, now Chevron, was a dominant force in the economy. But the economy has changed, and Chevron's decision to vacate and sell one of Bakersfield's largest office buildings posed a challenge.
The 99,368-square-foot, two-story Class B office building in University Centre, built in 2002, became one of 2025’s largest property sales in Bakersfield. The December deal has earned a 2026 CoStar Impact Award for sale/acquisition of the year, as judged by real estate professionals familiar with the market.
Cushman & Wakefield’s Jeff Andrew did what brokers do: bring two sides together for a mutually beneficial connection. In this case, that resulted in medical provider Clinica Sierra Vista paying Chevron $15.7 million and acquiring a very large, multifunctional property in a highly desirable location.
After searching for years for suitable facilities in the Bakersfield area, Clinica Sierra Vista made a strategic investment so it can consolidate multiple functions under one roof, ultimately generating significant cost savings. "The impact of this sale will be substantial for the quality of community-based healthcare services in Bakersfield," said Jayden Lapin, communications manager for Cushman & Wakefield.
The building is well suited for its transformation into clinic and patient care facilities. With existing cubicles, desks and conference areas included in the sale, the property allows for a swift and seamless transition of Clinica Sierra Vista’s administrative operations. Equipped with solar, the building is also attractive from the perspective of energy efficiency and long-term cost savings.
In addition to clinic space, the buyer plans to develop a Program of All-Inclusive Care for the Elderly, or PACE, on site. PACE centers are community-based resources that provide people age 55 and older with access to medical care, rehabilitation, social activities and other services, funded through Medicare and Medicaid. While the PACE project was initially envisioned as a new build or a separate lease, the availability of this large University Centre property aligned with the buyer’s timing, allowing all facilities to be developed together for substantial cost efficiencies.
Chevron’s downsizing in the area created a rare opportunity for a property of this scale to become available. Clinica Sierra Vista was able to address multiple space needs within a single property, supporting its continued growth in Bakersfield and expanding access to care for its patient population, which includes nearly 200,000 community members across Kern and Fresno counties. As a major healthcare provider and employer, Clinica Sierra Vista will be able to quickly optimize the space and extend its services to more people in the region.
"Large properties of this size are uncommon in the Bakersfield market, and through Andrew’s relationships with both Chevron and Clinica Sierra Vista, the transaction evolved into a creative solution that addressed the medical provider’s multiple priorities while maximizing its investment in patient care," Lapin said.
What the judges said: Jason Alexander, senior vice president and principal at Central California, Colliers said the deal "was one of the largest property sales in Bakersfield. Plus, it was an office building, which I feel is the hardest product to sell in today's market."
Matthew Starr, principal at ASU Commercial, chose the transaction "because it represents the change in the office market throughout Bakersfield with oil and energy providers giving way to other, more diversified industries."
They made it happen: Jeffrey T. Andrew, executive director, Cushman & Wakefield