Laguna Niguel’s Birtcher Buys 8 Buildings
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Birtcher Real Estate Group of Laguna Niguel said Wednesday that it bought eight office buildings in Orange, Los Angeles and San Diego counties from a San Diego real estate company for about $70 million.
The buildings, purchased from The Shidler Group, total 675,000 square feet, roughly the space in a 30-story tower. The portfolio is 97.6% leased, and includes such major tenants as Hughes Electronics, New Century Financial and Seagate Technology.
In Orange County, Birtcher acquired Sunflower Corporate Center in Costa Mesa, Lake Hills Office Plaza in Laguna Hills and 17881-17891 Cartwright Road in Irvine.
Other properties purchased were Commerce Point, Carroll Vista Center, 8515 Miralani and 5095 Murphy Canyon Road in San Diego, and Arroyo Parkway Plaza in Pasadena.
The purchases marked the first new properties Birtcher has added to its portfolio in five years. The company has been focusing on other aspects of commercial buildings, such as managing and developing properties, said Bob Anderson, president.
Anderson said the properties are in popular locations with high occupancy, which should result in a steady growth in rents.
The sellers were represented by Jay Borzi and Stephen Silk of Cushman & Wakefield of California Inc.
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