Birtcher Development and Investments has sold South Coast Home Furnishings Centre, a Costa Mesa monolith with more than 30 stores, for more than $100 million, company officials said Monday.
The center, developed by Birtcher and Buchanan Street Partners, is on Hyland Street next to the 405 Freeway at South Coast Drive. News reports in 2006 pegged the development’s cost at $90 million. Stores include La-Z-Boy, Wickes Furniture and L.A. Carpet.
Birtcher expected to hold onto the center for a few more years, but “it was an excellent offer,” President Brandon Birtcher said of the $100-million sale price. South Coast Home Furnishings Center LLC is the buyer, and Pacific West will be the property manager, he said.
The home shopping center is 93% leased and is looking to add home theater and outdoor patio stores. The deal closed Aug. 9, but the sale was not made public until after tenants were informed last week, Birtcher said.
— Alicia Robinson