Birtcher Anderson Realty Closes $14 Mil Laguna Hills Medical Office Buy
IRVINE, CALIF. – January 17, 2005 – Birtcher Anderson Realty LLC has acquired Laguna Hills Square, a four-building medical office center totaling 51.7k sf, for $14.1 mil ($273/sf). The seller was Lafayette-based Bedford Properties Investors. Mike Randall of the Newport Beach office of Grubb & Ellis represented both the buyer and the seller.
The center is located at 24401, 24411, 24421 and 24431 Calle de la Louisa in Laguna Hills, near the Laguna Hills Mall and Leisure World. The 2.5-acre property was built in 1982 and is 100% leased to medical tenants including Saddleback Medical Center and Harvard Eye Associates.
"Laguna Hills Square is a solid, long-term investment for Birtcher Anderson Realty," said chief executive officer, Bob Anderson. "The property’s irreplaceable location, adjacent to the medical center, regional mall and the senior residential community, provides downside protection, while the lack of available property for competitive development provides strong upside potential through future rental growth."
Birtcher Anderson Realty is a Laguna Niguel-based commercial real estate investment entity formed within the Birtcher Real Estate Group of companies. According to Anderson, in 2005 the company plans to purchase and develop commercial property in excess of $150 mil, primarily in Southern California and the Phoenix area.
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