REAL ESTATE INDUSTRY VETERANS ANNOUNCE FORMATION OF NEW REAL ESTATE INVESTMENT COMPANY, BIRTCHER ANDERSON REALTY, LLC
Company Plans to Invest More Than $250 Million In 12 Months
LAGUNA NIGUEL, Calif., April 2, 2004 – After several months of acquiring more than $70 million in properties, industry veterans and leaders in Southern California’s real estate industry, Arthur Birtcher and Bob Anderson have announced the formation of Birtcher Anderson Realty, LLC, a new investment entity formed within the Birtcher Real Estate Group of companies that will focus solely on commercial real estate investment.
Since 1999, Anderson and Birtcher have been conducting their real estate investment activities in concert with Brandon Birtcher through their service company Birtcher Anderson Properties, Inc., another affiliate of the Birtcher Real Estate Group, which was established in 1939. Over the past four years, Birtcher Anderson Properties’ acquisition programs greatly accelerated, producing more than $600 million in property transactions. As a result of this success, Birtcher Anderson Realty has been created as a new investment platform to unbundle the investment activity, including the transaction staff formerly employed by Birtcher Anderson Properties.
Going forward, Birtcher Anderson Properties will continue to focus primarily on its heritage, namely property management, asset management and leasing services, including providing those services for the properties acquired by Birtcher Anderson Realty, and will have limited on-going investment activity including Birtcher Business Center-Vancouver, a land development venture in Vancouver, WA and the recently announced development of South Coast Home Furnishings Centre in Costa Mesa, CA. It is planned as one of Southern California’s largest and most comprehensive home design and furnishing centers.
The founders of Birtcher Anderson Realty are actively seeking to acquire $250 million of office, industrial and retail properties over the next 12 months focusing on Southern California; Phoenix, Arizona; and Las Vegas, Nevada.
"These markets are fundamentally sound for mid- to long-term real estate investment thanks to population increases and job creation fueling strong real estate demand," said Bob Anderson. Anderson added Birtcher Anderson Properties currently has management offices in these markets. "This local market knowledge and expertise is necessary for identifying promising acquisition targets and provides the ability to operate the properties in accordance with their owners’ investment strategies."
Over the last 10 months, Birtcher Anderson Realty has acquired the following properties:
- Santa Ana Civic Center Portfolio
- 555 Anton – One, 12-story, Class-A office building in Costa Mesa totaling 236,183 square feet for $41.3 million
- Atria West – Two, three-story office buildings with four historic French cottages in Los Angeles County totaling 171,047 square feet for $15.5 million
- Canyon Corporate Center – One, four-story office building in Anaheim, Calif. totaling 117,523 square feet for $10.6 million
- Harbor Village – Three-building waterfront retail property in Oceanside, Calif. in northern San Diego County totaling 18,943 square feet for $2.9 million
"Birtcher Anderson Realty’s investment activity has been in response to a unique real estate market influenced by large amounts of real estate capital seeking the expertise and strength of organizations similar to Birtcher Real Estate Group with financially committed and time-tested principals," said Arthur Birtcher.
The company will continue to both employ its strong relationships in the real estate brokerage community to identify acquisition targets, and build upon its solid base of both private and institutional financial partners.
"Art Birtcher and Bob Anderson are both industry veterans and are an excellent team," said Jim Weaver, senior vice president, South Charles Investment Corporation. "They possess a lot of knowledge and integrity, and I know they will do well in their new endeavor. In the projects that we have provided investment capital, they have utilized their real estate expertise to create value and realize better than expected returns."
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