The four-building medical office center is located near the major cross streets of Paseo de la Valencia and Medical Center Drive, at 24401, 24411, 24421 and 24431 Calle de la Louisa. According to Mike Randall of the Newport Beach office of Grubb & Ellis, the transaction closed at a 5.9% cap rate and $400 per sf.

Randall and Ryan Gallagher, also of the Newport Beach office of Grubb & Ellis, represented Birtcher Anderson. The buyer was Universal Properties LH Five Realty, which targets medical properties in Orange County and in Detroit, with offices in both of those locations. Universal was represented by Brian Garbutt of Lee & Associates in Newport Beach.

Birtcher Anderson and its partner, BayNorth Equities, garnered the high return on investment as a result of several factors, according to Jeffrey Eales, VP of asset management and leasing for Birtcher Anderson Realty. Eales cites "the overall strength and desirability of the Orange County market" as well as the lack of available property for competitive development near Laguna Hills Square.

Birtcher's aggressive leasing and property improvements also added value to the deal, Eales notes. The capital improvements to the property included an energy-saving lighting retrofit and common area renovations.

Additionally, the firm stabilized the rent roll for several years to come by conducting early lease renewals with two of the major tenants. It also expanded existing tenant spaces, extended lease terms and brought rents up to market rates.