SANTA FE SPRINGS, CA-Birtcher Development & Investments of Irvine has acquired a 608,220-sf warehouse and distribution property here from Northwestern Mutual Life Insurance Co. for $68 million in a joint venture with an institutional investor represented by Cornerstone Real Estate Advisers. The property, which sits on nearly 23 acres at 9400 Santa Fe Springs Rd., is occupied by a single tenant, Liz Claiborne, and serves as a West Coast distribution center for the apparel retailer.

Shannon Hondl, senior vice president of acquisitions and development for Birtcher, calls the property ” a strategic and valuable addition to our portfolio due to its location and size.” The building is in the Mid-Cities market, an industrial submarket that includes portions of Los Angeles and Orange counties and is a target market for Birtcher, according to Hondl.

The property sale was brokered by Clyde Stauff, a senior vice president at Colliers International’s Orange County office, who represented both Birtcher/Cornerstone and Northwestern. The building previously traded for about $45 million in late 2004 when Northwestern bought it, according to a report at the time.

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