Shannon Hondl, senior vice president of acquisitions anddevelopment for Birtcher, calls the property " a strategic andvaluable addition to our portfolio due to its location and size."The building is in the Mid-Cities market, an industrial submarketthat includes portions of Los Angeles and Orange counties and is atarget market for Birtcher, according to Hondl.


The property sale was brokered by Clyde Stauff, a senior vicepresident at Colliers International's Orange County office, whorepresented both Birtcher/Cornerstone and Northwestern. Thebuilding previously traded for about $45 million in late 2004 whenNorthwestern bought it, according to a report at thetime.


The property at 9400 Santa Fe Springs Rd. was first developed in1980 as the headquarters for the former Fedco, a food and wholesalecompany. The building was redeveloped into nearly double itsoriginal size 10 years later, and, after the dissolution of thefood wholesaler in 2000, Liz Claiborne leased the property.


Santa Fe Springs and other submarkets in the Mid-Cities area,which is also referred to as the Mid-Counties area by somebrokerage firms, are popular locations for companies wanting todistribute products throughout Southern California. The latestmarket reports from Colliers show the Mid-Counties area with aninventory of 103 million sf of industrial, a direct vacancy rate of1.8% and a total availability rate of 3.8%.

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