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.

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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 GlobeSt.com report at thetime.

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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.

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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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