Birtcher Sells New 87,000-SF Building

CORONA, CA-Closing in on the completion of its $42-million, 41-acre Corona Crossroads industrial development, Birtcher Development & Investments of Laguna Niguel has sold an 87,217-sf building to a company from Duarte. Shannon Hondl, VP of development at Birtcher Development & Investments, tells GlobeSt.com that the buyer, Imperial Range Inc., will be relocating its operations to Corona.With Imperial's $5.5-million purchase of the building, all of the eight buildings in the three-phase Corona Crossroads have either been sold or are in escrow, according to Hondl. The 768,454-sf business park occupies a site at Sherborn Street at Magnolia Avenue, close to the 91 and I-15 freeways.Hondl tells GlobeSt.com that Imperial Range is relocating to the new building for a number of reasons, including a lower cost of occupancy, the convenience of the Corona location and the benefits of moving into a higher quality building in a new business park.The owner of Imperial Range is a South Orange County resident, and it's easy for him to drive the reverse commute to the Inland Empire in the morning, rather than traveling in the opposite direction, Hondl explains. In addition, he says, the Corona Crossroads location is near retail services and other amenities.The first phase of the Birtcher project included four buildings totaling 302,218 sf, Phase II comprised two buildings totaling 113,700 sf and the final phase include two buildings totaling 401,000 sf. Construction on all of the phases is expected to be completed by the fall of this year.Birtcher acquired the land for the project in October 2002 from Chicago-based AEW Capital Management. The development features dock high and grade level loading, expandable power, calculated sprinkler systems, large fenced yard areas, 60-foot concrete truck aprons, increased skylight ratio, institutional landscaping including citrus trees, and reduced cost of electrical power from the City of Corona.In the Imperial Range transaction, Lawrence Null of Lee & Associates represented the buyer, with James Koenig and David Consani of CB Richard Ellis representing Birtcher Development & Investments.