“We added a substantial amount of value to the property duringour two year ownership, by putting in place longer term leases withcredit-worthy tenants,” says Bob Anderson, president andco-chairman of Birtcher Real Estate Group.

The seller, P.O.P Lake Hills LP, was represented by MikeMeisenbach of Lee and Associates. Meisenbach also acted on behalfof the buyer, Bayport Lake Hills Associates LP.

The Orange County office market remains weak, as officevacancies here are on the rise. The region closed out the thirdquarter with a negative net absorption of 403,000 sf, according toresearch by Delta Associates Inc., the research affiliate ofChicago-based property giant Transwestern Commercial Services. Thisfigure reflects a drastic change from second quarter 2001, when theregion experienced a positive net absorption of 564,000 sf.However, Delta researchers predict that rents here will remainrelatively stable.