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LA HABRA, CA-BR Birtcher Investments LLC of Laguna Niguel has acquired the 186,154-sf Lambert Palm Business Center from CIP Real Estate of Irvine for $14.2 million.

Described by the parties as a premier, multi-tenant industrial business park, the property has undergone significant renovations since it was acquired in 1999 by CIP Real Estate, with its institutional partner Alex Brown Realty Inc.

The Lambert Palm center is at 601-655 South Palm St. It comprises 11 buildings designed to accommodate service, sales and light industrial users. Built between 1970 and 1978, with a new storage building added in 2001, the project is situated in the heart of North Orange County, where the occupancy exceeds 96% in an industrial base of nearly 112.5 million sf, and Lambert Palm is now 97% occupied. Before selling the property, CIP had re-subdivided the property with a new parcel map, upgraded the landscaping, and completed other improvements including exterior paint renovations and roof replacements. The seller also developed the new tilt-up building with 30 storage units, all equipped with electricity and phone lines and ranging in size from 320 sf to 610 sf.

James Morrison of the Morrison Co. represented BR Birtcher, with CIP represented by Michael Hefner, Al Pekarcik and Dan Vittone of Voit Commercial Brokerage.

Brandon Birtcher, president of BR Birtcher Investments LLC, says the company was attracted to the asset by its location, its tenant profile, and its potential for growth. He says the new owner will continue to add value to the property with significant cosmetic improvements that will bring added visibility to both the tenants and the business park.”

Lambert Palm Business Center is the third property acquired recently by BR Birtcher Investments as part of its business plan to acquire $240 million worth of well-located multi-tenant industrial and business parks in Southern California. Seller CIP specializes in the acquisition and re-positioning of industrial and business projects throughout Southern California. In the last two years it has embarked on an additional business plan of acquiring class A office properties in selected suburban markets, notes Charles McKenna, a principal of CIP.

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