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LAGUNA NIGUEL, CA-Birtcher Anderson Realty LLC has sold a 234,611-sf office building in Costa Mesa for $57 million and a 117,523-sf office property in Anaheim for $17.4 million. The sale of the Anton building comes a year after Birtcher Anderson bought it for $41.3 million, and the sale of the Anaheim property comes 19 months after Birtcher Anderson bought it for $10.6 million.Birtcher Anderson, a commercial real estate investment entity within the Birtcher Real Estate Group of companies, sold the Costa Mesa building, which is at 555 Anton Blvd., to a joint venture of McCarthy Cook & Co. and Stockbridge Capital. The joint venture also owns the two adjacent office buildings and amenity buildings which, in combination with 555 Anton, form the South Coast Metro development. Rick Putnam and Jeffrey Cole of Trammell Crow Co. represented both sides in the transaction. The property, which was 96.5% occupied at the time of the sale, is a landmark granite and glass 12-story tower adjacent to the 405 Freeway. Built in 1989, it sits on nearly four acres, including an adjacent three-level parking structure, and is served by nearby shopping, restaurants, hotels and entertainment.Bob Anderson, CEO of Birtcher Anderson Realty, says the short-term appreciation realized in the deal demonstrates that “the Orange County office market continues to appeal to investors.” When investors look at continued job growth, access to highly educated workers and the scarcity of land for competitive developments, “They are able to underwrite future rent increases that support today’s seemingly low cap rates,” Anderson says.The second property that Birtcher Anderson Realty sold was Canyon Corporate Center, at 5601E. La Palma Ave. The four-story property was acquired by Wescom Credit Union, which was represented by Kathy Fuller, Mike Cargile and Bob Pettis of the Irvine office of Voit Commercial Brokerage. Wescom will occupy the building as a regional processing facility. At the time of sale, the property was 100% occupied by First American Financial, which will be vacating the building in November to move into its new corporate campus in Santa Ana. The seller was represented by Rick Warner, Mark Friend and Steve Batcheller of CB Richard Ellis.Anderson says that Birtcher Anderson’s business plan was to re-tenant the property following First American’s departure and market the leased asset to the investor community. “We were pleasantly surprised by the interest shown in the property by the owner/user community,” Anderson says, pointing out that the property ultimately was sold to an owner-user. He says Birtcher Anderson plans to employ some of the proceeds from these two sales to help fund the acquisition of at least $100 million in property over the next 12 months, focusing on Southern California, Phoenix, Arizona and Las Vegas. Besides these two recent dispositions, the company has been active in purchases in Orange County during the past 12 months, having completed more than $100 million in acquisitions.

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