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Birtcher Buys Buena Park Office Plaza

March 30, 2001|Daryl Strickland

Birtcher Real Estate Group said Thursday that it and its New York financial partner, Praedium Funds, have acquired Buena Park Commerce Plaza from Cornerstone Realty Advisors for $13.5 million.

Birtcher, a Laguna Niguel real estate firm, said in a press release that they acquired the 8-acre complex largely because job growth in the area is expected to exceed 20% over the next four years, creating higher demand for office space.

The site's two three-story buildings are 90% leased and house nearly 50 tenants, including Con-Way Transportation Services and Wescom Credit Union.

In the last two years, Birtcher has bought more than 1.5 million square feet of office and industrial space in Southern California. Overall, the company has developed more than 12,000 residential projects and more than 50 million square feet of commercial properties.

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