Regions West | Orange County
Sept 25, 2007
By: Barbra Murray, Contributing Editor
Orange City Square, a 386,000-square-foot office and retail property in Orange, Calif., has just come under new ownership. Acting on behalf of GE Asset Management, Birtcher Anderson Realty L.L.C. took the property off the hands of Massachusetts Mutual Life Insurance Co. in a $130 million transaction.
Developed nearly 20 years ago, Orange City Square occupies a 14-acre parcel on The City Drive South just off the 22 Freeway. The Class A property consists of three mid-rise structures featuring an aggregate 373,600 square feet of office space, and an additional 12,400-square-foot retail pavilion encompassing a fitness facility, restaurants and other retail offerings. At the time of the transaction's closing, Orange City Square was 86 percent occupied by a roster of tenants that includes Walt Disney Attractions, JP Morgan and J.D. Power and Associates. Management responsibilities and leasing activity at the complex will now be overseen by Birtcher's property management division, Birtcher Anderson Properties. Both Birtcher and Massachusetts Mutual relied on real estate services firm Eastdil Secured for representation in the transaction.
The new ownership plans to keep Orange City Square in its portfolio as a mid- to long-term hold property; a move that will allow it to ultimately benefit from new office leases down the road, as the current in-place rents at the property are below the current average asking rate for Class A office space in Orange County, which is $3.11 per-square-foot per month, according to a report by real estate services firm Grubb & Ellis Co.
“Orange City Square is situated in the City of Orange, a central Orange County submarket that has seen strong rent growth and low vacancies in recent years," Birtcher CEO Bob Anderson told CPN. "The area also has high barriers to entry due to lack of available sites to develop."
San Juan Capistrano-based Birtcher is a commercial real estate investment, advisory and development firm that focuses on office, industrial and retail properties in California, Phoenix and Las Vegas. GE Asset Management, headquartered in Stamford, Conn., is one of the most prominent institutional real estate asset managers in the country. The seller, Massachusetts Mutual Life Insurance Co., is based in Springfield, Mass.
By: Barbra Murray, Contributing Editor
Orange City Square, a 386,000-square-foot office and retail property in Orange, Calif., has just come under new ownership. Acting on behalf of GE Asset Management, Birtcher Anderson Realty L.L.C. took the property off the hands of Massachusetts Mutual Life Insurance Co. in a $130 million transaction.Developed nearly 20 years ago, Orange City Square occupies a 14-acre parcel on The City Drive South just off the 22 Freeway. The Class A property consists of three mid-rise structures featuring an aggregate 373,600 square feet of office space, and an additional 12,400-square-foot retail pavilion encompassing a fitness facility, restaurants and other retail offerings. At the time of the transaction's closing, Orange City Square was 86 percent occupied by a roster of tenants that includes Walt Disney Attractions, JP Morgan and J.D. Power and Associates. Management responsibilities and leasing activity at the complex will now be overseen by Birtcher's property management division, Birtcher Anderson Properties. Both Birtcher and Massachusetts Mutual relied on real estate services firm Eastdil Secured for representation in the transaction.
The new ownership plans to keep Orange City Square in its portfolio as a mid- to long-term hold property; a move that will allow it to ultimately benefit from new office leases down the road, as the current in-place rents at the property are below the current average asking rate for Class A office space in Orange County, which is $3.11 per-square-foot per month, according to a report by real estate services firm Grubb & Ellis Co.
“Orange City Square is situated in the City of Orange, a central Orange County submarket that has seen strong rent growth and low vacancies in recent years," Birtcher CEO Bob Anderson told CPN. "The area also has high barriers to entry due to lack of available sites to develop."
San Juan Capistrano-based Birtcher is a commercial real estate investment, advisory and development firm that focuses on office, industrial and retail properties in California, Phoenix and Las Vegas. GE Asset Management, headquartered in Stamford, Conn., is one of the most prominent institutional real estate asset managers in the country. The seller, Massachusetts Mutual Life Insurance Co., is based in Springfield, Mass.
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