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

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

The Orange County office market remains weak, as office vacancies here are on the rise. The region closed out the third quarter with a negative net absorption of 403,000 sf, according to research by Delta Associates Inc., the research affiliate of Chicago-based property giant Transwestern Commercial Services. This figure reflects a drastic change from second quarter 2001, when the region experienced a positive net absorption of 564,000 sf. However, Delta researchers predict that rents here will remain relatively stable.