The new Hanover-Birtcher asset is at 3811-3873 Schaefer Ave. and 13721-13851 Roswell Ave. in the Chino portion of the greater Ontario Airport industrial submarket, off the Grand Avenue exit of the Chino Valley Freeway (Route 71). The 13-building Mountain View Commerce Center was constructed in the mid-1980's and was approximately 98% occupied at the time of the sale. Its tenants consist primarily of industrial and service businesses that average approximately 1,900 sf, in buildings that range from 11,400 to 22,400 sf.

Mark Macedo, chief operating officer for Hanover, says the new joint venture plans to complete an exterior renovation of the property, which represents Hanover's second transaction with Brandon Birtcher as a joint venture partner. Birtcher says the new ownership's plan is to position the project to take advantage of the increased traffic from surrounding retail centers, therefore increasing visibility for the tenants.

For CIP Real Estate, the sale completed a three-year business plan for the project during which the company substantially upgraded the buildings and tenancies, according to Eric Smyth, a principal of CIP.

James Morrison of the Morrison Co. represented the buyer, with the seller representing itself. Richard Harris of Newport Venture Capital arranged the debt and equity for the transaction on behalf of the joint venture.

Hanover Financial Co. is a source of joint venture real estate equity for the small to mid-sized real estate investment and development market. Founded in 1999, Hanover has acquired and developed approximately $400 million in real estate assets and simultaneously sold over $250 million in property. Its managing partners are Macedo and Michael H. Lowinger.

BR Birtcher Roswell LP is an entity owned by Brandon Birtcher and his affiliates for the purpose of acquiring and repositioning industrial properties in Southern California. Brandon Birtcher is also the co-chairman and chief development officer of the Birtcher Real Estate Group of Laguna Niguel. It is part of the Birtcher family of companies, which was established in 1939 as a family enterprise specializing in real estate acquisition, development, investment and property management.