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FOR IMMEDIATE RELEASE
APRIL 5, 2004
Premier Business Centers Acquires an Executive Suite Center in La Mirada, California Total Lease Value $2.1 Million
Irvine, California based Premier Office Centers, LLC dba Premier Business Centers has acquired its third executive office center in the past month. Jeffery Reinstein, Chief Executive Officer, said, “With this acquisition, Premier is now beyond the halfway point in achieving its goal to acquire fifty locations.” The office center in La Mirada was purchased from Executive Office Centers on March 31, 2004.
The La Mirada location is 13,877 square feet and is in a prime location along the Interstate 5 Freeway just north of the 91 at 14241 E. Firestone Boulevard, Suite 400, La Mirada, California. The La Mirada location currently includes 27 offices, but it’s being expanded to include a total of 46 offices. The City of La Mirada is in the most southern portion of East Los Angeles and is adjacent to the Orange County border. Companies that do business in both Los Angeles and Orange County that are looking for a single convenient office location will find that La Mirada is an excellent value and a central location. Newport Beach based Robert Rush of US Realty Group represented Premier Business Centers in the negotiation of the lease with the landlord.
Premier Office Centers, LLC currently operates one of the largest executive suite operations in the United States with twenty-six locations in California, Washington, and Texas. Premier Business Centers plans to make improvements to each center including upgrades in common areas, phone systems, and copying and computer equipment. The company has plans to acquire and develop 50 executive suite centers over the next five years throughout the Western United States.
Since Bascom’s formation in 1996, Bascom has completed value-added transactions totaling over $1.5 billion. Orange County based Bascom has been an active buyer of multi-family throughout Southern California, Central Valley, and Hawaii over the past seven years. Acquisitions have totaled over 11,000 units to date in Los Angeles, Orange, San Bernardino, San Diego, and Riverside Counties as well as Hawaii, the Bay Area, and the Central California Valley. Bascom’s apartment program typically seeks value-added properties located in in-fill locations and repositions them by adding extensive capital improvements, increasing rents, reducing expenses and implementing institutional quality property management. Bascom recently purchased American Office Centers out of bankruptcy and formed Premier Business Centers (www.pbcenters.com) which has become the largest privately held executive suite operator on the West Coast. Bascom, through its joint ventures with the Southern California Industrial Fund, LLC and Rushmore Properties, LLC, (www.rushmoreproperties.com) have acquired more than 4 million square feet of commercial properties nationwide.
For additional information regarding this transaction or Bascom, please contact:
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