Guthrie Development Strategically Upgrades and Sells 63 Industrial Units Across Three Properties

 

Robert W. (Rob) Guthrie

ORANGE COUNTY, CA – Guthrie Development Company, a full-service commercial real estate investment and management company based in Irvine, California, has sold 63 individual units across three industrial properties in Orange County, California for a combined total of $61.5 million.

                Fullerton, CA  industrial site

“The industrial sector overall is thriving, and the Orange County market in particular has experienced skyrocketing demand in recent months,” says Rob Guthrie, President at Guthrie Development Company, noting that in Q3, absorption rates in the county were the highest they’ve been since 2004 and vacancy was 2%, matching historic lows.

“Leveraging our deep experience in executing upgrades to enhance and modernize industrial properties, as well as condominium mapping, we were able to deliver 63 high-quality units to the often underserved segment of the market seeking for-sale, smaller industrial spaces.”

Connor Bannan

The three properties include:

A 45-Unit Industrial Business Park in Fullerton

Guthrie Development is approaching the sellout of all 45 units at The Raymer Business Center, a three-building industrial business park in the North Orange County submarket of Fullerton, California, to individual owners for a total of $30 million.

Tom Terry

The firm acquired the asset in January 2021 for $20 million. During ownership, Guthrie Development implemented capital expenditures to the buildings and common areas.

“At acquisition, this well-located asset was leased to multiple tenants on short-term leases with condominium mapping already in place,” says Connor Bannan, Project Manager at Guthrie Development. 

“This allowed us to be able to quickly execute our business plan of implementing strategic upgrades and selling each unit individually as they were vacated.”

Brenden Hefner

The property is located at 2003-2007 Raymer Avenue in Fullerton, California. Tom Terry and Brenden Hefner with Voit Real Estate Services represented Guthrie Development as the seller.

A 12-Unit Industrial Property in Costa Mesa

           Guthrie Development recently sold all 12 individual units located at a 24,877 square-foot industrial property in Costa Mesa, California for a combined total of $12.5 million. 

 Steve Wagner

According to Bannan, the firm performed significant capital upgrades to the building, processed entitlements, and recorded a condominium map on the building.

“We immediately recognized the value-add potential of the asset and strength of its exceptional location near the 405 Freeway,” says Guthrie.

“After acquiring as a multi-tenant industrial property last year for $6.5 million, we performed a complete renovation of the asset that included the installation of a new roof, upgraded landscaping, and new interiors, among other improvements.

Xavier Nolasco

"The quality of the market coupled with the location of the asset made this very attractive to potential buyers.”

The property is located at 1375 Logan Avenue in Costa Mesa, California. Steve Wagner, Zach Niles, Xavier Nolasco, and Brendan Brady with JLL represented Guthrie Development as the seller.

Building of Six Newly Divided Industrial Condominiums in Irvine

           Guthrie Development sold six individual units at a 47,212 square-foot industrial asset in Irvine, California for a combined total of $19 million.

Brendan Brady

“We strategically identified an opportunity to acquire this property as a single-tenant building for $9.8 million and convert it into six condominium spaces,” says Bannan.

“Through renovating and modernizing the property, we were able to further enhance the value of the asset and attract a strong pool of buyers.”

The renovation included series of capital upgrades to the property, including new HVAC systems, restrooms, roof membrane, building façade, and window system.

The property is well-located within the highly desirable Irvine Spectrum submarket at 18-38 Thomas in Irvine, California.

Chris Bates and Jeff Carr with CBRE represented Guthrie Development as the seller.

About Guthrie Development Company

 Guthrie Development Company (“GDC”), based in Irvine, CA, is a privately held, fully integrated real estate company specializing in the acquisition, development and/or rehab, management and disposition of commercial/industrial properties, primarily in the Southern California region. 

                Costa Mesa, CA industrial site

GDC principals and associates have extensive industry experience covering a diverse array of services including development, rehabilitation, entitlement, construction management, asset management, property and association management, sales, and finance and accounting.

 GDC was founded in March 2000 by Robert Guthrie, who has over 30 years of experience in the field of commercial real estate and is responsible for the strategic vision and goals of the company. 

Between 2000 and 2007, GDC developed and/or acquired and sold over 2 million square feet of industrial property worth approximately $350MM. 

Irvine, CA industrial site

GDC has an excellent reputation in its market segment, including its performance on behalf of the company’s capital partners during the latest market downturn.

 GDC also has an affiliated asset and property management company, Guthrie Asset Management Company (“GAM”), which manages all of the related GDC projects and commercial owners associations. 

 For additional company information, please visit our website at https://guthriedevelopment.com/.

Contacts:

 

Katie Haga / Lexi Astfalk

Brower Group

(949) 438-6262

khaga@brower-group.com