Guthrie Development acquires prime multi-tenant industrial asset in Orange County, CA submarket

 

Rob Guthrie

FOUNTAIN VALLEY, CA -- Guthrie Development Company, a full-service commercial real estate investment and management company based in Irvine, California, has acquired a 13,260 square-foot multi-tenant industrial building in Fountain Valley, California from a private seller.

“Our firm focuses on strong-performing asset classes such as industrial, which continues to surpass all other commercial real estate sectors,” says Rob Guthrie, President at Guthrie Development Company.

 “Demand for this product type has skyrocketed recently, especially in the Orange County market. In fact, this region saw its eleventh straight quarter of positive absorption in Q1 2022.

13,260 square-foot multi-tenant industrial building,
Fountain Valley, CA

"Competition for industrial space in Orange County has never been higher, which is driving rental rates to new all-time highs. Through our extensive expertise in the Orange County market, we have observed increasing interest in this sector from both users and investors in the area.”

The property Guthrie Development has acquired consists of seven units ranging from 1,560 square feet to 3,510 square feet and is currently 80% leased. 

Nick Spatafore

CBRE's Nick Spatafore, the broker representing Guthrie in the transaction, will work on behalf of the company to sell the remaining individual condos to small businesses and investors. 

Spatafore represented both the buyer and seller in the transaction

Additionally, Guthrie Development will implement a series of capital improvements as part of its strategy to enhance the property’s overall value, says Dane Rowland, Commercial Property and Business Association Manager at the company.

 Dane Rowland

“As it is rare to find an industrial asset like this with such an exceptional location near the 405 Freeway, we immediately recognized its value potential,” says Rowland.

“With this acquisition, we will perform a complete condo conversion, which will include new landscaping, an outdoor gathering area with seating, interior improvements, among others.”

Acquired for $4.3 million, the property is located at 17330 Newhope Street in Fountain Valley, California. Nick Spatafore with CBRE represented both the buyer and seller in the transaction.

 Contacts:

 

Brooke Belt / Katie Haga

The Smart Agency, Inc.

(949) 438-6262

bbelt@thesmartagency.com