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Robert W. (Rob) Guthrie
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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.
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Fullerton, CA industrial site
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“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.”
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Connor Bannan
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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.
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| 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.”
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| 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.
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| 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.
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| 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.
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| 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.
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Costa Mesa, CA industrial site
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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.
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| 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
