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December 18, 2018
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Fullerton Industrial Building Purchased by Owner/User for $12.5 Mil

3/07/18

A 68k sf, free-standing, single-tenant industrial building in Fullerton sold for $12.55 mil ($184/sf). The property was sold by Guthrie Development, who acquired the functionally-obsolete manufacturing facility in December 2016 and renovated it into a high-end, modern, multi-purpose industrial building positioned for an owner/user.

The building is located at 4200 Bonita, north of Imperial Hwy and west of the 57 Fwy. The original tenant had used the facility since 1984 to design and manufacture high-end electronic components for the communications and defense industries. Guthrie Development was attracted to 4200 Bonita because of its excellent location in an industrial owner/user submarket with a near-zero vacancy rate.

“The building’s outstanding fundamental features were revealed with a massive renovation plan that we started immediately upon taking possession of the property,” said Peter Schafer, Project Manager, Guthrie Development. “Basically, a rough property was transformed into a highly-functional ownership opportunity.”

As part of the major renovation, small exterior buildings were demolished and an access easement was relocated to unlock the value of the oversized lot and give the property a fenced yard over 50k sf. The fully built-out interior of the building was demolished and completely refurbished providing approximately 10k sf of office space and 55k sf of open warehouse.

Six dock-high loading doors and two grade-level loading doors were added to the existing single, grade-level door. The exterior was overhauled as well with ADA upgrades, new landscaping, and finishes.

The buyer, an owner-user, was represented by Steve Schloemer of Colliers and Gordon Henry of HOM Sotheby’s International. Guthrie was repped by Zach Niles, Louis Tomaselli, and Steve Wagner of JLL.






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