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10/21/14
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In the OC city of Lake Forest, there has been some newsworthy activity at Foothill Business Park, a 59.5k sf industrial park owned by Guthrie Development. This has included two closed unit sales with another three units now in escrow.
Located at 26429 and 26439 Rancho Pkwy, the park was acquired by Guthrie in November 2013 from Panattoni Development for $8 mil. Over the course of six months, Guthrie invested more than $1 mil to provide interior enhancements as well as process the entitlements to sell each unit individually.
Foothill Business Park is now able to accommodate small business owners with 25 separate units ranging in size from 1.5k sf to 3.2k sf, with the opportunity to combine units to accommodate up to 8.2k sf. The property is located adjacent to the 241 toll road and Alton Pkwy near Baker Ranch, a new master-planned housing development that will encompass approximately 2,379 single-and multi-family homes.
We recognized a unique opportunity for small business owners who are in need of space now. New construction is a long process. We find that when these businesses are ready to move they need the space immediately. We also know that our small business owners want to live closer to home. Our Lake Forest location provides an option that is ready and in the right location, said Rob Guthrie. He added that the project also provides the flexibility to accommodate a wide range of uses including retail, office, R&D and industrial.
Guthrie added that the location competes well with Irvine Spectrum as the buyers tend to be from the surrounding high-profile communities of Foothill Ranch, Coto de Caza and Dove Canyon. Its back to location, location, location driving the deal, especially when the CEO lives nearby, Guthrie said.
Steve Wagner, Zach Niles, Matt Christensen, and Louis Tomaselli of JLL are handling the marketing of the project for Guthrie. Encompassing 12.3k sf of sales, the recent Foothill Business Park sales include:
26439 Rancho Parkway #105, 3.2k sf
26439 Rancho Parkway #120, 3.1k sf
26439 Rancho Parkway #165, 1.6k sf
26439 Rancho Parkway #130, 2.8k sf
26429 Rancho Parkway #120, 1.5k sf
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