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3/26/18
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A private investor paid $10.4 mil for Placentia Office Park, a two-building, 72.9k sf ($143/sf) office property in Placentia. The property, located at 701 and 711 Kimberly Ave, near the 57 and 91 freeways, was sold by Guthrie Development Company.
Guthrie acquired the buldings in June 2017 from an institutional owner. The firm pursued a renovation plan on the property including a new silicone roof overlay system, new parking lots, and new building paint. The rent roll was stabilized with new and renewal leasing. The project is currently 90% occupied and includes tenants such as North American Title Company and Sunrise Growers.
The seller, Guthrie, was represented by Newmark Knight Frank’s Paul Jones, Blake Bokosky and Brandon White. The buyer, a private investor, was represented by Drew Sanden, also with NKF.
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