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11/19/21
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In recent OC industrial activity, Guthrie Development Company has sold 63 individual units across three industrial properties for a combined total of $61.5 mil.
1375 Logan Ave, Costa Mesa |
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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.
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 located at 2003-2007 Raymer Ave in Fullerton, to individual owners for a total of $30 mil. The firm acquired the asset in January 2021 for $20 mil. During ownership, Guthrie Development implemented capital expenditures to the buildings and common areas. Tom Terry and Brenden Hefner with Voit Real Estate Services represented Guthrie in the sales.
A 12-Unit Industrial Property in Costa Mesa
Guthrie Development recently sold all 12 individual units at a 24.9k sf industrial property located at 1375 Logan Ave in Costa Mesa for a combined total of $12.5 mil. The firm performed significant capital upgrades to the building, processed entitlements, and recorded a condominium map on the building. Steve Wagner, Zach Niles, Xavier Nolasco, and Brendan Brady with JLL represented Guthrie.
Building of Six Newly Divided Industrial Condominiums in Irvine
Guthrie Development sold six individual units at a 47.2k sf industrial asset at 18-38 Thomas in Irvine for a combined total of $19 mil. The firm had acquired what was a single-tenant building for $9.8 mil and then converted it into six condominium spaces. The work included a series of capital upgrades to the property, including new HVAC systems, restrooms, roof membrane, building façade, and window system. Chris Bates and Jeff Carr with CBRE represented Guthrie.
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