LAKE FOREST, CA – Guthrie Development, a fully-integrated commercial real estate company, has acquired two institutional quality industrial buildings encompassing 57,000 square feet located at 26429 and 26439 Rancho Parkway in Foothill Business Park in Lake Forest, Calif. for $8 million. This deal marks the second acquisition in the past four months for the firm who is looking to acquire existing industrial properties and developable land.
Guthrie Development plans to upgrade and convert the 25 units into condos and sell them to individual owner/users. Units will range from 1,509 square feet to 3,107 square feet. Some units may be combined to accommodate the need for larger units.
"The South Orange County industrial market is extremely active right now with very little supply and no new construction on the horizon for smaller facilities," said Rob Guthrie, CEO and Founder of Guthrie Development. “Purchasing makes sense over leasing in today's market with 10 percent down SBA financing and monthly payments comparable to lease rates."
Guthrie went on to say "we were selected as Buyer because of our expertise in this market with this product as well as our ability to pay all cash and to close quickly."
Built in 2005, the Foothill Business Park offers freeway frontage and signage from the 241 Toll Road with immediate access at the Alton off ramp. The project’s unique “Urban Activity Center” zoning permits office, retail, and industrial uses. The buildings feature concrete tilt-up construction, 22 foot minimum clearance, high quality finished offices, a wide range of unit sizes and a very desirable 3.68 to 1 parking ratio.
Guthrie Development was represented by Louis Tomaselli and Steve Wagner of Jones Lang LaSalle in the acquisition. The seller, Panatonni Development Company, was also represented by Tomaselli and Wagner. Bridgeport Investments arranged the project debt and equity.
About Guthrie Development
Guthrie Development Company, headquartered in Orange County, is a fully-integrated commercial real estate firm specializing in the development, acquisition, and management of commercial/industrial properties, primarily in the Southern California area. For more information, please visit www.guthriedevelopment.com.