Business-Condo Biz Almost Too Good to be True

Guthrie: “The sense of urgency for us to acquire new projects is strong, and we’re selling completed ones faster than we can bring new ones in the door.”

NEWPORT BEACH, CA—As wages rise, individual business sectors grow stronger and Chinese investors eye the market, Guthrie Development’s CEO Rob Guthrie tells GlobeSt.com he is trying to temper his enthusiasm for the for-sale multi-tenant industrial- and office-condo sector. The firm recently acquired a six- building multi-tenant retail, office and service commercial project totaling 24,535 square feet of space at 27781-27841 La Paz Rd. in Laguna Niguel, CA, from La Paz Partners for $5.8 million, and Guthrie says his firm will continue to target existing multi-tenant properties from both a value-add and long-term hold perspective.

In this recent transaction, Larry Schuler of CBRE represented the buyer, and Josh Cunningham and Travis Dunn of Newmark Grubb Knight Frank represented the seller. “South Orange County is a great entrepreneurial market with plenty of business owners looking to purchase their own building among very limited options,” says Guthrie. He adds that his firm sees this as a great opportunity to transition a successful property from a leased investment into what the company brands “Homes for Business.” “This type of conversion is our expertise. We look forward to expanding our portfolio in south Orange County.”