COSTA MESA, CA-Guthrie Development Co. has acquired a 52,825-sf property to develop into industrial condominiums for sale or lease in a project called Guthrie Rancho Way Business Park, the company's second recently announced industrial condo project. The firm plans to place a condominium map on the project and to redevelop the property, which is at 19500-19520 Rancho Way in L.A., into 22 units ranging in size from 1,824 sf to 30,045 sf.

According to Robert Guthrie, president of the development company, the project is slated for completion in August 2008. The development site is close to the interchange of the 710 and 405 freeways as well as the Port of Long Beach.

Guthrie acquired the site for $7.5 million in a sale that was brokered by Mitch Zehner, Louis Tomaselli and Greg Hapsic of the Anaheim Metro office of Voit Commercial Brokerage. The Voit team represented both Guthrie and the seller of the property, Muller-Somerset Inc.

The new property joins a list of Guthrie Development projects including the recently acquired 157,736-sf Guthrie Paramount Business Center in Paramount, where the Costa Mesa-based firm plans to redevelop the five-building property into 34 for-sale industrial units ranging in size from 1,280 sf to 14,085 sf. Guthrie acquired the 7.2-acre corner property at 7825-7901 Somerset Ave. and 14905-15001 Paramount Blvd. for $20.6 million.

Among Guthrie's other recent developments is its Guthrie Orange Business Center, a newly developed industrial park in Orange consisting of 15 freestanding industrial buildings ranging from 4,400 sf to 7,650 sf, which it sold out for $15 million."These projects will give us the opportunity to offer condo units, adding value to the project and giving businesses the chance to own prime space," Guthrie says.