(To read more on the industrial market, click here.)

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

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

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

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The new property joins a list of Guthrie Development projectsincluding the recently acquired 157,736-sf Guthrie ParamountBusiness Center in Paramount, where the Costa Mesa-based firm plansto redevelop the five-building property into 34 for-sale industrialunits ranging in size from 1,280 sf to 14,085 sf. Guthrie acquiredthe 7.2-acre corner property at 7825-7901 Somerset Ave. and14905-15001 Paramount Blvd. for $20.6 million.

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Among Guthrie's other recent developments is its Guthrie OrangeBusiness Center, a newly developed industrial park in Orangeconsisting of 15 freestanding industrial buildings ranging from4,400 sf to 7,650 sf, which it sold out for $15 million."Theseprojects will give us the opportunity to offer condo units, addingvalue to the project and giving businesses the chance to own primespace," Guthrie says.

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