Guthrie Develops Spec Business Park

ANAHEIM, CA-Guthrie Development Co. of Costa Mesa has broken ground on Freeway Crossroads, a 22-building master-planned business park on seven acres. The new Guthrie project derives its name from its location near Kramer Boulevard and La Palma Avenue, with frontage on the 91 Freeway.

The company chose the site and the product type because demand for high-image industrial and office properties in North Orange County continues "at a torrid pace," according to Rob Guthrie, president of the development company. He says the development already has garnered substantial interest from prospective occupants.

The Freeway Crossroads buildings will range from 4,290 sf to 25,186 sf and will be designed so that they can accommodate industrial, showroom and office uses. Guthrie has named the CB Richard Ellis team of Ben Seybold, Zachary Niles and Sean Ward, based in CBRE's Anaheim office, as marketing agents for the development, which Guthrie is offering for sale or lease.

The project is expected to be completed in September. It is the latest in a series of comparable developments in Southern California, including several by Guthrie, that continue to demonstrate high demand for such buildings. In April, for example, Guthrie broke ground on a project called Guthrie Orange Business Center with buyers lined up for 74% of the 86,000 sf at the five-acre industrial project on the day it broke ground.

At another project, this one in Santa Fe Springs, Guthrie sold all 14 buildings of its 91,000-sf Los Nietos Business Center in one month. The buildings, which range from approximately 5,200 sf to 7,650 sf, sold for an aggregate total of $12.4 million.

Guthrie Development, which was founded in 2000, develops, buys and manages commercial real estate projects. Its portfolio of owned, developed and managed space includes more than 20 properties throughout Southern California.