TUSTIN, CA-Guthrie Development Co. of Costa Mesa has sold its Tustin Freeway Commerce Center, a the three-building industrial park of 184,000 sf, to a private investor for $17.5 million. The property is at 620-694 B St. and 320-432 6th St., near the interchange of the Santa Ana Freeway and the 55 Freeway.
Guthrie acquired the property in July 2001 and completed some capital improvements to the site, according to Rob Guthrie, president of the company. The multi-tenant property was sold in a transaction brokered by Michael Hefner and Alan Pekarcik of Voit Commercial Brokerage on behalf of Guthrie, with the buyer represented by Bud Bergge, an independent broker.
The sale of the property is the latest in a recent series of trades and developments by Guthrie Development, which recently broke ground on an Anaheim project called Freeway Crossroads that will comprise 22 buildings on seven acres. That project is near Kramer Boulevard and La Palma Avenue, with frontage on the 91 Freeway.
At the time of the groundbreaking for the Anaheim project, Rob Guthrie cited the continuing demand for high-image industrial and office properties in North Orange County. He said the new development already has garnered substantial interest from prospective occupants.
At another project, in Santa Fe Springs, Guthrie sold all 14 buildings of its 91,000-sf Los Nietos Business Center in one month. Guthrie Development, which develops, buys and manages commercial real estate projects, owns a portfolio of more than 20 properties throughout Southern California.
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