Guthrie Lands $21M in Project Financing

BREA, CA-Guthrie Development of Costa Mesa has landed $20.78 million in construction financing from Wrightwood Capital for Guthrie Lambert Business Center, a for-sale office and industrial project that is the latest in a series of Guthrie developments in Southern California. The Guthrie Lambert Business Center complex will comprise 130,839 sf in eight buildings that will be divided into 28 separate units.

Situated on Lambert Road, a heavily traveled east-west corridor through Northern Orange County, the new Guthrie project will feature units ranging from 2,900 sf to 6,800 sf. The developer sees an opportunity to tap the market for owner-users seeking smaller space, "which are often not easily found in this market," Wrightwood Capital comments about the deal, which represents the fourth transaction between Guthrie Development and Wrightwood.

The Guthrie Lambert Business Center will join a growing list of Guthrie projects in Southern California. Among others, the developments include the company's Freeway Crossroads in Anaheim, its Guthrie Orange Business Center in Orange and its Los Nietos Business Center in Santa Fe Springs.

The Freeway Crossroads in Anaheim is a 22-building master-planned business park on seven acres at a site near Kramer Boulevard and La Palma Avenue, with frontage on the 91 Freeway. The company chose that because of strong demand for high-image industrial and office properties in North Orange County, according to Rob Guthrie, president of the development company.

In April, 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 the Los Nietos Business Center, buyers bought all 14 buildings of the 91,000-sf project 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.