Buildings Sell for $23M Before Completion

BREA, CA-Guthrie Development Co. of Costa Mesa has sold 22 small industrial buildings at its 28-building Guthrie Lambert Business Center for a total of $23 million before the completion of construction on the new project. The 22 buildings were sold in a month in deals that were negotiated by Voit Commercial Brokerage on behalf of Guthrie.

The new Guthrie Lambert Business Center is an eight-building, mixed-use office and industrial project totaling 132,642 sf at the intersection of Lambert Road and Berry Street. It is composed of 28 separate, for-sale units that range from 3,300 sf to 6,800 sf.

Besides the 22 units that closed escrow in the last 30 days, six additional buildings are in escrow and are scheduled to close in mid-January, according to Guthrie. Robert Guthrie, president of Guthrie Development, comments that the company's projects "have been consistently strong through several commercial real estate cycles."

Guthrie is being represented by Louis Tomaselli and Mitch Zehner of the Anaheim Metro Office of Voit Commercial Brokerage in the sale of all 28 units at the new project. Tomaselli and Zehner have also represented 10 of the 22 buyers. The buyers at the new development include JPRS Systems, House of Computers, Hakanson Construction, Power Werx, Calico Printing and Continental Appliances.

The Lambert Business Center is one of a number of Guthrie projects in Orange County, where the Costa Mesa-based firm's other developments include the Guthrie Orange Business Center in Orange and the Freeway Crossroads in Anaheim, both of which sold either all or nearly all of their units before the completion of construction.

The Orange Business Center comprises 15 freestanding industrial buildings ranging from 4,400 sf to 7,650 sf on a site near the intersection of Meats and Glassell avenues in Orange. Freeway Crossroads includes 22 buildings that range from 4,290 sf to 25,186 sf and occupy a seven-acre site near Kramer Boulevard and La Palma Avenue in Anaheim.