Guthrie Makes First Purchase in Years

BREA, CA-Guthrie Development has acquired its first property in several years: a two-building, 61,155-square-foot warehouse and manufacturing facility at 1295 W. Lambert Rd. here, for $3.4 million. The new owner subsequently foreclosed on the property, taking control of the asset.

Guthrie is looking to acquire existing industrial properties on developable land. The firm has developed 1.9 million square feet in Orange County.

According to Rob Guthrie, CEO and founder of the full-service commercial real estate company, “In this highly competitive investment market, we have resources and ability to pay all cash and to close quickly on deals that are the right fit for our firm. Although prices have risen dramatically recently, industrial properties in Southern California continue to outperform other product types. We will continue to be actively looking to acquire industrial properties and land in Southern California.”

Guthrie tells GlobeSt.com that the appeal of this property was that his firm was familiar with it, having owned it before. “We were able to get in on a low land value and get fee ownership at a price that's below what the land value would be today.”

Guthrie plans to upgrade its new purchase significantly and sell it to an owner/user. The firm was represented in the acquisition of the note by Jones Lang LaSalle, while the lender, Union Bank, represented itself.

One of the elements of 1295 W. Lambert that made it appealing to Guthrie was its ideal location in North Orange County, close to the 91 and 57 freeways, which provides convenient access to neighboring Southern California communities and a diverse labor pool. The property features 12 grade-level doors and 2.5 acres of excess land for outdoor storage.

The industrial commercial real estate market has changed considerably since GlobeSt.com last reported on a Guthrie transaction in January 2008. At that time, the firm had just sold 22 of the units in its newly completed Guthrie Lambert Business Center here and had the remaining six in escrow. Guthrie president John O'Brien said at the time that he doubted the market would support the project were it to get started then.