(To read more on the industrial market and the debt and equity markets, click here.)

IRVINE, CA-Guthrie Development Co. of Costa Mesa has landed $14.4 million in financing from Wrightwood Capital for the recapitalization and conversion of a 122,125-sf industrial building into condominiums for sale. The property that will be converted is an eight-unit building at 2152 Alton Parkway that was built in 1973.

The new Guthrie project, called the Alton Business Center, lies within the Irvine Business Complex near the former Tustin Marine Corp Air Station. Developers in Orange County have converted a number of industrial buildings into condominiums for sale and have typically sold all of the units, a track record that Wrightwood cites as one of the factors that work in favor of the new project.

In view of the strong performance of the condo for-sale market in the county, Marty Kearney of Wrightwood Capital’s Newport Beach office says that “Condominium sales activity remains strong in the Orange County area due to the strong economy, low interest rates, accessible financing and the limited supply of industrial product.”

According to Kearney, who is director of investments in the Wrightwood office, the Alton property has several key advantages that include its location in the Irvine Business Complex, access to nearby highways, a wide truck courtyard and dock-high loading entrances. Kearney notes that the deal represents the eighth transaction between Guthrie and Wrightwood.

Guthrie Development has a host of developments either under way, completed or in planning in Southern California, among them a number of Orange County projects. The Orange County developments include its 132,642-sf Guthrie Lambert Business Center in Brea, where it is demolishing an existing property to make way for the new buildings; its 22-building Freeway Crossroads in Anaheim and its Guthrie Orange Business Center in the City of Orange, where it is developing 86,000 sf on five acres.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.