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COSTA MESA, CA-Guthrie Development Co. has acquired nearly158,000 sf of tilt-up office and warehouse buildings for acondominium conversion project with $20 million in acquisitionfinancing from Wrightwood Capital. The property is called SomersetBusiness Park and consists of five separate buildings comprising 28rental units off the 710 Freeway at the intersection of Paramountand Somerset boulevards in Paramount.

According to Marty Kearney, investments director inChicago-based Wrightwood Capital's Newport Beach office, SomersetBusiness Park will be the first multi-tenant office/warehousefor-sale condominium project in Paramount. Kearney cites the"limited availability of land, lack of available condominiumproducts and the tight rental markets" as factors in favor of theproject.