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NEWPORT BEACH, CA-Purchasing vacant industrial properties and renovating them to sell to owner/users, or developing single-tenant industrial properties to sell is the model on which locally based Guthrie Development runs. Comparing it to the housing market, CEO and founder Rob Guthrie tells GlobeSt.com that in many ways, the firm thinks of itself as more of a homebuilder than a multifamily developer in that it prefers to rehab single-tenant properties and sell them to individual users rather than hold them long term.

As GlobeSt.com reported earlier today, the firm has acquired its first property in several years: a two-building, 61,155-square-foot warehouse and manufacturing facility at 1295 W. Lambert Rd. in Brea, and then subsequently foreclosed on the property, taking control of it. Guthrie plans to significantly upgrade the property and sell to an owner/user.

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