Press Release (ePRNews.com) - FULLERTON, Calif. - Mar 17, 2017 - Guthrie Development has announced the acquisition of 4200 Bonita, a 64,250-square-foot occupied industrial building in Fullerton. Guthrie acquired the building from the owner and tenant BI Technologies, an electronics parts supplier. The tenant plans to lease back the building until June 2017.
Zach Niles, senior vice president, JLL, represented the buyer and seller in the $7.75 million transaction.
The building is located on an oversized 208,740-square-foot fully-improved lot, with a 5:1000 parking ratio. Guthrie plans to renovate the building and convert the excess parking to a large truck court and fenced yard.
“The infill warehouse / distribution market is red hot right now,” said Rob Guthrie, CEO of Guthrie Development. “With so much surplus land, this building is attracting interest from industrial, office, and institutional users.”
“Guthrie’s vision enabled them to see a property originally designed for a manufacturing use that has left the state, and reposition it into something that is rare and in very high demand,” said Niles.
The Fullerton acquisition follows Guthrie’s acquisition of a 24,535-square-foot multi-tenant office project in Laguna Niguel. The firm has long excelled in building a portfolio of value-add industrial in Orange County, specifically targeting industrial condos for sale. Guthrie also recently brought their Irwindale industrial condo properties located at 15554-5562 Azusa Canyon Rd. to market.
Guthrie Development Company is a full service commercial real estate company. The firm has earned a reputation for tackling complicated real estate development, redevelopment and acquisitions. Over its seventeen years in business, Guthrie Development Company has been ranked as one of the top commercial developers in Orange County. The firm’s portfolio encompasses a number of industrial properties that target the entrepreneurial needs of the small-to-mid size business owner, and has built over 600 buildings / units within Southern California. For more information visit, www.guthriedevelopment.com.