Guthrie Grabs OC Multi-Tenant Industrial Asset

Guthrie Development Company has acquired a 13,000-square-foot multi-tenant industrial building in Fountain Valley, CA for $4.3 million. CBRE’s Nick Spatafore represented both buyer and seller in the transaction.

The property, located at 17330 Newhope St., features seven units ranging from 1,500 to 3,500 square feet and is 80% leased. Guthrie plans to implement a series of capital improvements as part of its strategy to enhance the building’s overall value.

“Our firm focuses on strong performing asset classes such as industrial, which continues to surpass all other commercial real estate sectors,” said Guthrie’s President Rob Guthrie in a news release. “Demand for this product type has skyrocketed recently, especially in Orange County. Competition for industrial space in the region has never been higher which is driving rental rates to new all-time highs.”