Guthrie Pays $20M for Tustin Industrial and Retail Park

Irvine-based commercial real estate investment firm Guthrie Development Company has acquired Pacific Tustin Commercenter, a 70,000-square-foot, Class A industrial and retail park in Tustin, CA. In the unique transaction, Guthrie purchased the buildings and land from two different undisclosed sellers.

“The industrial leasing sector in this region is very robust,” said Guthrie CEO Rob Guthrie. “There is limited supply and historically high occupancy, therefore we are confident to move forward with our acquisition strategy.” Colliers’ Chuck Wilson, Brian Chastain and Clyde Stauff represented Guthrie in the transactions.

Located at 1421 Edinger Avenue, Pacific Tustin Commercenter is comprised of two, 100% occupied multi-tenant industrial buildings and a restaurant on the corner of the property. “We negotiated a buyout of the restaurant, and will be able to increase the rental income by 350%  by leasing to a tenant,” added Guthrie, who notes the company has already received eight offers for the corner unit.