Laguna Hills-based Guthrie Development Co. has outbid seven other developers for one of the last parcels of industrial property in Rancho Santa Margarita. Guthrie paid $2 million for the land and plans to develop an industrial park of six small buildings, ranging in size from 6,600 to 12,600 square feet.
The site, one of the last undeveloped industrial plots in Rancho Santa Margarita, spurred a small bidding war. The seller was Orange County businesswoman Maria Sobrino. Guthrie plans to build so-called tilt-up flex buildings on the site, similar to those the company has done in other parts of South County.
“It’s the same product type with a high-tech look to it,” said Rob Guthrie, president of Guthrie Development.
While with Burke Real Estate Group, Guthrie developed 43 of the buildings in Foothill Ranch alone. But a joint venture agreement with the Foothill Ranch Co. precluded Guthrie from developing property in any of the competitive industrial parks,including in neighboring Rancho Santa Margarita. Only after Foothill Ranch exhausted its reserve of industrial space did Guthrie get the green light to pursue nearby industrial areas.
Brokers say the developer isn’t necessarily looking for technology tenants.
“This is a back-to-basics project,” said Brian Corrigan of Voit Commercial Brokerage’s Anaheim office. “It coincides with the demise of the dot-coms.”
Corrigan and Trent Walker of Voit’s Irvine office represented both parties in the transaction.
Guthrie plans to break ground on the project in April with the buildings ready in the fall. n
