Irvine-based Guthrie Development Co. is returning to a familiar property for its first acquisition in several years.
The commercial real estate company recently took over a two-building, 61,155-square-foot warehouse and manufacturing facility at 1295 W. Lambert Road in Brea.
Guthrie Development paid $3.4 million for a note tied to the property that was owned by Union Bank and subsequently foreclosed on the building.
The property had been owned by an affiliate of limousine maker Krystal Enterprises, which went bankrupt last summer and has since sold most of its assets.
Guthrie previously owned the building and sold it to Krystal Enterprises in 2006 for $6 million.
At the time of last year’s bankruptcy, the then-vacant building had about $4.3 million of debt tied to it and was valued at about $3.9 million by the limo maker, which late last year also sold a larger Brea property on Imperial Highway that served as its headquarters.
Clothing maker AST Sportswear Inc. paid $12.8 million for the larger, 113,851-square-foot industrial building at 2701 Imperial Highway for its headquarters.
Guthrie’s plans for 1295 W. Lambert this time around are to “significantly upgrade” the property and sell it to an owner-user.
The building is expected to have a price tag of about $6.4 million following the renovations, according to marketing material from the Irvine office of Jones Lang LaSalle, which has the listing for the building.
The Brea deal is the first acquisition for Guthrie Development in several years.
The company developed about 1.9 million square feet in Orange County from its 2000 founding until the onset of the last commercial real estate downturn.
It has focused on developing industrial business parks aimed at small and midsize businesses.
More deals could be on the way. Guthrie Development officials said the company is looking to acquire industrial buildings and developable land in Southern California.
“We have resources and ability to pay all cash and to close quickly on deals that are the right fit for our firm,” Rob Guthrie, the company’s founder and chief executive, said in a statement.
“Although prices have risen dramatically recently, industrial properties in Southern California continue to outperform other product types,” Guthrie said.
Fullerton Flip
Irvine-based Brandywine Homes has flipped to another homebuilder a Fullerton commercial site considered for residential redevelopment.
Property records show the builder selling a 2.7-acre site at 1110 W. Orangethorpe Ave. to a unit of Los Angeles-based KB Home in June. Terms of the sale weren’t disclosed.
Brandywine officials confirmed the sale but said they were unable to discuss it due to confidentiality agreements.
Brandywine Homes reported buying the Fullerton property earlier this year, paying a reported $3.25 million. The site, a few blocks north of the Riverside (91) Freeway near Euclid Street, previously held a Dodge dealership.
The builder had been working with the city to get entitlements to build 52 three-story townhomes on the site with a goal of opening the development for sales by the end of the year.
Four other Brandywine home projects are expected to open soon: in La Mirada, West Covina, Pasadena and Garden Grove.
Brandywine also has a pair of apartment projects under way in Garden Grove that will hold a combined 59 units.
Microsemi HQ For Sale
The Aliso Viejo headquarters of chipmaker Microsemi Corp. is up for sale.
One Enterprise Drive, a four-story, 109,000-square-foot building at the Summit office campus, was listed for sale about a month ago, according to brokerage data.
An asking sale price wasn’t disclosed. Brokers with the Newport Beach office of CBRE Group Inc. have the listing for the building.
San Francisco-based RREEF Funds LLC paid a reported $27.5 million, or roughly $250 per square foot, for the building in 2005.
The office, near the San Joaquin Hills (73) Toll Road, was built in 1999 for construction and engineering giant Fluor Corp., which sold it to RREEF after moving its headquarters from Aliso Viejo to Dallas.
The building subsequently was leased to drug maker Valeant Pharmaceuticals International, which in 2006 struck a deal to move its headquarters to Aliso Viejo from Costa Mesa.
Valeant left the building in 2010 after the company was acquired by Canada-based Biovail Corp., which took the Valeant name.
Microsemi struck a deal to move its headquarters to the building in 2011. It has a 10-year lease for the entire office.
