March 21, 2018
Newport Beach, CA-based Guthrie Development Company sold Placentia Office Park at 701 and 711 Kimberly Avenue in Placentia, CA for $10.4 million. The property consists of two office buildings totaling 72,897 square feet of space.
Guthrie acquired the properties in June 2017 from an institutional owner, and subsequently executed a renovation plan on the property including a new silicone roof overlay system, new parking lots, and new building paint. The rent roll was stabilized with new and renewal leasing that has brought the asset to 90% occupied. Tenants include North American Title Company and Sunrise Growers.
NKF’s Paul Jones, Blake Bokosky and Brandon White represented the seller. The undisclosed buyer, a private investor, was represented by NKF’s Drew Sanden.
For comments, questions or concerns, please contact Dennis Kaiser