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    Guthrie Development Buys Airport Distribution Center
    September 1, 2014

    GlobeSt.com


    By Natalie DolceInland Empire
    Link to original article 


    ONTARIO, CA—Guthrie Development Co. and its private equity partner have acquired Airport Distribution Center, a 221,171-square-foot industrial park located in the Inland Empire. Located at 1500, 1550, and 1590 Milliken Ave. in the City of Ontario, the park is comprised of three buildings and 30 units.

    For Guthrie the acquisition is part of a wider investment strategy targeting acquisition of Southern California industrial properties from $20 to $50 million as part of a new relationship with a well-capitalized private equity fund with an over $1 billion recent fund raise.

    Barbara Emmons, Darla Longo, and Michael Kendall of CBRE represented the seller, Panattoni Development Co. Although sources involved in the deal could not disclose the purchase price, an unidentified source familiar with the deal tells GlobeSt.com that Guthrie Development paid north of $20 million for the class A  property.

    Constructed in 2000, the building is 93% percent leased and is a multi-tenant industrial building. It features small dock high, multi-tenant spaces, concrete tilt-up construction, dock-high loading, 26,600 square feet of office build out, and fire sprinkler and life safety systems. Unit sizes range from 6,256 to 8,962 square feet. The park currently houses 28 tenants.

    “This property provides an excellent opportunity for our firm and joint venture partner to build its Inland Empire industrial portfolio. We’ve historically focused on coastal markets, but feel the time is right to take advantage of the strength of the Inland Empire industrial market. Specifically this property fits our strategy of selling individual units as condominiums to the small industrial users,” says Rob Guthrie, president, Guthrie Development Co.

    CBRE’s Emmons adds that the property has all the right characteristics for today’s users, “The property has been able to attract quality tenants due to its excellent location, dock high and grade level loading and attractive office space. Dock high loading functionality is very rare at competing properties with similar unit sizes.”

    Longo adds that “Guthrie and its private equity backer stood out as a strong buyer for this lucrative property. They remained nimble throughout the process ensuring a successful transaction. It was a great fit for their portfolio as this property is in the heart of the Inland Empire West, one of the most desired distribution locations in the United States.”

    Located directly off the 15 Freeway in the Inland Empire, Airport Distribution Center is less than two miles from the Ontario International Airport and is in a position to service Southern California and the Western United States. The Inland Empire region is comprised of San Bernardino and Riverside counties and is located approximately 50 miles east of the Ports of Los Angeles and Long Beach. High-profile corporate neighbors include Toyota, K-Mart, UPS, Cardinal Health and BMW.
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