South Orange County isn't only converting people into commercial condo-lovers, it's coverting other properties into condos. (If you have four walls, you could be next.) Gutherie Development CEO Rob Gutherie (snapped with colleagues Ryan Gutherie, left, and Gary Guzman, right) tells us his company acquired Foothill Business Park in Lake Forest, its second acquisition in the past four months, to convert to condos.

There's little industrial supply in South Orange County and no new smaller facilities under construction, Rob says. He's betting that with 10% down SBA financing and monthly payments comparable to lease rates, there'll be buyers for units in Foothills Business Park, which has zoning that permits office, retail, and industrial uses. JLL's Louis Tomaselli and Steve Wagner repped the buyer (Guthrie) and the seller (Panattoni).