3 Things You Need to Know About OC Condos
Gutherie Development is betting on condo conversion: industrial condos, that is. Company president Rob Gutherie tells us it's the perfect time to reposition OC properties to sell as condos. Here's why.
1) The Chinese Want Them (And So Do Others)
Rob (snapped here biking in Switzerland) tells us the demand for industrial condos is coming from a broad range of industries. The most active industries include import/export businesses (primarily Chinese-owned importers and technology exporters); construction, design and real estate (subcontractors, engineers, environmental consultants); and medical, dental and healthcare (device makers, labs, service providers).
2) The Timing is Right
"Our typical buyer is an entrepreneur," who's tired of paying rent and sees building ownership as a way to profit from the company's real estate requirements, Rob explains. Many businesses see now as a good time to fix real estate costs by purchasing a building while interest rates are still low and rental rates are increasing. Recently Gutherie Development bought three buildings in the Brea Industrial Complex for $11.7M with plans to convert the multi-tenant properties into industrial condos.
3) It's All About SoCal
"Most of our buyers recognize they could save more money by moving their company to a less expensive location—like the IE, Las Vegas, Phoenix or Mexico—but they love the quality of life in Southern California and are willing to pay a premium to stay here," Rob says. The three buildings are located at 950, 1050, 1150 West Central Ave in Brea. Each building is comprised of four units ranging from 6k SF to 12k SF.