Robert W. Guthrie, CEO of Guthrie Development, returns to Industrial Insights with Justin Smith to walk through industrial condo conversions in Orange County.
We discuss Anaheim Gateway, Batavia and Hammond Business Park: acquisition strategy, entitlement conditions, improvements, buyer demand and the time it takes to turn a multi-tenant property into individual sales. Rob explains how slower absorption has changed his leasing strategy and how private debt can affect the developer's promote when a project takes longer.
The conversation also covers Justin's Texas ownership experience and a practical succession lesson: learn property management, leasing and the income stream before taking responsibility for a portfolio.
00:00 Welcome back, Rob Guthrie
01:57 Buying through an uncertain cycle
05:02 Anaheim Gateway: acquisition and basis
08:24 Small units and two buyer profiles
10:22 The entitlement head start
12:32 Late conditions and the cost of time
15:57 Small-bay supply and demand
18:32 Batavia and the broker sales team
21:15 Renovation, staging and buyer decisions
24:36 Batavia's buyer and unit mix
26:00 Offers and changing activity
29:20 Location and Anaheim redevelopment
32:01 Hammond and Spectrum pricing
34:52 Condo maps and competing on improvements
37:28 South County supply and development history
39:57 Property management and succession
41:35 Justin's Texas ownership and condo exit
43:49 Leasing as a fallback when sales slow
46:12 Private debt, leverage and the promote
49:18 SBA buyers and small-tenant lending
Guthrie Development
Hammond Business Park
Batavia Business Center
More Industrial Insights
Recorded October 22, 2026. Project prices, counts, timelines and market observations reflect the speakers' statements at recording. Hammond's $600 per square foot is an underwriting target, not a reported closed sale.
