SoCal project buyer plans redevelopment

Guthrie Development Co. recently acquired a 157,736-square-foot business park in Paramount, Calif., for $20.6 million.

The five-building property, Guthrie Paramount Business Center, is located at 7825-7901 Somerset and 14905-15001 Paramount Blvd. The project includes industrial, office and retail components, and is situated on a 7.2-acre parcel.

At the time of sale, the property was 100 percent leased, but Guthrie plans to redevelop the project into 34 for-sale industrial units ranging in size from 1,280 square feet to 14,085 square feet.

Muller-Somerset Inc. sold the buildings.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.