SoCal project buyer plans redevelopment

Goodbye mixed-use, hello industrial condos

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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. ...