Located at 19781 Pauling, the recently completed building has been acquired for $1.9 million by Dunning Properties. The facility will be occupied by OCT Group, an Irvine-based marketing company.
Dunning Properties was represented by Tony Gleason of Voit Commercial Brokerage's Irvine office. The seller, Severson-Smith, was represented by CB Richard Ellis.
Lake Forest has seen a flurry of activity lately, including Shea Properties'announcement that a 380-acre mixed-use project will be built here. The development, known as AXIS, will include R&D and industrial space and will cost an estimated $450 million. Site grading has already begun on the project's 84-acre first phase, with completion slated for the first quarter of 2002.
"The industrial market is still strong," says Gleason. "Very little product is available for purchase."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
