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."
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