The commercial real estate brokerage says the completion of Orchard Technology Park, a 75,000-sf development of Olen Properties on Orchard Road off Bake Parkway, pushed the Lake Forest inventory past 7 million sf. Lake Forest is part of a South Orange County industrial market of about 48 million sf in 1,500 buildings, ranking the Lake Forest submarket second in the South County, behind the nearly 22.8 million sf of Irvine Spectrum.

Construction has begun on another Lake Forest development, the 200,000-sf Rancho Business Center at Bake Parkway and the 241 toll road, that will add 29 buildings ranging from 4,366 to 20,727 sf and available for sale or lease, the Lee report says.

Craig Fitterer of Lee & Associates tells GlobeSt.com that he and partner Mark Jerue of Lee are already in escrow representing an owner-user who is acquiring one of the new buildings from the developers, Centra Realty Corp. and Armstrong Butcher Properties. Fitterer says the first buildings of the 12-acre development are expected to be completed in the summer of 2003. The development is listed by Colliers Seeley International.