LAKE FOREST, CA-A 15,439-sf research and development facility has been sold in Lake Forest, as activity in the industrial sector here continues to heat up.

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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