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LAKE FOREST, CA-A 49,915-sf office property in Lake Forest has been acquired by an investment group. The facility has been sold for $8.5 million, with a 9.2% cap rate.

Built in 1999, the building stands on a 452,153-sf parcel at 26000 Commercecentre Dr. Locally-based construction company ARB Inc. occupies the facility, which has a 5 to 1 parking ratio.

The seller, The Stockdale Investment Group, was represented by Mark Larson and Gary Stache of CB Richard Ellis’ Newport Beach office. Larson and Stache also represented the buyer, The Ezralow Cos.

The sale comes as officials in nearby Irvine are considering rezoning part of the Irvine Spectrum project for homes instead of offices. The project’s developer, Irvine Co., has recently run into trouble leasing up space at the Spectrum. If approved, about 514 acres of the massive development could be rezoned to accommodate up to 2,500 homes, as reported earlier this week by Globest.com.

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