BREA, CA-A development company has paid $2.3 million for an industrial structure here, along with a three-acre parcel of buildable land.

The 21,600-sf building stands at 1215 W. Lambert Road. It was acquired by privately held Cardinal Development Co.

The purchase is “a value-added investment” for Cardinal Development, says Mitch Zehner, one of two Voit Commercial brokers involved in the transaction. Cardinal Development will restore and reposition the existing structure, he adds.

Zehner and his Voit Commercial colleague, Louis Tomaselli, represented seller WRC Property Co. in the deal. WRC is a privately held investment company that’s headquartered in Fresno.

Cardinal Development was represented by Ben Seybold of CB Richard Ellis.

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