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LAKE FOREST, CA-The inventory of industrial space in Lake Forest has edged past 7 million sf with the completion of a new industrial park, and inventory will keep growing with new projects that are planned, according to a new report by Lee & Associates.

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.

Other industrial construction in South Orange County, according to Lee, includes a newly completed, 36,010-sf flex tech building offered for lease at 8845 Irvine Center Drive in Irvine Spectrum; the recently completed 36,252-sf Bunsen Business Center in Irvine; a completed 21,000-sf building at 299 Goddard in Irvine; a 14,600-sf building under construction at 20845 Canada in Lake Forest; and a 43,063-sf building recently completed at 120 Calle Iglesia in San Clemente.

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