Industrial Property with Dual-Use Potential in Lake Forest, CA
The demand for adaptive property development is on the rise in Orange County, catalyzed by a unique convergence of industrial consolidation and housing needs. Bixby Land Company has recently listed a prime opportunity at the Lake Forest Center—an industrial complex spanning 49,915 square feet on 10.39 acres. This listing captures the attention of developers looking for dual-use properties in this growing market, making it an appealing investment.
Property Overview and Highlights
Located at 26000 Commercentre Drive, Lake Forest, this property comprises a 21,515-square-foot single-story office and flex building alongside two substantial industrial structures totaling 28,400 square feet. The site comes equipped with 165 parking spaces and additional secure storage facilities, enhancing its operational capabilities. Notably, CBRE is managing this listing on a best-offer basis, highlighting its strategic market appeal.
Zoning and Development Potential
One of the most compelling features of the Lake Forest Center is its Urban Industrial zoning, which allows for significant development flexibility. The current zoning permits up to 25 residential dwelling units per acre, creating an exciting potential for approximately 260 residential units across the entire site. This opportunity for developers targeting both industrial and residential markets underscores the versatile capabilities of the property. The mixed-use configuration allows for immediate operational adeptness, serving both administrative functions in the office component along Commercentre Drive and manufacturing or distribution operations along Civic Center Drive.
Strategic Location and Accessibility
The strategic location of the Lake Forest Center provides easy access to essential transportation routes, including the 241 Toll Road and interstates 5 and 405. This accessibility is a key selling point, as it situates the property near retail hubs like Foothill Towne Centre and entertainment venues at Irvine Spectrum, with John Wayne Airport just 25 minutes away. This proximity not only benefits industrial users but also enhances the appeal for potential residential development, creating a well-rounded asset for future investors.
Market Dynamics and Growth Forecast
The redevelopment of the Lake Forest Center reflects broader trends reshaping the South Orange County market. According to CBRE Econometric Advisors, Orange County is forecasted to add 72,000 jobs over the next five years, with residential rent growth expected to rise by 13.4 percent during this period. Further enhancing the property’s value is the recent completion of an $80 million civic center in 2019, now encompassing a 6.4-acre campus with 100,000 square feet of municipal facilities. This significant infrastructure investment, paired with nearby educational institutions like UC Irvine and Chapman University, further positions the area for sustainable growth.
Marketing and Brokerage Insights
The marketing of the Lake Forest Center is spearheaded by CBRE brokers Anthony DeLorenzo, Greg Sullivan, and Sammy Cemo, who emphasize the increasing interest in properties capable of dual-use. Their insights reveal that the growing demand for industrial properties with residential zoning resonates strongly with developers seeking strategic sites that can adapt to market fluctuations. The Lake Forest Center epitomizes this flexibility, serving immediate industrial requirements while also harboring long-term residential potential that aligns with evolving buyer objectives.
Conclusion: A Flexible Asset for Future Development
In conclusion, the listing of the Lake Forest Center illustrates key trends in the Orange County real estate market. As population and job growth surge in the region, properties that offer both industrial and residential development potential are becoming increasingly coveted. The Lake Forest Center serves as a prime example of how adaptive reuse can meet diverse market needs and positions itself as a significant investment opportunity for developers. With its strategic location, robust zoning capabilities, and growth potential, the Lake Forest Center is a flexible asset primed for future success in a dynamic market. Interested stakeholders should explore the CBRE listing for more details and potential investment insights.
