An overview of Spectrum Centre Business Park acquired by Buchanan Street Partners.
Buchanan Street Partners has acquired the Spectrum Centre Business Park in Lake Forest for $63 million. The complex features 16 buildings with 227,800 square feet of industrial and office space. The site is strategically located near major highways and is currently 80% occupied. Plans for transformation include increasing industrial tenants and property enhancements. This acquisition aligns with Buchanan Street’s strategy of investing in infill properties in Orange County, which remains in demand despite recent market fluctuations.
Lake Forest is buzzing with news as Buchanan Street Partners has officially acquired the highly coveted Spectrum Centre Business Park. This stunning 16-building complex, which boasts a massive 227,800 square feet of industrial and office space, has been purchased for an eye-popping sum of $63 million. Truly, it’s a deal worth discussing!
Located at 20902-21098 Bake Parkway, this sprawling business park has seen its fair share of activity since it was built back in 1999. The property sits on nearly 17 acres of prime land, translating the sale price into roughly $277 per square foot or about $3.7 million per acre. Not a small price tag by any means! The former owner? An undisclosed fund manager based out of Los Angeles. They had quite the investment on their hands!
At the time of the sale, the business park was reported to be 80% occupied. While specific tenant details remain under wraps, the park features a mix of industrial, office, and retail units buzzing with potential. The sale fits perfectly with Buchanan Street’s ongoing strategy to snatch up infill properties throughout Orange County. With demand for such properties in OC still high despite recent fluctuations, this acquisition is nothing short of strategic brilliance.
Buchanan Street has big plans for Spectrum Centre! They are planning to transform the landscape by shifting focus from office spaces to increasing the number of industrial tenants. With surrounding residential areas expanding, they predict that the park will cater to a much larger consumer base in the coming years.
While it’s true that the warehouse demand in Orange County has encountered some bumps along the road—witnessing an uptick in industrial vacancy rates to 4.8% from 4.4%—there’s light at the end of the tunnel. Experts have noted that, even with higher vacancy, OC’s real estate market remains in a solid position overall. In fact, the average sales price for industrial buildings in the county was recorded at $321 per square foot in the first quarter of 2025. So, what does that mean? The potential for growth remains abundant.
The Spectrum Centre Business Park also boasts some valuable logistical advantages. Positioned near not one, but three major highways—namely, the 5 and 405 freeways and the 241 toll road—accessibility is a major perk for businesses looking to thrive in this region.
Improvements are already in the works, with Buchanan Street outlining plans to spruce up the property. You can look forward to upgraded wayfinding signs, a new exterior for the buildings, and enhancements to the overall curb appeal. After all, first impressions matter!
This isn’t Buchanan Street’s first foray into Orange County. They previously snagged a 120,354-square-foot office building in Laguna Hills and a 301,328-square-foot industrial property in Buena Park. Clearly, they are building an impressive portfolio!
As the dust settles from this acquisition, Lake Forest is all set to witness some exciting developments in the coming months. The Spectrum Centre is poised to continue its journey as a vibrant hub for industrial and office space, benefiting from the foresight and strategy of its new owners. Definitely, one to watch!
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