Marcus & Millichap brokered the sale of Dolphin Business Center, a two-building, 62,011-square-foot office property in Lake Forest, Calif.

The value of the transaction was $10.7 million.

The property, located at 23591 El Toro Road, was built in 1977.

David Arnold Trust sold the property to an unidentified buyer who plans to update the buildings, including improved common-area appointments, lease-up of vacant suites through aggressive marketing to local business professionals, upgrades to the HVAC systems and the addition of elevator service to both buildings.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage operating nationwide.

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