California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Bolour Ends Seven-Year Hold on Mission Viejo Offices
Bolour Associates Inc. completed the $23,925,370 sale of Cerro, a Class A creative office building fronting Interstate 5 in Mission Viejo. The buyer was not disclosed.
Situated on 3.82 acres at 27401 Los Altos, Cerro is 95% leased, with nearly 70% of the tenant roster signed up through at least 2028. BOLOUR acquired the property in 2018 and has since completed a multimillion-dollar renovation.
“We recognized the value-add potential of Cerro from the outset and leveraged Bolour’s development and management expertise to align the building with current market trends.” said Bolour CEO Mark Bolour. “This enhanced the property’s marketability and activated a highly effective lease-up program, accelerating deal flow for our leasing brokers and achieving 95% building occupancy, with minimal future capital expenditure needed.”
Simon Dillon, Justin Hill and Reid Weaver of CBRE are Cerro’s leasing brokers. Blake Bokosky and Will Poulsen of JLL served as investment sales advisors.
- ◦Sale/Acquisition
