Mission Viejo Creative Office Building “Cerro” Sold by Bolour Associates for $23.9M

A 71,000-square-foot creative office building in Mission Viejo dubbed Cerro was sold by Bolour Associates Inc. for $23.9 million, or $334 per square foot. The four-story building was 94% leased at the time of sale to healthcare and government tenants, including Pulte Homes, United States GSA, Crown Valley Imaging and Sovereign Surgical Holdings. It was acquired by a private buyer.

Bolour acquired the building in 2018 and completed a multimillion-dollar renovation that included a Wi-Fi-enabled lobby and outdoor patio, elevator modernization, upgraded common areas and restrooms and exterior landscaping. It also built several speculative creative office suites that removed the need for custom tenant buildouts. Nearly 70% of tenants have leases through at least 2028.

“Cerro has a tremendous location in South Orange County, a micro-market that has exhibited strong growth and where occupancy has outperformed,” said Will Poulsen, senior director at JLL Capital Markets, which represented the seller.