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12/16/15
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Bixby Land Company has purchased Mission Heritage Center, a four-story, 71k sf office building in Mission Viejo, for $15.6 mil ($220/sf). The property was sold by New York Life Real Estate Investors.
The acquisition represents a value add opportunity to return the project to stabilized occupancy in a tight South Orange County submarket. The building was 59 percent leased at the time of sale, compared to submarket occupancy of 92.5 percent in the immediate area at the end of Q3 2015, per CBRE.
The building is located at 27401 Los Altos, adjacent to Crown Valley Pkwy and less than one mile from the I-5 Fwy. The Shops at Mission Viejo and Kaleidoscope shopping centers are nearby, as is Mission Hospital.
Mission Heritage Center offers good corporate identity, with interesting architectural features and high glass lines. Bixby plans to invest $5 mil into the project for common area improvements, construction of move-in ready spec suites on the second and fourth floors, and leasing costs.
Bixby Land represented itself in the transaction. New York Life was repped by Kevin Shannon, Paul Jones and Blake Bokosky at CBRE. CBRE’s Simon Dillon, Justin Hill and Jason Katz handle leasing for the building, which caters primarily to finance, real estate and insurance tenants, and other professional service firms.
“The building can accommodate tenant needs up to 11k sf. The shortage of spaces of this size in the market has already spurred strong tenant interest in the building,” said Aaron Hill, senior vice president of operations at Bixby Land Company.
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