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2/10/25
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Cerro, a 71.5k sf, Class A creative office building in Mission Viejo, traded in a $23.9 mil ($334/sf) transaction. The four-story, institutional-quality structure sits on 3.82 acres at 27401 Los Altos, east of I-5 and just north of Crown Valley Pkwy.
The building blends modern design with attractive and functional work and common spaces. It features a distinctive architectural exterior with large balconies, window lines that maximize natural light, and ample free surface parking that is unique for the market.
The property was sold by BOLOUR, who completed a multi-million-dollar renovation since acquiring the asset in 2018. The improvements include a Wi-Fi enabled lobby and outdoor patio, elevator modernization, common area corridors and restrooms, and exterior hardscape and landscaping.
BOLOUR also completed multiple speculative creative office suites at Cerro, providing move-in-ready spaces that reduced tenant downtime, increased tenant speed-to-market and removed the need for custom buildouts.
Almost half of Cerro’s leases represent credit tenant commitments by organizations including Pulte Homes and the U.S. General Services Administration. Close to 70% of Cerro’s tenants have leases through at least 2028.
Cerro is located in South Orange County, within an expanding tech and science market. The property is walking distance to numerous shopping and dining amenities, including the Shops at Mission Viejo and Kaleidoscope Retail Center.
Simon Dillon, Justin Hill and Reid Weaver of CBRE are Cerro’s exclusive leasing brokers. Blake Bokosky and Will Poulsen of JLL served as investment sales advisors.
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