MISSION VIEJO, CALIF. — Bolour Associates has completed the disposition of Cerro, a Class A creative office property fronting Interstate 5 in Mission Viejo, for $23.9 million. The name of the buyer was not released. Situated on 3.8 acres at 27401 Los Altos, the four-story building offers 71,464 rentable square feet and ample free surface parking. Nearly half of the building’s leases represent credit tenant commitments by organizations, including Pulte Homes and the U.S. General Services Administration, with almost 70 percent of tenants leased through at least 2028. Since acquiring the building in 2018, Bolour completed a renovation, including a Wi-Fi enabled lobby and outdoor patio, elevator modernization, common area corridors and restrooms, and exterior hardscape and landscaping. Additionally, Bolour completed multiple speculative creative office suites, providing move-in-ready spaces. Simon Dillon, Justin Hill and Reid Weaver of CBRE are handling leasing for the property. Blake Bokosky and Will Poulsen of JLL served as investment sale advisors for the transaction.
