California

MISSION VIEJO, CALIF. — Barker Pacific Group and Kingsbarn Realty Capital have acquired Mission Ridge, two four-story office buildings in Mission Viejo, from Barings for $32 million. Situated on 10.2 acres at 27101 and 27201 Puerta Real, Mission Ridge offers 233,531 square feet of multi-tenant office space. The property was originally built in the early 2000s and renovated in 2021. Renovations include new lobbies, refreshed restrooms, a new conference center and tenant lounge, and a refreshed fitness facility with showers and locker rooms. Sean Sullivan, Todd Tydlaska, Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Grant Goldman of CBRE Investment Properties represented the seller in the deal. CBRE’s Sullivan, Tydlaska, DeLorenzo, Mike Longo, Grant Goldman, Bryan Johnson and Melissa Moock handled the transaction for the buyer. Greg Grant and Pete Obradovich of CBRE secured acquisition financing for the buyer. BPG will manage the property, while the existing CBRE lease team was retained to handle leasing for the asset.

PLACENTIA, CALIF. — Marcus & Millichap has negotiated the sale of Cobblestone Professional Office Building, an office property located at 201-261 Lakeview Ave. in Placentia. The asset traded for $5.7 million. Alex Tobin and Parker Bittner of Marcus & Millichap represented the private seller, while Dale Schrieber of Keller Williams procured the buyer, a private investor, in the deal. Cobblestone Professional Office Building offers 23,500 square feet of office space. At the time of sale, the property was occupied by tenants with leases that were all month-to-month, allowing the buyer to renovate the space for the tenant needs.