Renovated, interstate-fronting Class A project earns almost $24 million in market trade
Mission Viejo, Calif. – (February 10, 2025) — Privately-owned real estate investment, development and finance company Bolour Associates Inc. (BOLOUR) has completed the $23,925,370 sale of Cerro, a Class A, institutional quality creative office building fronting Interstate 5 in Mission Viejo, California.
Situated on 3.82 acres at 27401 Los Altos, Cerro is a four-story, 71,464 rentable-square-foot office building that 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.
Since acquiring the building in 2018, BOLOUR has completed a multi-million-dollar renovation including 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.
“We recognized the value-add potential of Cerro from the outset, and leveraged BOLOUR’S development and management expertise to align the building with current market trends. This enhanced the property’s marketability and activated a highly effective lease-up program, accelerating deal flow for our leasing brokers and achieving 95% building occupancy, with minimal future capital expenditure needed,” said BOLOUR CEO Mark Bolour. “We continue to seek assets offering yield – part of our ongoing focus on investment and redevelopment in growth markets.”
Almost half of Cerro’s leases represent credit tenant commitments by organizations including Pulte Homes and the U.S. General Services Administration. Almost 70% of Cerro tenants have leases through at least 2028.
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.
Cerro is located in South Orange County, within an expanding tech and science market. It is less than two minutes from Interstate 5 at Crown Valley Parkway, and is walking distance to numerous shopping and dining amenities, including the Shops at Mission Viejo and Kaleidoscope Retail Center.
About BOLOUR
BOLOUR is an integrated real estate finance, investment and development firm that invests in value-add assets in emerging and transit-oriented neighborhoods. Property types include urban infill land, retail, industrial, multifamily and mixed-use. As a lender, BOLOUR provides borrowers with individually designed debt solutions that often feature creative loan structures and quick closings. The company lends in 47 states and the District of Columbia. More information is available at BolourAssociates.com.
