Bolour Associates Inc. has successfully sold Cerro, a Class A creative office building located in Mission Viejo, for $23,925,370. The property is situated on 3.82 acres and boasts an ideal location along Interstate 5.
The buyer’s identity was not disclosed.
Cerro is currently 95% leased with nearly 70% of the tenants signed through at least 2028. BOLOUR purchased the property in 2018 and has since completed a multimillion-dollar renovation to enhance its value-add potential and align it with current market trends.
According to Mark Bolour, CEO of BOLOUR: “We recognized the value-add potential of Cerro from the beginning and utilized our development and management expertise to make strategic improvements that would appeal to today’s market.” This resulted in a highly effective lease-up program that led to an impressive occupancy rate of 95%, requiring minimal future capital expenditure.
CBRE leasing brokers Simon Dillon, Justin Hill, and Reid Weaver represented Cerro while JLL investment sales advisors Blake Bokoskyand Will Poulsen served as advisors for this transaction.
After seven years under BOLOUR’S ownership,the sale marks their successful exit from this investment opportunity in Mission Viejo’s thriving office market.
