July 13, 2016
Newport Beach, CA-based Bixby Land Company initiated redevelopment on CERRO, a redesigned mid-rise office building in Mission Viejo, CA. Upgrades at the 71,421-square-foot property are expected to be completed later this summer.
As the repositioning kicks off, the company signed leases with Realty One Group and Everest Escrow for a combined 8,857 square feet, bringing the South County building to 72% leased. Bixby acquired the asset in December 2015 for $15.6 million, when occupancy was 59%.
IA Interior Architects redesigned the four-story building to include a high-volume entryway and new lobby, plus new common area upgrades. An outdoor patio will welcome guests, and the building will undergo extensive landscaping upgrades.
Madison Street Partners’ Paul Root represented the tenants, while CBRE’s Simon Dillon, Justin Hill and Jason Katz represented Bixby.
For comments, questions or concerns, please contact Dennis Kaiser