An Office Buy That Presented Opportunity

Hill: “It was the mixture of tenants, plus the tremendous amount of residential and housing that has been delivered in South County, as well as the traffic—a lot of tenants want to avoid trying to get farther north.”

MISSION VIEJO, CA—At 45% vacancy in an 8%-vacant market upon purchase, CERRO presents a unique opportunity for Bixby Land Co. to provide what could be one of the top office buildings in the Mission Viejo market, SVP operations Aaron Hill tells GlobeSt.com. The development firm has begun work on the redesigned mid-rise office building here, and while completion of the upgrades is expected later this summer, the project is already signing new leases with tenants in search of contemporary professional office space in the South County submarket.

Bixby has signed new five-year leases with Realty One Group and Everest Escrow for a combined 8,857 square feet in the 71,421-square-foot building. Further details on the terms of the leases were not disclosed. Paul Root of Madison Street Partners represented the tenants, while the building is represented by Simon Dillon, Justin Hill and Jason Katz of CBRE. Bixby has also renewed and relocated one tenant in the building, and met the expansion requirements of another. A 3,322-square-foot ready spec suite is under construction now and will be ready for occupancy this summer, part of an ongoing program to provide move-in-ready office suites as leasing activity continues.