21,000 SF in Recent Leasing Activity Brings Asset to 93% Leased
By Justin Sumner
Pulte Homes has leased 13,798 square feet in the CERRO office building at 27401 Los Altos in Mission Viejo, CA.
The 78-month lease will see the builder taking professional office space on the fourth floor when it relocates within the immediate area in January 2018.
CERRO is a four-story, 72,233-square-foot office building originally constructed in 1984 and renovated in 2016. Bixby Land Company and IA Interior Architects redesigned the building with a high-volume entryway and new lobby, common area upgrades, an outdoor living room and gathering area, new elevator systems and major landscaping upgrades.
Three additional leasing transactions completed recently bring the asset to 93 percent leased. Amur Equity Finances leased 3,322 square feet represented by Jordan DeMeis of Southwest Commercial REal Estate. Bay Equity leased 2,475 square feet represented by Matt Fryer of Lee & Associates. Eureka Capital Partners leased 1,823 square feet, represented by Tom Gibson of Gibson Company. A 4,049-square-foot spec suite on the fourth floor will deliver to the market this fall.
Simon Dillon, Reid Weaver and Justin Hill with CBRE exclusively represent the landlord in leasing efforts at CERRO.
"We recognized when we acquired this property that there was an undersupply of office space for professional service tenants seeking a high identity location in the immediate market," said Aaron Hill, executive vice president and chief operating officer at Bixby Land Company. "Having finished a significant redesign of the project, we anticipated CERRO would be well received by tenants in the area."
Bixby acquired the asset from New York Life Real Estate Investors in December 2015 for $15.6 million, or approximately $216 per square foot, according to CoStar data.