Newport Beach, Calif. – Bixby Land Company has begun work on CERRO, a redesigned mid-rise office building near the San Diego I-5 Freeway at Crown Valley Parkway in Mission Viejo, California. 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.
“The building was designed to capture the attention of professional office users wanting a high image location for their company and amenities that meet the needs of their employees,” said Aaron Hill, senior vice president of Bixby Land Company. “CERRO accomplishes this, and sets a new standard for office buildings in the sub-market.”
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 in 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.
The new activity brings the building to 72% leased just as Bixby is beginning to upgrade the project. Formerly known as Mission Heritage, Bixby purchased the building in December 2015 for $15.6 million. Occupancy was 59% at the time of sale.
IA Interior Architects has redesigned the four-story building with a high-volume entryway and new lobby, plus new common area upgrades throughout the building. An outdoor patio will welcome guests upon entry, and the building will undergo extensive landscaping upgrades.
“We viewed this investment as an opportunity to take a well-located building in a high-occupancy submarket and add value with a fresh new design and ample capital for leasing,” added Mike Severson, senior vice president at Bixby.
CERRO is well positioned to meet the demand for office tenants seeking 3,000-square-foot suites and larger, with flexible floor plans and space availabilities on three of the four floors in the building. Located at 27401 Los Altos, the project features Crown Valley Parkway frontage and is less than one mile from the freeway. The Shops at Mission Viejo and Kaleidoscope shopping centers are in the immediate area, providing multiple restaurant options for tenants.