CBRE Arranges $32 Million Sale of Mission Ridge in Mission Viejo

CBRE negotiated the $32 million sale of Mission Ridge, a twin multi-tenant, four-story office building located at 27101 and 27201 Puerta Real in Mission Viejo, Calif., to Barker Pacific Group and Kingsbarn Realty Capital.

CBRE Investment Properties Sean Sullivan, Todd Tydlaska, Anthony DeLorenzo, Sammy Cemo, Bryan Johnson, and Grant Goldman represented the institutional seller in the transaction.

"We were privileged to handle this sale and pleased that we could identify a buyer that appreciates the location, quality, and potential of Mission Ridge," said Sullivan, executive vice president at CBRE.

Located on 10.28 acres, the 233,531 sq.-ft.-office building was originally built in the early 2000s but was recently renovated in 2021. The renovations feature new lobbies, refreshed restrooms, a new conference center and tenant lounge, and a refreshed fitness facility with showers and locker rooms.

"The offering drew substantial interest from the investment community, having received over 10 offers, and an extremely competitive best and final bidding process," added DeLorenzo, vice chairman at CBRE.

Greg Grant, with CBRE's Debt & Structured Finance team, sourced acquisition financing for the buyer.

“We’ve seen a significant increase in lender participation in the office financing market, particularly for experienced sponsors with a fresh investment basis," said Grant. “Ultimately, Barker Pacific Group’s proven track record gave our lender conviction."

The property offers immediate access to Interstate 5. It is located near numerous amenities, including The Kaleidoscope, the Shops at Mission Viejo, the Center at Rancho Niguel, Puerta Real Plaza, College Center, Providence Mission Hospital and Saddleback College.