JLL Capital Markets led the sales efforts for Cerro, a multi-tenant office property in Mission Viejo, California
News release
10 February 2025
$24M sale of stabilized Orange County office building complete
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ORANGE COUNTY, Calif., Feb. 10, 2025 – JLL Capital Markets announced today that it has completed the $24 million sale of Cerro, a 71,464-square-foot, institutional-quality office building in Mission Viejo, California.
JLL represented the seller, Bolour Associates, and procured a high-net-worth private buyer.
Cerro is located on a 3.82-acre site at 27401 Los Altos just east of Interstate 5 and close to State Route 73. The property is positioned within South Orange County, which is rapidly expanding as a tech and life sciences hub and is home to a strong a growing housing market. Cerro is surrounded by a variety of amenities, including The Shops at Mission Viejo, which offers more than 150 stores and restaurants, and Kaleidoscope Retail Center.
Renovated in 2018, Cerro is currently 94% leased to a diverse roster of healthcare and GSA tenants, including Pulte Homes, United States GSA, Crown Valley Imaging and Sovereign Surgical Holdings. The four-story building offers modern finishes, a new lobby and parking for more than 265 vehicles.
JLL’s Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Michael Leggett, Senior Director Will Poulsen and Associates John Rankin and Tim Donald.
“Cerro has a tremendous location in South Orange County, a micro-market that has exhibited strong growth and where occupancy has outperformed,” said Poulsen. “In today’s office market, market performance and often times micro-market fundamentals are major drivers of investment decisions.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide nwith offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Bolour Associates
Bolour Associates offers competitive, reliable lending in 18 markets across the U.S. and for a broad range of product sectors. Visit bolourassociates.com/lending for more information.