Cornerstone Real Estate Advisers is selling Mission Ridge, a two-building Class A office complex in Mission Viejo, for the best offer.
The twin four-story structures at 27201 and 27101 Puerta Real contain a total of 233,531 square feet of rentable space, 111,258 square feet, or around 47 percent, of which is available for lease. CBRE is marketing the property.
Cornerstone Real Estate Advisers purchased the buildings in 2013. During an extensive renovation in 2021, the buildings’ exterior, lobbies, doors, restrooms, fitness facility, locker rooms, showers, and exterior signs received updates. The renovation also added a new conference center and tenant lounge to the property. Mission Ridge is wired with Fiber Optic cable, and the two buildings are linked by conduit inter-connectivity, marketing documents indicate.
According to CBRE, roughly 310,956 vehicles pass by Mission Ridge’s 10.28-acre location along Interstate 5 daily, giving tenants signage opportunities. In addition, the four-story buildings come equipped with 929 parking spaces, including two parking lots and a parking garage next to the buildings, including electric vehicle charging stations.
The surrounding outdoor area is outfitted with outdoor seating and a putting green. The Class A office complex also has security services and on-site management.
In their marketing materials, CBRE suggested the property could make a good candidate for conversion into a medical facility, because of its proximity to Providence Mission Hospital Mission Viejo, which is just over a mile away.
Mission Ridge’s location on Interstate 5 links it to Interstate 405, State Route 133, State Route 74 and State Route 73. The property is roughly equidistant from Los Angeles International Airport and San Diego International Airport.
The twin office buildings are currently 52 percent occupied by various tenants including a coworking space, a bank, an investment company, a finance company, a real estate group and Marie Callender’s Corporate Office.
The property’s neighbors are mostly other office complexes, residential neighborhoods and apartment buildings, but shopping, dining and other amenities are well-situated nearby. The Kaleidoscope shopping mall and the Puerta Real Plaza shopping center are within walking distance, while The Shops at Mission Viejo is a short drive away. The Center at Rancho Niguel’s restaurants, stores and movie theater lie across State Route 73. Arroyo Trabuco Golf Club is within driving distance.
CBRE contacts for the property include Anthony Delorenzo, Sammy Cemo and Bryan Johnson. Leasing experts include Allison Kelly and Simon Dillon. Institutional Capital Advisors include Sean Sullivan, Todd Tydlaska, Mike Longo, Grant Goldman, Melissa Moock, Justin Hill, Reid Weaver and Pete Obradovich. Debt and structured finance questions should be directed to Greg Grant.
