Bixby Starts Redesign of CERRO Office Property in Orange County
- Jul 20, 2016
By Alex Girda
Mission Viejo, Calif.—Work is now underway at the CERRO office property in Orange County’s Mission Viejo submarket. Owner Bixby Land Co. is redesigning the asset and upgrading it, with completion set for the end of this summer. The renovation process has already resulted in ramped up leasing activity for the asset, as Realty One Group and Everest Escrow have already been added to the facility’s tenant roster.
Located at 27401 Los Altos in Mission Viejo, the 71,421-square-foot office building was acquired by Bixby at the end of last year for $15.6 million. Since becoming the property owner, Bixby has managed to improve occupancy from 59 percent to 72 percent, with the two new tenants jointly taking up 8,857 square feet of space. CBRE representatives Simon Dillon, Justin Hill and Jason Katz handled the deals on behalf of the landlord, while Madison Street Partners’ Paul Root worked with the new tenants.
New common area upgrades, a high-volume entryway and new lobby are part of the operation, while a new outdoor patio and landscaping are meant to improve the exterior look. Headed by IA Interior Architects, the redesign process is seen 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,” Bixby Senior Vice President Mike Severson said in a prepared statement.
Rendering courtesy of Bixby Land Co.