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Mission Ridge, a pair of four-floor office buildings in Mission Viejo, was sold for $32 million – a 42% discount from what the office campus exchanged for more than a decade ago.
Los Angeles-based Barker Pacific Group and Las Vegas-based Kingsbarn Realty Capital were the buyers, according to CBRE, who helped broker the sale.
The seller was not disclosed. CoStar data, however, shows Barings bought the property from The Prudential Insurance Co. for nearly $55 million in August 2013.
Brokering the deal on behalf of CBRE Investment Properties were Sean Sullivan, Todd Tydlaska, Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Grant Goldman. The CBRE team represented the institutional seller.
“The offering drew substantial interest from the investment community, having received over 10 offers, and an extremely competitive best and final bidding process,” DeLorenzo said in a statement.
Mission Ridge, built in 2000 and renovated in 2021, is located at 27101 and 27201 Puerta Real in Mission Viejo. The office campus sits on 10.28 acres and features one building at 118,000 square feet and another at 116,000 square feet.
The renovations included updated lobbies and restrooms, a new tenant lounge and refreshed fitness center.
Tenants at the two buildings, according to CoStar, include Fidelity Investments, Keller Williams Realty Inc. and Partners Bank of California.
Greg Grant of CBRE’s Debt & Structured Finance team arranged the acquisition financing for Barker Pacific Group and Kingsbarn Realty Capital. The two entities have partnered before. Through a joint venture partnership, they bought Santa Ana’s Griffin Towers, located at 5 and 6 Hutton Centre Drive, in 2023 for $82 million.