Private real estate investment, development, and finance firm Bolour Associates Inc. (Bolour) has refinanced its recently renovated office building at 27410 Los Altos in Mission Viejo, California, for an unspecified amount, according to a release from a representative of the firm. The release says Bolour had purchased the four-story building, which has more than 72,000 square feet of rentable space on a 3.9-acre parcel with ample parking, in April from Bixby Land Company for $21.5 million.
The rep was unable to provide the amount of the refinancing to SoCal Real Estate.
According to the statement, the Beverly Hills, California–based Bolour entered into the refinance after completing renovations to the building’s last remaining legacy suites. Previously, the release says, Bixby Land Company had started improvements to exterior landscaping, interior common areas, and suites.
The source reports that the refinance was arranged by Scott Duntley of Balboa Financial through Umpqua Bank and that Karine Clark, VP and senior relationship manager at Umpqua Bank, was instrumental in processing the fixed, 10-year loan.
Adam Eisenberg, VP of acquisitions at Bolour, is quoted in the release as saying, “Although suburban markets don’t typically adopt the urban creative-office trend, it is starting to come to life in Orange County. It’s part of Bolour’s strategy to renovate creative suburban-office product, and this property is in a prime location.”
The property is near Mission Viejo Hospital, SR-73, and the I-5, and Bolour calls this an “ideal location to draw creative-office tenants.” The firm is planning additional improvements in order to elevate the asset’s current class-B+ asset to class A and to continue to bolster asking rents, according to the statement.
Sam Marder, senior asset manager at Bolour, is quoted as saying, “On the office suites that we have converted to creative space, asking rents are in the $3-plus range. Before the conversion, the building’s rents were in the $2.20 range. The dramatic increase in rents represents the potential of the market to attract new class-A creative tenants.”
The release says CBRE brokers Simon Dillon and Justin Hill are in charge of leasing the property, which is currently 100 percent occupied.