Business & Tech

Mission Viejo Office Complex Sold for Over $50 Million

With this sale, Mission Viejo's commercial real estate market appears to be rebounding.

They say it signals a rebounding economy.

The Mission Ridge office complex at 27101 Puerto Real has recently sold for an estimated mid-$50 million, according to the L.A. Times.

The four-story, 231,000-square-foot set of two buildings houses tenants like financial giants Wells Fargo and Charles Schwab, as well as computer security software manufacturer McAfee.

Cornerstone Real Estate Advisers based in Hartford, Conn. bought the complex from Prudential Real Estate, according to the Times. Cornerstone is a subsidiary of Massachusetts Mutual Life Insurance Co.

The commercial real estate market has been soft in Orange County since 2007 when the economic downturn made costly office space less attractive.


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