Prudential Real Estate Investors, the real estate investment management business of Prudential Financial, Inc., sold the Mission Ridge office complex in Mission Viejo, California to Cornerstone Real Estate Advisers, a subsidiary of Massachusetts Mutual Life Insurance Co. Cornerstone Real Estate Advisers, on behalf of an institutional investor, purchased the asset free and clear of existing debt. While terms of the deal were not disclosed, experts familiar with the Orange County market valued the Mission Ridge deal in the mid-$50-million range, according to a Los Angeles Times article. HFF marketed the property on behalf of Prudential Real Estate Investors.
"In the last real estate cycle we had the perfect storm of the subprime meltdown, a lot of new construction coming online and then the national recession," said real estate broker Ryan Gallagher of HFF. "This time we have a very balanced recovery from a tenant perspective."
Originally developed in 2000, the two-building Mission Ridge Class A office campus totals 231,065 square feet of rentable space. The property was 90% leased at the time of sale with major tenants including Ensign Facility Services, McAfee, Pulte Homes, Wells Fargo, Charles Schwab and Premier Office Centers.
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