Barker Pacific Group and Kingsbarn Realty Capital Acquire Mission Viejo Office Complex for $32M
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Barker Pacific Group and Kingsbarn Realty acquired Mission Ridge, a Class A office complex in Mission Viejo, for $32 million, or $137 per square foot. The property was 55% occupied at the time of sale.
Barings sold the building at a loss after acquiring it in 2013 for $54.8 million. Barings was represented by CBRE’s team of Sean Sullivan, Todd Tydlaska, Anthony DeLorenzo, Mike Longo, Grant Goldman, Sammy Cemo, Bryan Johnson and Melissa Moock. CBRE’s Greg Grant and Pete Obradovich secured a $28.9 million loan from ReadyCap Commercial in conjunction with the acquisition.
“We are acquiring the highest quality office asset in the submarket for an extremely compelling basis, which will allow us to compete favorably in the marketplace,” said Mark Handin, managing principal at Barker Pacific Group, in a statement. “Mission Ridge makes an excellent addition to our office portfolio, which now includes more than one million square feet in Orange County.”
Mission Ridge is the third joint venture between Barker Pacific Group and Kingsbarn in Orange County. They purchased Fullerton Towers in 2021 and Griffin Towers in 2023.
Information for this article was sourced from Kingsbarn Realty Capital.
