The Muller Company Completes $13.5 Million Refinance and Signs 84,864 SF of Leases and Renewals

The Muller Company Completes $13.5 Million Refinance of San Diego Office Building and Signs 84,864 SF of Leases and Renewals Valued at $16.9 Million

LAGUNA HILLS, CALIF. – The Muller Company, a full service real estate company specializing in management, investment and development of commercial real estate in the western United States, announced today that the firm has just completed a $13.5 million refinance of Pinnacle Executive Centre, a 110,110-square-foot Class A office building located in San Diego County, and signed 11 leases and renewals totaling 84,864 square feet and valued at approximately $16.9 million. Tom Mattinson of Quadrant Real Estate Advisors of Alpharetta, Georgia handled the refinance.

Located at 10920 Via Frontera in San Diego, Calif., Pinnacle Executive Centre was purchased by The Muller Company, with their financial partner, in May 2007, and is a five-story, Class A suburban office building built of steel and concrete with a stone and glass exterior.

The Muller Company’s new leases and lease renewals bring Pinnacle Executive Centre's current occupancy level percent to 76 percent. The two most significant leases that were recently signed were with On Ramp Wireless and The State of California. On Ramp Wireless, an existing 12,100-square-foot tenant, signed a lease for an additional 7,000 square feet and added six months to their current lease term for a total lease value of $2.2 million. The State of California, Department of General Services signed a nine-year lease for 23,382 square feet valued at nearly $8.4 million.

Pinnacle Executive Centre’s Property Manager Kim Sabre said, “The Muller Company and our leasing team from Colliers International created a very catchy and effective leasing campaign called “AS SIMPLE AS 1-2-3,” which offers a creative rent schedule of $1.00/SF in year 1, $2/SF in year 2 and $3/SF in year 3. This rent schedule also includes a broker bonus of $1.23/SF. We certainly attribute our success in bringing the building to 76 percent leased in such a short period of time to a dedicated team that includes The Muller Company as an owner and our creative leasing team, which includes Gary Williams from Colliers International and Jay Alexander from Jones Lang LaSalle (formerly with Colliers International).

"We all know the challenges of today’s economy, so our focus has been to not focus on the challenges, but instead find creative ways to get around them and get the attention of prospective tenants. The Muller Company understands the challenges that all business owners are faced with today and we continue to put every effort into finding ways to make deals that meet each party’s objectives,” Sabre added.

About The Muller Company
The Muller Company has over 30 years of experience in developing, acquiring and managing a diverse portfolio of over 20 million square feet of office, industrial and retail real estate throughout the western United States, with nearly 11 million square feet currently under management in the California and Phoenix markets. Over the years, The Muller Company has partnered with institutional owners such as GE Capital Real Estate, Capmark, Rockwood Capital, BlackRock, ING Realty and Metlife. Empowered by an entrepreneurial spirit and guided by an owner’s perspective, The Muller Company excels at mining the long-term value from every asset that it manages by adding value, either through leasing, capital improvements, refinancing, operational audits and repositioning. For more information, contact the Director of Business Development, Lori Ann Haigh at 949.460.5380 or visit www.themullercompany.com.

Coreland Companies Negotiates Leases with Planet Fitness and Phoenix Group Information Systems
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Retail and Office Leases Valued at More than $3 Million

TUSTIN, CALIF. – Coreland Companies of Tustin, Calif., one of the largest private real estate service companies based in California, announced that its leasing / sales division has negotiated two leases in Southern California for a total value of more than $3 million.

In the City of Anaheim, Coreland negotiated a 20,362-square-foot, 10-year retail lease with Planet Fitness, a franchise-driven health club, at Euclid Shopping Center, located at the southeast corner of Euclid Street and Katella Avenue at 1620 W. Katella Avenue. The lease transaction, which is valued at approximately $2.0 million, brings the 206,100-square-foot community center to 100 percent occupied. Planet Fitness, which is expected to open in June 2010, will join anchors Food 4 Less, Big Lots and CVS/pharmacy. As the exclusive leasing agent for Euclid Shopping Center, Matt Hammond of Coreland Companies represented the landlord, Euclid Shopping Center, LLC, a private family trust located in San Diego. Garrett Colburn and Steve McClurkin of Grubb & Ellis in Newport Beach represented the tenant.

"There are still some very active retailers and categories doing deals in Southern California, and fitness is one of them," notes Hammond. "And this is one of a handful of fitness deals we are currently working on."

In addition, Coreland negotiated a 7,193-square-foot, 72-month lease with Phoenix Group Information Systems, a California Corporation, at the Main Street Town Center, a 215,000-square-foot Class A office building located at 2677 Main Street in Santa Ana. The lease is valued at over $1.0 million. The Phoenix Group, which will join Aetna and Morgan Stanley as tenants, will take possession of the office space in April 2010. As the exclusive leasing agent for the Main Street Town Center, David Girty and Steven Hogberg of Coreland Companies represented the landlord, The Muller Company of Laguna Hills, Calif., a full service real estate management company specializing in the management, investment and development of commercial real estate in the western United States. Marshal Vogt and George Thompson of Lee & Associates of Orange represented the Phoenix Group.

"The Phoenix Group is a 20+ year-old company with over 200 municipal, institutional, law enforcement, and private clients served throughout the United States," said Hogberg. "After an exhaustive 12-month search, the Phoenix Group selected Main Street Town Center in order to relocate to a Class A high-rise office building with first-class building ownership and management."

Adds Hogberg, "This lease brings us to over 87 percent occupied with less than 25,000 square feet of space remaining to lease at Main Street Town Center. Clearly, now more than ever, well-positioned assets with a strong amenity base make a difference, especially in a market currently challenged with a 20+ percent vacancy."

Coreland Companies is a full-service commercial real estate company with expertise in retail, office and industrial properties. Coreland Companies is based in Tustin, California with offices in Utah and throughout Southern California. For more information, please call the company’s headquarters at (714) 573-7780 or visit www.coreland.com.