LAGUNA HILLS, CA-The Muller Co. has refinanced an office building in San Diego for $13.5 million and has signed 11 office leases and renewals valued at $16.9 million for 84,864 square feet.
The refinancing was for the Pinnacle Executive Centre, a 110,110-square-foot class A office building at 10920 Via Frontera in San Diego that the Muller Co. acquired with a financial partner in May 2007. The property is a five-storysuburban office building built of steel and concrete with a stone and glass exterior. Tom Mattinson of Quadrant Real Estate Advisors of Alpharetta, GA handled the refinance.
The new leases and renewals are also at the Pinnacle Executive Centre and bring its occupancy level to 76%. The two most significant leases were signed were with On Ramp Wireless and the State of California. On Ramp, an existing 12,100-square-foot tenant, signed a lease for an additional 7,000 square feet and added six months to its lease term for a total lease value of $2.2 million. The State of California's Department of General Services signed a nine-year lease for 23,382 square feet valued at nearly $8.4 million.
According to Pinnacle Executive Centre's property manager Kim Sabre, The Muller Co. its leasing team from Colliers International "created a very catchy and effective leasing campaign." The campaign, called "As Simple as 1-2-3," offers a creative rent schedule of $1 per square foot in year one, $2 per square foot in year two and $3 per square foot in year three. The rent schedule also includes a broker bonus of $1.23 per square foot. In addition to the Muller Co. as owner, the leasing team includes Gary Williams from Colliers International and Jay Alexander from Jones Lang LaSalle (formerly with Colliers International).
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