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KEARNY MESA, CA-The Muller Co. remains optimistic about the San Diego area office market. The Laguna Hills-based firm formed a partnership with Rockwood Capital Corp. to acquire 4995 Murphy Canyon Rd.The partnership, Mullrock 3 Murphy Canyon LLC, paid $12.3 million for the property, a 57,751-sf class A office facility. The seller was Encinitas Carlsbad Professional Association. Mark McEwen of Colliers International represented the buyer. Jim Ashcraft of Ashcraft Investment Company represented the seller.The office building is 100% leased. Major tenants include Hewlett-Packard Co., Agilent Technologies, Republic Insurance and the State of California.McEwen tells Globest.com that Hewlett-Packard and Republic Insurance recently signed renewal leases. He adds that there are other tenants whose leases will be coming due within the next two years and Muller believes market conditions will keep rental rates rising.Developed in 1989, the property has already been sold three times, according to McEwen, who’s been a part of brokering all three of the deals. He says the former owners were a group of doctors who were looking for a more passive ownership play.McEwen adds that Muller isn’t through seeking investment deals in the area. “They have other deals in the works,” says McEwen. “They’re expected to close a $50-million deal within the next 30 to 60 days.”

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