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LAGUNA NIGUEL, CA-GE Real Estate of Norwalk, CT and the locally based Muller Co. have acquired 19 assets comprising 30 buildings in a deal that involved GE’s making a $120-million investment in the acquisition. The properties acquired by the GE-Muller joint venture include office, industrial and retail assets in major submarkets throughout Southern California and Arizona.

The new acquisition by GE and Muller is called the SDM Portfolio and consists of class A and B buildings. According to Christian Garner, managing director at GE Real Estate, the acquisition of the SDM Portfolio provides the joint venture business with added economies of scale in three separate property types throughout Southern California and Arizona.

In addition, Garner notes that the seller accumulated the portfolio over a lifetime, ultimately putting together a list of properties that includes “terrific suburban assets.” The GE managing director says that the firm expects to “create increased momentum in our acquisition pipeline in these markets” by combining its financial strength with the Muller Co.’s management capabilities.

Among the properties in the new GE-Muller portfolio is the Market Street Corporate Center, a 127,267-sf office project in Riverside, in the Inland Empire. Other assets in Southern California include the 157,328-sf Palms Center in Oxnard, the 180,753-sf Redlands Corporate Center I in Redlands, the 263,874-sf Chino Gateway Center in Chino and the 244,585-sf Airport Commerce Center in Ontario.

This deal is the latest transaction between GE Real Estate and the Muller Co. in a relationship that has been active for 20 years, according to the two firms. The deal also marks the second major acquisition by the Muller Co. in joint venture with a financial partner in recent months.

In the other, a joint venture of Muller Co. and Rockwood Capital LLC acquired three class A Orange County office assets totaling more than 839,000 sf from Los Angeles-based Maguire Properties for $310 million. The three properties that Muller acquired in that deal were the 10-story, 217,382-sf Tower 17 in Irvine; the 16-story, 384,183-sf 1100 Executive Tower in Orange and the 17-story, 237,659-sf Lincoln Town Center in Santa Ana.

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