"This is a value-added deal," Mark Seale, a senior vice president with CB Richard Ellis Inc.'s local office, says about 2400 W. Dunlap Ave. "Right now the property is only 60% leased and Muller thinks they can turn it around." Seale partnered with Phil Marino of locally based Intercon West Realty Advisors to broker the sale of the class A-minus building.

Seale tells GlobeSt.com that Muller acquired the asset from Des Moines-based Principal Real Estate Investors LLC in an off-market transaction. "We have been working on this a long time," he says, adding he and Marino approached Principal more than a year ago. Laguna Hills, CA-based Muller will spend roughly $1 million to make some cosmetic changes to the building. "With a little upgrading, the building will be leased up within a year," Seale predicts.

The 1980s-era building, developed by the Newport Beach, CA-based Koll Development Co., houses tenants like the locally based Southwest Service Administrators, the IRS and RBC Mortgage Co., a Houston-headquartered lender. "The upside is with the vacancy," Seale says, "and the leases are at least 15% below market." He and CBRE's Christopher Krewson are leasing the building, opening talks with a $19 per sf quote.