Search
 

GlobeSt.com EXCLUSIVE: 2400 West Dunlap Sells for $11M

PHOENIX-After a one-year pursuit, the Muller Co. nabs the 110,874-sf 2400 West Dunlap for $11.2 million in an off-market transaction with Principal Real Estate Investors. Now, plans are afoot to sink another $1 million into the 60%-leased property.

By Jennifer D. Duell | Updated on June 30, 2005

PHOENIX-Just days after closing on a 14-building office campus in nearby Scottsdale, the Muller Co. has dropped $11.2 million for a three-story, 110,874-sf office building in the Metrocenter submarket.

“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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.