DIAMOND BAR, CA-A joint venture between Tryperion Partners and the Muller Co. has acquired an 85,536-square-foot value-add office building located at 1370 Valley Vista Dr. for an undisclosed amount through Auction.com. The joint venture plans to renovate the property's common areas and upgrade the restrooms and the mechanical and HVAC systems.

“While the property generates in-place cash flow, the building is substantially under-leased versus the competitive set, which provides us the opportunity to create immediate value,” Eliot Bencuya, Tryperion partner, tells GlobeSt.com. “As the property was lender-owned at the time of sale, the previous landlord was less inclined to fund the necessary tenant improvements and common area costs required to increase occupancy. Our business plan includes providing the necessary capital to substantially increase occupancy.”

The property is located within the Gateway Corporate Center business park, which has a near 100% occupancy rate. Bencuya attributes the property's high vacancy to a “troubled ownership history.” Tryperion Partners' experience with value-add office and the Muller Co.'s experience owning and managing 20 million square feet of office space and knowledge of the Gateway Corporate Center submarket nicely positions the joint venture to revitalize the property. “Muller's real-time insights into tenant demand for Diamond Bar and the Gateway Corporate Center micro-market provided more complete information than we thought other buyers might have,” says Bencuya. The Southern California office of Cushman & Wakefield brokered the deal.