JV Buys Value-Add Office Building

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.”