The Muller Company has been awarded three new management contracts by DCT Industrial Trust, Inc., Bank of America, and a leading global financial services company. Contracts total over 1.9 million square feet.
Creekside Executive Center in Camarillo, Calif. to be managed by The Muller Company.
Phoenix-Mesa, AZ (1888PressRelease) March 25, 2010 - The Muller Company, a full service real estate company specializing in management, investment and development of commercial real estate in the western United States, announces today that the firm has been awarded three new management contracts totaling over 1.9 million square feet. DCT Industrial Trust, Inc. selected The Muller Company to manage its Phoenix portfolio of 14 industrial buildings totaling over 1.6 million square feet; Bank of America awarded The Muller Company a contract to manage Creekside Executive Center in Camarillo, Calif., a two-story office building and 13 office/medical condos totaling 73,892 square feet; and the firm also received a management contract from a leading global financial services company for a 19-story, 255,477-square-foot office building in Phoenix.
Based in Denver, Colo., DCT Industrial Trust is a leading real estate company that owns, operates and develops high-quality bulk distribution and light industrial properties in large-volume distribution markets in the United States and Mexico. The Muller Company will manage DCT's portfolio of 14 industrial buildings located throughout Maricopa County in Arizona, and was selected for its owner's approach to management, proactive style and local presence in the Phoenix marketplace. The Muller Company's Senior Property Manager Tiffany Lauchlan, CPM, with more than 13 years of property management experience, will oversee DCT's 1.6+ million-square-foot portfolio.
Bank of America selected The Muller Company because of the firm's presence in Ventura County and substantial experience in managing bank-owned assets. Located at 4001-4087 Mission Oaks Boulevard in Camarillo, Calif., Creekside Executive Center consists of a two-story, 55,322-square-foot office building and 13 office/medical condominiums totaling 18,570 square feet. The Muller Company's Property Manager Patti Mallen will manage Creekside. In addition to leasing and maintaining the property, Mallen will assist in selling the remaining condos by 2011.
"The Muller Company, with their hands on approach, has been a tremendous asset in helping Lee & Associates position Creekside Executive Center for the market," said David Kim of Lee & Associates, one of Creekside Executive Center's exclusive sales, leasing and marketing representatives. "With the many resources and long-standing vendor relationships, The Muller Company always makes a broker's job easier. Furthermore, Creekside Executive Center is an excellent property and is well-maintained by The Muller Company and, as a result, we are receiving great responses from prospective buyers, which is very exciting!"
The Muller Company, because of their experience in the Phoenix market with 4+ million square feet under management, was awarded a contract to manage a 19-story, 255,477-square-foot office building located in Phoenix. The Muller Company is responsible for leasing and maintaining the property. Since the management contract was acquired, there has been a 10% growth in new leases and 8% growth in renewals.
"This is and will continue to be a challenging economic climate for some time and property owners must have a strategic plan in place in order to minimize the downside of property values in today's environment. Every aspect of operating an asset must be thoroughly scrutinized to assess optimal income-producing capabilities," said Jon M. Muller, Principal of The Muller Company.
"We view the assets that we manage as if we owned them ourselves and look for ways to increase the asset's value through multiple value-add strategies as well as lowering operating costs and expenses. Additionally, retaining existing tenants and filling vacancies through proactive management are key to getting through this current cycle. It is critical that building owners have a plan in place or hire an experienced third-party management company such as The Muller Company to create and implement one before a drop costs or vacancies impact the property's value beyond an acceptable level," added Muller.
The Muller Company recently added two seasoned commercial real estate veterans to expand its corporate ranks and help spearhead the firm's 2010 goals of refinancing, finding new institutional partners and growing the fee management side of the business. The Muller Company hired Lori Ann Haigh, former Vice President of National Sales at First American Title, as the new Director of Business Development; and Susan G. Rosenblatt, former Senior Vice President at Wells Fargo Bank, as the Director of Asset Management.
About The Muller Company
The Muller Company has over 30 years of experience in developing, acquiring and managing a diverse portfolio of over 20 million square feet of office, industrial and retail real estate throughout the western United States, with nearly 11 million square feet currently under management in the California and Phoenix markets. Over the years, The Muller Company has partnered with institutional owners such as GE Capital, Capmark, Rockwood Capital, BlackRock, ING Realty and Metlife. Empowered by an entrepreneurial spirit and guided by an owner's perspective, The Muller Company excels at mining the long-term value from every asset that it manages by adding value, either through leasing, capital improvements, refinancing, operational audits and repositioning.
For more information, contact the Director of Business Development, Lori Ann Haigh at 949.460.5380 or visit www.themullercompany.com.