The Muller Company and Cerberus have acquired Orem, Utah-based Canyon Park Technology Center, an office property. No financial terms were disclosed.
IRVINE, Calif. and NEW YORK, June 4, 2018 /PRNewswire/ — The Muller Company (“Muller”), a full-service real estate company specializing in the investment, development, and management of commercial real estate in the western United States, and an affiliate of Cerberus Capital Management, L.P. (“Cerberus”), a global leader in alternative investing, today announced the joint acquisition of Canyon Park Technology Center, a 924,634 square-foot office campus in Orem, Utah.
The property was built between 1988 and 1992 as the headquarters of WordPerfect Corporation and consists of 14 single, two, and three-story buildings situated on 85 acres with picturesque views of the Wasatch Mountains. With spaces ranging in size from 100 square feet to 60,000 square feet, the property offers a variety of space configurations from single-office incubator space to whole-building headquarter opportunities. It is currently 54 percent leased.
The property is a 45-minute drive from Salt Lake City with convenient access via the I-15 and State Route 189. The sprawling campus is surface parked with 7,840 spaces. The Muller and Cerberus business plan contemplates investing significant capital to upgrade the common areas and grounds with new lobbies, restrooms, and tenant amenities such as a dedicated amenity center featuring a lounge/game room, café, and gym facilities.
“We are excited to have completed our second acquisition with Cerberus and look forward to transforming Canyon Park into a world class tech/office destination for both startups and larger enterprises,” said Jon M. Muller, Principal of Muller.
Tom Wagner, Co-Head of North American Real Estate and Senior Managing Director of Cerberus, said, “Together with Muller, a best-in-class real estate owner and operator, Cerberus sees a great opportunity to apply our collective real estate expertise to add value to this unique property.”
This is the second joint investment by Muller and Cerberus. Last year, the two firms completed the recapitalization of an 841,036 square-foot, three-building office portfolio in Orange County, California.
About The Muller Company
The Muller Company is an opportunistic real-estate investment, development, and management firm with a proven track record in acquiring and repositioning commercial properties. Since its inception in 1979, The Muller Company has acquired, developed and or operated over 30 million square feet of office, industrial, and retail space across Northern and Southern California, Arizona, and now Utah. For more information visit www.themullercompany.com.
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is a global leader in alternative investing with approximately $34 billion under management across complementary credit, private equity, and real estate strategies. From its headquarters in New York City and network of affiliate and advisory offices in the United States, Europe, and Asia, Cerberus has the on-the-ground presence to invest in multiple asset classes globally.
Cerberus’s real estate professionals are seasoned experts in sourcing, analyzing, structuring, and monetizing real estate investments in direct equity, distressed debt, high-yielding senior loans, and hybrid investments, among others. Cerberus’s real estate experience spans highly structured and complicated capital structures, sponsorship/management turnaround issues, divestitures, and bankruptcies.