The Muller Company and Cerberus Capital Management have partnered to buy a second office asset in western US.
Opportunistic real-estate investor Muller said it has joined forces with an affiliate of Cerberus to buy Canyon Park Technology Center in Orem, Utah.
The name of the vendor and financial details were undisclosed.
The 924,634sqft office campus was built between 1988 and 1992 and consists of 14 single, two, and three-story buildings situated on 85 acres.
Muller said the plan is to invest significant capital to upgrade the common areas and grounds.
Jon Muller, principal of Muller, said: “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.”
Last year, the duo completed the recapitalisation of an 841,036sqft, three-building office portfolio in Orange County, California.
Tom Wagner, the 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.”