SAN DIEGO, CA, August 16, 2011
/24-7PressRelease/ --
MIG Real Estate (Merage Investment Group Real Estate) a Newport Beach, Calif.-based real estate investment company formerly known as
Stoneridge Capital Partners, has acquired a 367,002-square-foot San Diego office portfolio consisting of four multi-tenant office properties for approximately $56 million. The portfolio includes five Class B office buildings on 17.38 total acres of land.
The San Diego portfolio purchase increases MIG Real Estate's portfolio to approximately 2.5 million square feet. This transaction provides a significant value-add opportunity as positive office market momentum continues in San Diego with the class B sector poised for growth. "San Diego is the third largest metro economy in California with job growth in a diverse mix of emerging industries," noted
Greg Merage, Chief Executive Officer of MIG Real Estate. "We anticipate strong tenant demand and leasing activity at these properties over the next several quarters."
The San Diego portfolio includes:
Alta Sorrento, an 88,300 square-foot office building located at 9444 Waples St., just south of Mira Mesa Boulevard in the Sorrento Mesa submarket of San Diego. Built in 1986, the property sits on 3.65 acres of land and is 1.5 miles east of I-805.
Cornerstone Court, a 43,200 square-foot office building located at 6020 Cornerstone Court West, located west of Pacific Heights Boulevard in the Sorrento Mesa submarket of San Diego. Built in 1987, the property sits on 1.58 acres approximately 1.3 miles east of I-805.
Kearny Mesa Crossroads, a 126,900 square-foot property consisting of two office buildings at 3750 and 3760 Convoy St., located south of Ostrow Street in the Kearny Mesa submarket of San Diego. With close proximity to I-5, the 6.42-acre property has tremendous regional access.
Rio Vista, a 108,500 square-foot building located at 8885 Rio San Diego Drive, in the Mission Valley submarket of San Diego. Built in 1984, the 5.73-acre property is situated northwest of the intersection of the I-805 and I-8.
"We will continue to assess opportunities in San Diego, which has shown an ability to rebound quickly following previous recessions," said Merage.
Louay Alsadek and Evan August of CB Richard Ellis represented the seller in this transaction. MIG Real Estate represented itself.
About MIG Real Estate
MIG Real Estate owns and operates a diverse portfolio of assets in California, Phoenix, Las Vegas, Hawaii, Denver and Edmonton. The firm is currently engaged in an aggressive expansion strategy, seeking value added and opportunistic investment opportunities in select service hotels, grocery anchored shopping centers, office, industrial and multifamily properties. MIG Real Estate has acquired more than 2.5 million square feet totaling approximately $400 million of assets since April 2009. MIG Real Estate is the real estate arm of MIG Capital (Merage Investment Group), an alternative investment firm that also encompasses MIG Absolute Return and MIG Private Equity. Additional information is available at
http://www.migcap.com/RealEstate/.
About MIG Capital (Merage Investment Group)
MIG Capital (Merage Investment Group) is an alternative investment firm dedicated to the creation and preservation of capital. Founded by the Merage family, wealth creators committed to the highest levels of integrity, MIG Capital applies an entrepreneurial mindset combined with a highly disciplined approach. MIG Capital and its affiliates have more than $1 billion in assets under management in three principal areas: MIG Absolute Return, MIG Private Equity and MIG Real Estate. Substantial investment of family capital in all asset classes ensures full alignment with MIG investors. Additional information is available at
www.migcap.com.
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