COSTA MESA, CA, July 29, 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 sold Sunset Pilot Plaza, an approximately 100,000-square-foot Class A Las Vegas office property to Ameriprise Financial, Inc. Terms of the transaction were not disclosed.
"Sunset Pilot Plaza is one of just a handful of Class A facilities in the market offering 100,000 square feet of contiguous space," said
Greg Merage, Chief Executive Officer of MIG Real Estate. "This was instrumental in the attraction of a public company with significant space requirements and has allowed us to complete a sale of this property well in advance of our contemplated timeline."
Sunset Pilot Plaza was acquired in October 2010. The property was constructed in 2008 and is situated within the 3.3 million-square-foot Hughes Airport Center business park. Located at 280 Pilot Road, the three-story office building sits in close proximity to Interstate 215, Interstate 15, Las Vegas Boulevard and McCarran International Airport.
MIG Real Estate was represented by Darren Lemmon of CBRE (Las Vegas). Ameriprise Financial was represented by Charles Snyder (Minneapolis) and Randy Broadhead (Las Vegas) of CBRE.
"Future acquisitions in Las Vegas will be focused on properties with strategic advantages that will perform well in a soft market and significantly outperform in an improving market," notes Merage. "We will continue to closely monitor Las Vegas market conditions and adjust our acquisition and disposition strategies accordingly."
MIG Real Estate has completed approximately $350 million in acquisitions over the past 2 years and is aggressively seeking additional opportunistic investments in its target markets.
About MIG Real Estate
MIG Real Estate owns and operates a diverse portfolio of assets in California, Phoenix, Las Vegas, Hawaii, Denver and Alberta. The firm's holdings consist of more than 2 million square feet of select service hotels, grocery anchored shopping centers, office, industrial and multifamily properties. 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
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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