NEWPORT BEACH, CA & LAS VEGAS, NV--(BUSINESS WIRE)--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 (top left photo), 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 (middle right photo). 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.
Additional information is available at www.migcap.com/RealEstate.
Contacts
Idea Hall
Julie Fornaro / Jessica Neuman
714-263-8748 / 714-263-8731
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