NEWPORT BEACH, CA and SCOTTSDALE, AZ--(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, acquired Scottsdale Centre (top left photo), a Class A office property comprised of five, two-story buildings totaling 164,300 square feet in Scottsdale, AZ.
The former institutional owner recently completed a $5.1 million renovation to the property. Terms of the sale were not disclosed.
Scottsdale Centre was constructed in 1985 and is located in the Central Scottsdale submarket, providing easy access to the Loop 101 Freeway, North Scottsdale Road and Indian Bend Road. The property is surrounded by a variety of signature resorts, hotels, restaurants, residential communities and retail amenities.
“A variety of notable business, entertainment and cultural additions have opened near the solid residential base in Central Scottsdale, making it a pro-business environment with a well-educated workforce,” said Greg Merage, CEO of MIG Real Estate.
“The prestigious location complemented by extensive modernizations provides exceptional upside potential for Scottsdale Centre.”
The property is located at 7373 North Scottsdale Road with 1,650 linear feet of frontage. Scottsdale is known as a premier golf and resort destination in Metropolitan Phoenix and is focused on business innovation and entrepreneurship, housing a diverse blend of corporations. Property renovations reposition Scottsdale Centre as a premier office location within Metropolitan Phoenix.
“We will continue evaluating opportunities in Arizona as job growth in Metropolitan Phoenix continues to improve,” said Merage.
Don Mudd and John Bonnell of Jones Lang LaSalle represented the seller in the transaction. MIG Real Estate represented itself.
Contacts: Idea Hall, Julie Fornaro, 714-263-8748, julie@ideahall.com
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