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12/09/14
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MIG Real Estate wrapped up a San Diego-area acquisition, having purchased Viewridge Business Park, a 72.6k sf office complex in the city’s Kearny Mesa submarket. The deal represents Newport Beach-based MIG’s eighth investment in San Diego office properties.
Viewridge Business Park is located at 4711, 4715 and 4719 Viewridge Ave, with access to Interstate 15, State Route 52, State Route 163 and Interstate 8. The property is currently 82 percent leased with tenants including Coastal Credit, YARDI and Vericare.
“In acquiring Viewridge Business Park, MIG Real Estate was attracted to Kearny Mesa’s rising market fundamentals,” said Greg Merage, CEO of MIG Real Estate. “The property’s value-add opportunities and location in one of San Diego’s strongest submarkets offer excellent upside potential for this investment.”
According to Urban Land Institute/PricewaterhouseCoopers 2014 Emerging Trends, a preeminent national real estate forecast, San Diego ranks among the nation’s top 15 office markets. The area offers a growing knowledge-based economy, with diversified high-tech company occupants that span several industries including biotech, communications, software, defense, internet and information, and clean tech.
Viewridge Business Park provides excellent access to freeways, retail amenities and freeway visible signage. MIG Real Estate will deploy capital and marketing programs to take advantage of increasing office demand in the San Diego market.
Bob Prendergast and Lynn LaChapelle of Jones Lang LaSalle represented the seller in the transaction and MIG Real Estate represented itself. The price was not disclosed.
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