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6/17/11
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MIG Real Estate, the Newport Beach, Calif.-based real estate investment company formerly known as Stoneridge Capital Partners, has acquired Pines Corporate Center, a 100k sf, 18-building office park in Las Vegas. Terms of the sale were not disclosed. Charles Moore, Michael Newman and Marlene Fujita with CB Richard Ellis represented the seller. MIG Real Estate represented itself. This is the firm’s fifth Las Vegas acquisition since October 2010, and comes just a week after the announcement of the firm’s acquisition of the 151.7k sf Rainbow Corporate Center.
“As the general economy recovers and tenant leasing activity continues to improve, this property is well-positioned to complete lease-up” said Greg Merage, Chief Executive Officer of MIG Real Estate.
Pines Corporate Center is comprised of 18 single-story office buildings located at 7211-7321 W. Charleston Blvd. The property benefits in close proximity to the major highways U.S. 95 and the I-215. It contains a diverse mix of tenants that includes the Las Vegas Metro Police Department, Infinity Hospice Care, Clark County Department of Public Works and Donahue Schriber.
MIG Real Estate has been selectively expanding its Las Vegas portfolio since entering the market in October 2010 with the acquisition of the 100k sf Sunset Pilot Plaza office property in the Hughes Center, the 99k sf Vista Commons retail center in Summerlin, the 152k sf Rainbow Corporate Center and the 116k sf Desert Inn Office Center.
MIG Real Estate has completed approximately $300 million in acquisitions over the past two years, acquiring properties in California, Arizona, Nevada, Colorado, Hawaii and Edmonton, Alberta.
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