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7/18/13
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MIG Real Estate has wrapped up a significant office buy in Las Vegas, paying roughly $13 mil for Colonial Plaza, a 110.7k sf complex located at 4670 & 4730 South Fort Apache Rd.
Colonial Plaza is just minutes from downtown Las Vegas, McCarran International Airport and the nearby residential communities of Summerlin. The property is also conveniently located near restaurants and retail amenities and enjoys direct visibility from the 215 Beltway.
“The property’s desirable location, high-quality construction and leasing flexibility, enhanced by a variety of suite sizes, will allow us to accommodate a range of small and midsized businesses plus offer current tenants the opportunity to expand,” said Greg Merage, CEO of Newport Beach-based MIG Real Estate. “The improving real estate fundamentals in Las Vegas are providing some attractive opportunities for well-located properties.”
According to Rockwood Real Estate Advisors, this submarket recorded the highest average asking rate, the greatest net absorption and the second lowest vacancy rate in the Las Vegas office market during the fourth quarter of 2012. Rockwood represented the seller in the transaction.
MIG Real Estate has completed approximately $800 mil in acquisitions since 2009 through direct purchases of office, retail, hotel and multi-family properties in major markets, principally throughout the western United States and the Sunbelt. Colonial Plaza represents MIG Real Estate’s sixth investment in Las Vegas commercial properties.
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