MIG Real Estate Acquires Two San Diego Office Properties Totaling 138,000 Square Feet

Firm expands San Diego portfolio with plans for additional investment, according to CEO Greg Merage.

2011-02-04

NEWPORT BEACH, CA, February 04, 2011 (Press-News.org) MIG Real Estate, LLC, a Newport Beach, Calif.-based real estate investment company formerly known as Stoneridge Capital Partners, has acquired two office buildings totaling 138,000 square feet. The buildings are located within the University Town Center submarket of La Jolla, Calif. The all-cash transaction marks MIG Real Estate's third and fourth San Diego office acquisitions since June 2010 and continues the firm's expansion strategy focused on opportunistic investments. Terms of the sale were not disclosed.

"The buildings benefit from their close proximity to regional housing, ample base of amenities and convenient freeway access," said Greg Merage, Chief Executive Officer of MIG Real Estate. "These characteristics will contribute to the success of this investment as we utilize our strong cash position to increase our presence within the San Diego market."

The properties are located at 4110 and 4224 Campus Point Court within the Golden Triangle section of La Jolla, home to various large employers, including the University of California, San Diego, Qualcomm, Scripps, SAIC, Nissan, Pfizer and Eli Lilly.

The multi-tenant office properties will be marketed to tenants with space requirements of 40,000 square feet or more.

MIG Real Estate entered the San Diego market in June 2010 with its acquisition of the 46,620-square-foot Four Governor Park office property in La Jolla and will continue to invest in San Diego properties, according to Merage.

"We are committed to increasing our holdings within the San Diego market and are evaluating investment opportunities for office, retail, hotel and apartment properties," said Merage.

MIG Real Estate has completed approximately $250 million in acquisitions during the past two years, bringing its total portfolio of assets under ownership to approximately 1.5 million square feet.

MIG Real Estate is engaged in an active expansion of its real estate portfolio through direct acquisitions in retail, office, hotel and multifamily properties in major markets located throughout California, Phoenix, Las Vegas, Hawaii and Denver.

Louay Aldesak, Evan August, Chris Pascale, and Mike Hoeck of CB Richard Ellis' San Diego office represented the seller in the transaction. MIG Real Estate did not have broker representation.

About MIG Real Estate
MIG Real Estate owns and operates a diverse portfolio of assets in California, Phoenix, Las Vegas, Hawaii and Denver. The firm is currently engaged in an aggressive expansion strategy, seeking value added and opportunistic investment opportunities in select service hotels, grocery anchored shopping centers, office, industrial and multifamily properties. MIG Real Estate has acquired approximately 1.5 million square feet comprising approximately $250 million of assets since April 2009. MIG Real Estate is the real estate arm of MIG Capital (Merage Investment Group), an alternative investment firm that also encompasses MIG Absolute Return and MIG Private Equity. Additional information is available at http://www.migcap.com/RealEstate/.

About MIG Capital (Merage Investment Group)
MIG Capital (Merage Investment Group) is an alternative investment firm dedicated to the creation and preservation of capital. Founded by the Merage family, wealth creators committed to the highest levels of integrity, MIG Capital applies an entrepreneurial mindset combined with a highly disciplined approach. MIG Capital and its affiliates have more than $1 billion in assets under management in three principal areas: MIG Absolute Return, MIG Private Equity and MIG Real Estate. Substantial investment of family capital in all asset classes ensures full alignment with MIG investors. Additional information is available at www.migcap.com.

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