NEWPORT BEACH, CA, July 08, 2011 (Press-News.org) 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, 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 and the heavily traveled North Scottsdale Road and Indian Bend Road. The property is surrounded by a variety of signature resorts, luxury hotels, restaurants, residential communities and retail amenities.
"Over the last decade, a variety of notable business, entertainment and cultural additions have opened near the solid residential base in the Central Scottsdale submarket, making it a pro-business environment with a well-educated, professional workforce," said Greg Merage, chief executive officer of MIG Real Estate. "The prestigious Scottsdale location, complemented by extensive improvements and modernizations, provides us with exceptional upside potential for Scottsdale Centre."
The property is located at 7373 North Scottsdale Road with 1,650 linear feet of frontage on this thoroughfare. 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 including: APL, Dial Corporation, Go Daddy, Kahala, Kona Grill, P.F. Chang's China Bistro, iCrossing, Rural Metro, Karsten Manufacturing (PING Golf) and Taser.
Property renovations include common area remodels, three new staircases, exterior paint enhancements, parking garage improvements and energy efficient lighting. These modernizations reposition Scottsdale Centre as a premier office location within Metropolitan Phoenix as the market recovers.
"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.
MIG Real Estate has completed approximately $350 million in acquisitions over the past two years, acquiring properties in California, Arizona, Nevada, Colorado, Hawaii and Edmonton, Alberta.
About MIG Real Estate
MIG Real Estate owns and operates a diverse portfolio of assets in California, Phoenix, Las Vegas, Hawaii, Denver and Edmonton, Alberta. 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 more than 2 million square feet totaling approximately $350 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.
MIG Real Estate Acquires 164,300-Square-Foot Scottsdale Centre
Newport Beach, Calif.-based firm completes acquisition of Class A office building with recent $5.1 million upgrade
2011-07-08
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[Press-News.org] MIG Real Estate Acquires 164,300-Square-Foot Scottsdale CentreNewport Beach, Calif.-based firm completes acquisition of Class A office building with recent $5.1 million upgrade