Stoneridge Capital Partners Acquires Las Vegas Office Property

Stoneridge to continue acquisition strategy in Las Vegas market, according to CEO Greg Merage

2010-10-12

NEWPORT BEACH, CA, October 12, 2010 (Press-News.org) Stoneridge Capital Partners, a Newport Beach, Calif.-based real estate investment company, has acquired Sunset Pilot Plaza, an approximately 100,000-square-foot Class A office property in Las Vegas.

"Sunset Pilot Plaza is a newly constructed property offering professional service companies a central location and extensive amenities within a master planned business park," said Greg Merage, Chief Executive Officer of Stoneridge Capital Partners. "This asset directly aligns with our strategy to acquire investments with significant upside potential in targeted markets."

The three-story office building was developed in 2008 within the 3.3 million-square-foot Hughes Airport Center business park. The property is located at 280 Pilot Road near Interstate 215, Interstate 15, Las Vegas Boulevard and McCarran International Airport.

According to CB Richard Ellis, almost 1.5 million square feet of leasing activity has occurred year-to-date in the Las Vegas office market. This trend of increased activity, combined with stabilizing vacancy rates, has prompted optimism in the market.

"We believe Las Vegas holds exceptional long-term growth potential and we will continue to pursue investment opportunities within this market," said Greg Merage.

With this purchase, Stoneridge has now completed more than $200 million in acquisitions within the past 18 months, bringing its total portfolio of assets under management to more than 1 million square feet. The firm's holdings consist of retail, office, hotel and multifamily properties in major markets within California, Phoenix, Las Vegas, Hawaii and Denver.

Charles Moore, Michael Newman and Marlene Fujita-Winkel of CB Richard Ellis' Private Client Group represented the seller in the transaction. Stoneridge did not have broker representation.

About Stoneridge Capital Partners
Stoneridge Capital Partners is a Newport Beach, Calif.-based private real estate investment company. Managed by Chief Executive Officer Greg Merage, the company is actively seeking direct acquisitions of hotels, retail centers, office buildings, and multi-family properties in major markets throughout the Western U.S. to add to its growing portfolio of investment properties. Funded internally, Stoneridge has the agility and flexibility to close quickly on an all-cash basis. Additional information on Stoneridge is available at www.stoneridgecp.com.

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