Newport Beach, CA and Las Vegas, NV – July 18, 2013– MIG Real Estate, a Newport Beach, CA-based real estate investment company, purchased Colonial Plaza, an 110,738-square-foot office complex in Las Vegas, Nevada for approximately $13 million.
Located at 4670 & 4730 South Fort Apache Road, Colonial Plaza is just minutes from downtown Las Vegas, McCarran International Airport and the nearby residential communities of Summerlin. Colonial Plaza 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 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.
MIG Real Estate has continued to expand its portfolio in targeted markets since 2009. Its strategic plan focuses on well-located properties with a value-add component. The Company has completed approximately $800 million 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.
Rockwood Real Estate Advisors represented the seller in the transaction.
About MIG Real Estate
MIG Real Estate owns and operates a diverse portfolio of assets in Phoenix; Las Vegas; Denver; Seattle; Tampa; Hawaii; Edmonton; Jackson, WY; and multiple markets in California and Texas. The Company is currently engaged in an aggressive expansion strategy, seeking “core-plus,” “value-add” and “opportunistic” investments in select-service hotels, grocery-anchored shopping centers, office, industrial and multi-family properties. MIG Real Estate has acquired over 5.5 million square feet of property, totaling nearly $800 million of assets since April 2009. Additional information is available at https://www.migcap.com/RealEstate.
Contact: Megan Barry / Daron Fender
714-263-8736 / 714-263-8725