MIG Real Estate Acquires 99,000-Square-Foot Vista Commons Retail Center

    COSTA MESA, CA, January 27, 2011 /24-7PressRelease/ -- MIG Real Estate, a Newport Beach, Calif.-based real estate investment company formerly known as Stoneridge Capital Partners, has acquired Vista Commons, a 99,000-square-foot neighborhood retail center anchored by a 56,000-square-foot Albertson's supermarket. Terms of the sale were not disclosed.

Vista Commons was built in 2007 and is located on Charleston Boulevard immediately west of the I-215 loop in the western Las Vegas community of Summerlin, an established, 25,000-acre master planned community that is among the fastest growing communities in the U.S. over the past 17 years. The center includes Wells Fargo and Bank of America branch banking units in addition to the grocery anchor.

"Vista Commons is located within a thriving community that offers strong growth prospects as the population increases and new homes come online over the next five years," said Greg Merage, Chief Executive Officer of MIG Real Estate. "We will continue to leverage our strong cash position to seek out these types of investments as we aggressively expand our portfolio in the Las Vegas market and in primary markets throughout the Western United States."

This is the company's first acquisition under its new name, MIG Real Estate. The firm will serve as the real estate arm of the newly formed MIG Capital (Merage Investment Group), an alternative investment firm operating under the same ownership and management with over $1 billion in assets under management in three principal areas: absolute return, private equity and real estate. MIG Real Estate will continue the aggressive acquisition strategy pursued under the Stoneridge name.

In October, the firm acquired Sunset Pilot Plaza, a 100,000-square-foot Class A office property in Las Vegas' master planned Hughes Airport Center business park.

"MIG Real Estate is committed to the Las Vegas market and will continue to invest in the region's long-term growth," added Merage. "We plan to make 2011 our most active year for acquisition activity."

This transaction represents MIG Real Estate's third shopping center acquisition in the past 13 months. The company has now completed approximately $250 million in acquisitions since April 2009. MIG Real Estate's holdings consist of retail, office, hotel and multifamily properties in California, Phoenix, Las Vegas, Hawaii and Denver.

Charles Moore, Michael Newman, Marlene Fujita and George Good of CB Richard Ellis 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 more than 1 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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