MIG Real Estate Expands Las Vegas Portfolio with Acquisition of 151,662-Square-Foot Mixed-Use Property

    NEWPORT BEACH, CA, June 03, 2011 /24-7PressRelease/ -- MIG Real Estate, a Newport Beach, Calif.-based real estate investment company formerly known as Stoneridge Capital Partners, has acquired the 151,662-square-foot Rainbow Corporate Center in Las Vegas through a special servicer for the property. This is the firm's third Las Vegas acquisition since October 2010. Terms of the sale were not disclosed.

The mixed-use property features two three-story office buildings totaling 147,116 square feet and a 4,546-square-foot single-story retail building anchored by Starbucks Coffee.

"Rainbow Corporate Center is a well-located, Class A property with immediate access to quality residential housing and a wide range of amenities," said Greg Merage, chief executive officer of MIG Real Estate. "These factors position the property to be among the first to lease up as the market recovers."

Rainbow Corporate Center is located at 777 North Rainbow Blvd., directly adjacent to US-95 and situated at the entrance to Summerlin, an affluent, 25,000-acre master-planned community. The property has a diverse tenant mix that includes financial services, accounting, legal and educational users.

MIG Real Estate has been selectively expanding its Las Vegas portfolio since entering the market in October 2010 with the acquisition of the 100,000-square-foot Sunset Pilot Plaza office property in the Hughes Center and the 99,000-square-foot Vista Commons retail center in Summerlin.

"We are continuing to evaluate opportunities in Las Vegas and will focus primarily on limited acquisitions of well-located, high quality properties," said Merage.

Michael Roberts, Steve Rowland, Bob Hawkins, and Dana Berggren of Cushman & Wakefield represented the seller in the transaction. MIG Real Estate represented itself.

MIG Real Estate has completed approximately $300 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 approximately 2 million square feet totaling more than $300 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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