MIG Real Estate Acquires 100,000-Square-Foot Office Park in Las Vegas

    NEWPORT BEACH, CA, June 16, 2011 /24-7PressRelease/ -- MIG Real Estate, a Newport Beach, Calif.-based real estate investment company formerly known as Stoneridge Capital Partners, has acquired Pines Corporate Center, a 100,000-square-foot, 18-building office park in Las Vegas. This is the firm's fifth Las Vegas acquisition since October 2010. Terms of the sale were not disclosed.

"As the general economy recovers and tenant leasing activity continues to improve, this property is well-positioned to complete lease up" said Greg Merage, Chief Executive Officer of MIG Real Estate.

Pines Corporate Center is comprised of 18 single-story office buildings located at 7211-7321 W. Charleston Blvd. The property benefits from a central location within a geographic area of dense housing and close proximity to major highways including the U.S. 95 and the I-215.

The property contains a diverse mix of tenants that includes the Las Vegas Metro Police Department, Infinity Hospice Care, Clark County Department of Public Works and Donahue Schriber.

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, the 99,000 square-foot Vista Commons retail center in Summerlin, the 152,000-square-foot Rainbow Corporate Center and the 116,000 square-foot Desert Inn Office Center.

Charles Moore, Michael Newman and Marlene Fujita with CB Richard Ellis represented the seller. 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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