Newport Beach-based MIG Real Estate – formerly Stoneridge Capital Partners – has acquired a 99,000-square-foot neighborhood retail center in Las Vegas as part of its expansion efforts. The terms of the sale were not disclosed.
The Vista Commons retail center is anchored by a 56,000-square-foot Albertsons supermarket, and also boasts Wells Fargo and Bank of America branch banking units. The destination is located near the I-215 loop in the 25,000-acre master-planned community of Summerlin. The center was built in 2007, and the neighborhood is ranked among the fastest-growing communities in the U.S. over the past 17 years.
“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, MIG Real Estate’s CEO. “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.”
The deal represents the company’s third retail-center acquisition in the last 13 months and its first transaction under its new name. The firm serves as the real estate arm of the newly formed MIG Capital – aka Merage Investment Group – an alternative investment enterprise operating under the same ownership and management. MIG Real Estate will continue the same active acquisition strategy that was pursued under the Stoneridge brand, according to the firm.
Since April 2009, MIG Real Estate has completed approximately $250 million in acquisitions. The company’s holdings consist of retail, office, hotel and multifamily properties in California, Hawaii, Phoenix, Denver and Las Vegas.
“MIG Real Estate is committed to the Las Vegas market and will continue to invest in the region’s long-term growth,” Merage said. “We plan to make 2011 our most active year for acquisition activity.”
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