NEWPORT BEACH, CA and HENDERSON, NV--(Marketwired - Feb 3, 2014) - MIG Real Estate, a Newport Beach, Calif.-based real estate investment company, has completed the acquisition of Sansone Pecos II in the southeast Las Vegas suburb of Henderson. The eight-building portfolio of Class "A" medical office/office buildings totals 122,922 square feet of net rentable area.
Sansone Pecos II represents MIG Real Estate's 20th office investment since 2009, and the firm's fifth office investment in the Las Vegas market.
The portfolio is located at 9005-9089 South Pecos Road in the high-income City of Henderson, the second largest city in Nevada and one of the fastest growing areas in the Las Vegas Valley. Easily accessible from I-215 and South Pecos Road interchange, Sansone Pecos II is just one mile from the restaurant and retail amenities of The District, four miles from McCarran International Airport and 12 miles from the Las Vegas Strip.
The property's location in the upscale neighborhood of Green Valley along with its close proximity to nationally recognized St. Rose Hospital, ranked #1 in gynecology by U.S. News and World Report in 2012, attract both medical-centric and local neighborhood service tenants.
The one- and two-story office buildings feature flexible floor plates to accommodate a variety of suite sizes.
"Sansone Pecos II has strong upside potential, benefiting from the improving real estate fundamentals of Las Vegas and the solid employment base of its Southeast submarket," said Greg Merage, CEO of MIG Real Estate. "We will continue to evaluate opportunities within Las Vegas' growing and economically-diverse submarkets."
Over the past several years, MIG Real Estate has continued to expand its portfolio in target markets such as Las Vegas. Its strategic plan focuses on well-located properties with a value-add component. Since 2009, the Company has completed more than $850 million in acquisitions through direct purchases of office, retail, hotel and multifamily properties in major markets, principally throughout the western United States and the Sunbelt.
CBRE represented the seller in the transaction.
About MIG Real Estate
MIG Real Estate owns and operates a diverse portfolio of assets under management throughout Utah, Arizona, Nevada, Colorado, Washington, North Carolina, Florida, Wyoming, Edmonton-Alberta, Hawaii 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 multifamily properties. MIG Real Estate has acquired over 6.7 million square feet of property, totaling more than $900 million of assets since April 2009. Additional information is available at https://www.migcap.com/RealEstate.