SOURCE: MIG Real Estate

MIG Real Estate

December 15, 2014 10:30 ET

MIG Real Estate Acquires Viewridge Business Park in San Diego

NEWPORT BEACH, CA and SAN DIEGO, CA--(Marketwired - Dec 15, 2014) - MIG Real Estate, a Newport Beach, California-based real estate investment company, purchased Viewridge Business Park, a 72,571-square-foot office complex in the Kearny Mesa submarket of San Diego.

"In acquiring Viewridge Business Park, MIG Real Estate was attracted to Kearny Mesa's rising market fundamentals," said Greg Merage, CEO of MIG Real Estate. "The property's value-add opportunities and location in one of San Diego's strongest submarkets offer excellent upside potential for this investment."

Viewridge Business Park is located at 4711, 4715 and 4719 Viewridge Avenue, with access to Interstate 15, State Route 52, State Route 163 and Interstate 8. The property is currently 82 percent leased with tenants including Coastal Credit, YARDI and Vericare.

According to Urban Land Institute/PricewaterhouseCoopers 2014 Emerging Trends, a preeminent national real estate forecast, San Diego ranks among the nation's top 15 office markets. The area offers a growing knowledge-based economy, with diversified high-tech company occupants that span several industries including biotech, communications, software, defense, internet and information, and clean tech.

Viewridge Business Park provides excellent access to freeways, retail amenities and freeway visible signage. MIG Real Estate will deploy capital and marketing programs to take advantage of increasing office demand in the San Diego market.

Viewridge Business Park represents MIG Real Estate's eighth investment in San Diego office properties.

Bob Prendergast and Lynn LaChapelle of Jones Lang LaSalle represented the seller in the transaction and MIG Real Estate represented itself.

About MIG Real Estate

MIG Real Estate owns and operates a diverse portfolio of assets in California, Hawaii, Washington, Utah, Nevada, Arizona, Colorado, Texas, North Carolina, Florida and Alberta, Canada. The company's holdings consist of more than eight million square feet of select service hotels, grocery anchored shopping centers, office, flex/industrial and multifamily properties purchased at an aggregate cost in excess of $1 billion since April 2009. Additional information is available at www.migref.com.

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