SOURCE: MIG Real Estate

March 14, 2012 12:00 ET

MIG Real Estate Plans $600 Million in Investments in 2012

NEWPORT BEACH, CA--(Marketwire - Mar 14, 2012) - MIG Real Estate, a Newport Beach, Calif.-based real estate investment company, has announced its plans to invest up to $600 million in property acquisitions in 2012. MIG has acquired more than $400 million of real estate properties since April 2009, with approximately $200 million closing in 2011.

In 2012, MIG will continue to be active in several of its primary markets in California, Arizona, Colorado, and Hawaii, with expansion into Seattle, Portland and Salt Lake City. Recently, the company decided to also enter the major Texas markets -- Dallas, Houston, Austin, and San Antonio -- as well as key markets in the Southeast where its primary focus will be multifamily and hotels.

"We want to triple acquisition volume over 2011, with growth provided from our established markets, as well as expansion into the Pacific Northwest, Texas and other select Sunbelt markets," said Greg Merage, chief executive officer of MIG Real Estate. "We have recently added two seasoned acquisitions professionals to support our entry into the Sunbelt markets."

As part of MIG's 2012 investment plans, the company will primarily target well-located, value-added properties in markets displaying improving economic conditions. MIG's current real estate investment portfolio mix is approximately 33% office, 20% hotel, 24% multifamily properties and 23% retail centers.

MIG closed out 2011 with a series of successful acquisitions and made its first purchase in the Seattle market in early 2012. Acquisitions over the last year include:

  • Canyon Park 228 Corporate Center, a 105,000 square-foot office park in the Seattle suburb of Bothell, WA
  • Rosemont Ridge at Lowry, a 340-unit, multi-family housing community in Denver, CO
  • Point Inn & Suites Hotel (being converted into a Hampton Inns & Suites), a 90-room hotel in Jackson, Wyoming
  • A 367,000-square foot office portfolio consisting of four multi-tenant properties in San Diego, CA
  • Scottsdale Centre, a Class A office property comprised of five, two-story buildings totaling 164,000 square feet in Scottsdale, AZ
  • Pines Corporate Center, a 100,000 square foot, 18-building office park in Las Vegas, NV
  • Desert Inn Office Center, a business park comprised of four multi-tenant office buildings in Las Vegas, NV
  • Rainbow Corporate Center, a 152,000 square foot office building in Las Vegas, NV
  • I-225 Plaza, a five-building mixed-use property located in the Denver submarket of Aurora, CO
  • Courtyard Marriott Downtown Edmonton, a 177-room hotel in Alberta, Canada
  • 4110 and 4224 Campus Point Court, two office buildings located within the University Town Center submarket of La Jolla, CA
  • Vista Commons, a 99,000-square-foot neighborhood retail center in the Las Vegas submarket of Summerlin, NV

About MIG Real Estate
MIG Real Estate (formerly Stroneridge Capital Partners) owns and operates a diverse portfolio of assets in California, Phoenix, Jackson, Las Vegas, Hawaii, Denver, Seattle and Alberta. The company is currently engaged in an aggressive expansion strategy, seeking value added and opportunistic investment properties in select service hotels, grocery anchored shopping centers, office, industrial and multifamily properties. MIG Real Estate has acquired approximately 3 million square feet totaling more than $400 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, formerly known as Stoneridge Capital Partners. 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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