SOURCE: MIG Real Estate

MIG Real Estate

November 25, 2014 11:00 ET

MIG Real Estate Sells 135,000-Square-Foot Office Property in Pleasanton, California

NEWPORT BEACH, CA and PLEASANTON, CA--(Marketwired - Nov 25, 2014) - MIG Real Estate (MIG), a Newport Beach, California-based real estate investment company, has sold Britannia Business Center, an approximately 135,000-square-foot office property in Pleasanton, California. Steven Golubchik and John Simerlein of HFF's San Francisco office represented MIG Real Estate in the transaction. Terms of the transaction were not disclosed.

"Britannia Business Center is a highly functional, multi-tenant property in Hacienda Business Park, a prominent address in an East Bay market with a significant concentration of office space occupied by strong national companies," said Greg Merage, chief executive officer of MIG Real Estate. "Improvement in market conditions since the national recession has resulted in increases in property values, allowing us to complete the sale in advance of our originally contemplated timeline."

The property was acquired in April 2012 from a San Francisco-based real estate investment group. Situated within a major business park in close proximity to Interstate 680 and nearby workforce housing, the property is 100-percent leased to a combination of national and regional tenants.

"Future acquisitions in Northern California will continue to be focused on properties with strategic advantages allowing them to perform well throughout cycles," said Merage.

MIG Real Estate has completed more than $1 billion in acquisitions and is seeking additional investments in its target markets.

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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