Newport Firm Buys 5 San Diego Office Buildings for $56MTuesday, August 16, 2011
MIG Real Estate, an investment firm based in Newport Beach, has acquired a portfolio of four San Diego office properties for approximately $56 million, the company announced Aug. 15.
The properties include a total of five buildings with 367,000 square feet. They are Alta Sorrento, at 9444 Waples St. in Sorrento Mesa; Cornerstone Court, at 6020 Cornerstone Court West in Sorrento Mesa; Kearny Mesa Crossroads, at 3750 and 3760 Convoy St. in Kearny Mesa; and Rio Vista, at 8885 Rio San Diego Drive in Mission Valley.
MIG, also known as Merage Investment Group, did not disclose the sellers. According to CoStar Group, the most recently recorded owner of the Sorrento Mesa properties was GRE Mira Mesa LLC.
MIG Chief Executive Officer Greg Merage said in a statement that the company anticipates “strong tenant demand and leasing activity” at the properties during the next several quarters. The company said the acquisition provides a “significant value-add opportunity,” with the Class B office sector poised for growth as the local office market continues to rebound.
The San Diego purchase increases MIG Real Estate’s overall portfolio to approximately 2.5 million square feet in five states and Canada.
— Lou Hirsh