SAN DIEGO-Newport Beach, CA-based real estate investment company, MIG Real Estate, has acquired a 367,002-square-foot office portfolio here for $56 million. The portfolio includes five class B office buildings on 17.38 total acres of land.
This transaction provides a significant value-add opportunity as positive office market momentum continues in San Diego with the class B sector poised for growth, according to MIG. “San Diego is the third largest metro economy in California with job growth in a diverse mix of emerging industries,” says Greg Merage, CEO of MIG Real Estate. “We anticipate strong tenant demand and leasing activity at these properties over the next several quarters.”
The San Diego portfolio purchase increases MIG Real Estate’s portfolio to approximately 2.5 million square feet. Louay Alsadek and Evan August of CB Richard Ellis represented the seller in this transaction. MIG Real Estate represented itself. MIG would not disclose the seller’s identity to GlobeSt.com at this time.
“We will continue to assess opportunities in San Diego, which has shown an ability to rebound quickly following previous recessions,” Merage adds.
The San Diego portfolio includes: Alta Sorrento, an 88,300-square-foot office building at 9444 Waples St., just south of Mira Mesa Boulevard in the Sorrento Mesa submarket of San Diego. Built in 1986, the property sits on 3.65 acres of land and is 1.5 miles east of I-805; Cornerstone Court, a 43,200-square-foot office building located at 6020 Cornerstone Court W., located west of Pacific Heights Boulevard in the Sorrento Mesa submarket of San Diego. Built in 1987, the property sits on 1.58 acres approximately 1.3 miles east of I-805; Kearny Mesa Crossroads, a 126,900-square-foot property consisting of two office buildings at 3750 and 3760 Convoy St., located south of Ostrow Street in the Kearny Mesa submarket of San Diego; and Rio Vista, a 108,500-square-foot building located at 8885 Rio San Diego Dr., in the Mission Valley submarket of San Diego. Built in 1984, the 5.73-acre property is situated northwest of the intersection of the I-805 and I-8.
MIG has been active lately. As GlobeSt.com recently reported, the company sold the 100,000-square-foot Sunset Pilot Plaza, a class A office property, to Ameriprise Financial Inc. for an undisclosed amount. Industry sources say it paid $8.7 million when it acquired Sunset Pilot Plaza in October 2010.
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