PLEASANTON, CA-Newport Beach, CA-based MIG Real Estate has acquired the 135,210-square-foot Britannia Business Center in the Hacienda Business Park, comprised of two, single-story class A Office/R&D buildings. This is the company’s first acquisition in the Bay Area.
Although terms of the sale were not disclosed, and although MIG Real Estate tells GlobeSt.com that they cannot share further information at this time, an unidentified source puts the price around $23.1 million.
Britannia Business Center is located at 5700-5702 Stoneridge Dr. in the heart of the Hacienda Business Park submarket, a high quality, mixed use, master-planned development in the Tri-Valley. Hacienda Business Park has outperformed class A Office/R&D space by 25% in rental rates achieved over the past three years. Britannia Business Center is currently 100% leased and occupied.
“We are confident that tenant demand will remain high due to the appeal of the property and the significant growth in the Tri-Valley market,” explains Greg Merage, CEO of MIG Real Estate.
Britannia Business Center is located along the major thoroughfares of Hacienda Business Park, less than one mile from Interstates 580 and 680 and 0.5 miles from the Dublin/Pleasanton BART station. Built in 1996 and 1997, the buildings are some of the newer in the Hacienda Business Park.
MIG Real Estate has continued to expand its portfolio into opportunistic markets since 2009, according to a prepared statement. Its strategic plan focuses on well-located properties generally with a “value-add” component.
The company has completed almost $450 million in acquisitions in the past three years and plans to invest up to $600 million in 2012 through direct acquisitions of office, retail, hotel and multi-family properties in major markets throughout the western states and the Sunbelt.
Steve Golubchik, Michael Leggett, David Karol, and Gerry Rohm of Holliday Fenoglio Fowler represented the seller in the transaction. MIG Real Estate represented itself.
At the end of the year, the firm invested in its former hometown in Denver by purchasing the luxury apartment complex Rosemont Ridge at Lowry, as GlobeSt.com reported. The company bought the 240-unit property for $29.7 million from Summit Management Services, which sources say had bought the complex in 2008 for $30.2 million.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
