C&W Awarded 700 KSF Management Assignment
- Mar 16, 2017
Las Vegas—Cushman & Wakefield Commerce, which operates the Cushman & Wakefield business in Nevada, Utah and Washington, has been retained to manage the Las Vegas office and retail portfolio for MIG Real Estate LLC, an expansion of their ongoing relationship.
“MIG contracts with Cushman & Wakefield teams in other states and is well aware of the global platform. Our team can use this leverage to help these properties run smoothly and profitably,” David Jewkes, senior vice president – Nevada, Cushman & Wakefield Commerce, said in a prepared statement.
“We are excited to get to work on these assets and bring our professional management experience to the portfolio,” added Jewkes, who leads the property management team.
Based in Newport Beach, Calif., MIG invests in and operates a diverse portfolio of properties primarily in the Sunbelt and Western United States. Since 2009, the firm has acquired more than 9 million square feet of investment properties totaling approximately $1.8 billion in assets under management in Arizona, California, Colorado, Florida, Hawaii, Nevada, North Carolina, Texas, Utah, Washington, Wyoming and Edmonton-Alberta, Canada. MIG notes on its website that it is “engaged in an aggressive expansion strategy” and is seeking core-plus, value-added and opportunistic investments in hospitality, retail, office, industrial/flex and multifamily properties in its target markets.
“We selected Cushman & Wakefield Commerce to manage our Las Vegas portfolio to create operational consistency and cost efficiency by having one point of management over a multi-state portfolio,” said Phillip Matchett, director of asset management at MIG Real Estate.
The properties are: Pines Office Park, 7211-7321 W. Charleston Blvd., 100,944 square feet; Desert Inn Office, 2725-2795 E. Desert Inn Road, 117,696 square feet; Ft. Apache Commerce Center, 4670 and 4730 Ft. Apache Road, 111,105 square feet; Rainbow Corporate Center, 777 North Rainbow Road, 149,891 square feet; Vista Commons Retail, 11700 W. Charleston Blvd., an Albertson’s grocery-anchored center with 98,790 square feet, all in Las Vegas; and Sansone Office, 9005-9089 S. Pecos Road, Henderson, Nev., 122,922 square feet.
The assignment is part of the rapidly growing property management portfolio for Cushman & Wakefield Commerce in Las Vegas, where it has taken on more than 4 million square feet of managed assets in the last 18 months. Part of C&W’s global platform, the firm has about 300 employees and manages 9 million square feet of space with a transactional value of about $2.8 billion in the Intermountain West region and Pacific Northwest. In addition to Las Vegas, the firm has several offices including locations in Salt Lake City, Seattle and Bellevue, Wash.