MIG Real Estate Continues Acquisition Phase with Purchase of 163,400 SF Scottsdale Office Park
- Jul 10, 2011
By Nicholas Zieger, News Editor
July 11, 2011
And MIG’s portfolio keeps on growing. Piggybacking on three large property acquisitions in June, MIG Real Estate acquired the 164,300 square feet of the Scottsdale Center, five Class-A two-story buildings in Scottsdale, Ariz. The property, which recently underwent a $5.1 million renovation, was constructed in 1985.
Greg Merage, CEO of MIG, was optimistic on the possibilities for the property. “Over the last decade, a variety of notable business, entertainment and cultural additions have opened near the Scottsdale submarket, making it a pro-business environment with a well-educated, professional workforce,” he said. “The Scottsdale location provides us with exceptional upside potential for Scottsdale Centre.”
The Phoenix commercial real estate market looks to be a good investment for MIG, as the area appears to be showing signs of positivity. According to a Jones Lang LaSalle report, Phoenix has been trending upwards since the end of 2010, when it saw vacancy rates decline for the third consecutive quarter. A majority of that positive absorption was seen in Class-A spaces. Additionally, the area gained 30,300 private-sector jobs in 2010, making it the number-two city in the United States for job growth — just behind New York.
MIG’s portfolio of office and mixed-use properties continues to grow, especially in the western part of the country. In June 2011, the firm added three Las Vegas acquisitions: the 100,000-square-foot, 18-building Pines Corporate Center; the Desert Inn Las Vegas, a 116,000-square-foot, four-multi-tenant building park; and the Rainbow Corporate Center, a 151,660-square foot property. The company has been selectively expanding its Las Vegas footprint since October 2010, when it acquired the 100,000-square-foot Sunset Pilot Plaza and the 99,000-square-foot Vista Commonsretail center in Summerlin.