MIG Real Estate Expands Portfolio; Renaissance Towne Center Sells for $23.8 Million
- Aug 19, 2011
MIG Real Estate, a Newport Beach-based real estate investment company has acquired a 367,002-square-foot San Diego office portfolio for $56 million. The portfolio includes five class B office building on 17.83 total acres of land.
The purchase increases MIG Real Estate’s portfolio to approximately 2.5 million square feet. Greg Merage, Chief Executive Officer of MIG Real Estate, said the company is anticipating a strong tenant demand and leasing activity at these properties. San Diego, being the third largest metro economy in California with job growth in various emerging industries, is set to see the positive office market momentum continuing.
The San Diego portfolio includes:
• Alta Sorrento, an 88,300-square-foot office building located at 9444 Waples St., just south of Mira Mesa Boulevard in the Sorrento Mesa submarket of San Diego.
• Cornerstone Court, a 43,200-square-foot office building at 6020 Cornerstone Court West, located west of Pacific Heights Boulevard in the Sorrento Mesa submarket of San Diego.
• 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.
• Rio Vista, a 108,500-square-foot building located at 8885 Rio San Diego Drive, in the Mission Valley submarket of San Diego.
The seller was represented by Louay Alsadek and Evan August of CB Richard Ellis.
In other news the San Diego Business Journal reports that Renaissance Towne Center, a retail center in San Diego’s University Towne Center, has been sold for $23.8 million. The 52,893 square-foot center was bought by Retail Opportunity Investments Corp of Purchase, N.Y. The seller was ACF Property Management Inc. of Studio City.