LAS VEGAS-Newport Beach, CA-based investment firm Stoneridge Capital Partners has acquired a two-year-old, 100,000-square-foot class A office building in the 3.3-million-square-foot Hughes Airport Center business park. The property, called Sunset Pilot Plaza, is a three-story building at 280 Pilot Rd. that was developed in 2008. The Hughes Airport Center location is near Interstate 215, Interstate 15, Las Vegas Boulevard and McCarran International Airport.

Greg Merage, CEO of Stoneridge, says that the acquisition aligns with the company’s strategy to acquire investments with significant upside potential in targeted markets.

According to CB Richard Ellis, almost 1.5 million square feet of leasing has occurred year-to-date in the Las Vegas office market. This trend of increased activity, combined with stabilizing vacancy rates, has prompted optimism in the market, according to a Stoneridge announcement regarding the acquisition. "We believe Las Vegas holds exceptional long-term growth potential and we will continue to pursue investment opportunities within this market," Merage said.

The seller and the price that Stoneridge paid were not disclosed. The seller was represented by Charles Moore, Michael Newman and Marlene Fujita-Winkel of the CB Richard Ellis Private Client Group. Stoneridge did not have broker representation.

With this purchase, Stoneridge has now completed more than $200 million in acquisitions within the past 18 months, bringing its total portfolio of assets under management to more than one million square feet. The firm's holdings consist of retail, office, hotel and multifamily properties in major markets within California, Phoenix, Las Vegas, Hawaii and Denver.

Among the company’s recent deals, as reported on GlobeSt.com, Entities controlled by Stoneridge Capital Partners have refinanced shopping centers in Indian Wells, CA and in Oahu, HI via a 10-year, $48 million fixed-rate loan. The properties are the 104,000-square-foot Villages at Indian Wells and the 180,000-square-foot Mililani Shopping Center.