MIG Acquires 99,000-SF Retail Center

LAS VEGAS-Newport Beach, CA-based MIG Real Estate—formerly Stoneridge Capital Partners—has acquired Vista Commons, a 99,000-square-foot neighborhood retail center anchored by a 56,000-square-foot Albertson’s supermarket. MIG would not disclose terms of the sale.

Vista Commons was built in 2007 and is located on Charleston Boulevard immediately west of the I-215 loop in the western Las Vegas community of Summerlin, a 25,000-acre master planned community that is among the fastest growing communities in the US over the past 17 years. The center includes Wells Fargo and Bank of America branch banking units in addition to the grocery anchor.

“Vista Commons is located within a thriving community that offers strong growth prospects as the population increases and new homes come online over the next five years,” says Greg Merage, CEO of MIG Real Estate. “We will continue to leverage our strong cash position to seek out these types of investments as we aggressively expand our portfolio in the Las Vegas market and in primary markets throughout the Western US.”

This is the company’s first acquisition under its new name, MIG Real Estate. The firm will serve as the real estate arm of the newly formed MIG Capital, an alternative investment firm operating under the same ownership and management with over $1 billion in assets under management in three principal areas: absolute return, private equity and real estate. MIG Real Estate will continue the aggressive acquisition strategy pursued under the Stoneridge name, according to a prepared statement.

In October, the firm acquired Sunset Pilot Plaza, a 100,000-square-foot class A office property in Las Vegas’ master planned Hughes Airport Center business park. “MIG Real Estate is committed to the Las Vegas market and will continue to invest in the region’s long-term growth,” Merage explains. “We plan to make 2011 our most active year for acquisition activity.”

This transaction represents MIG Real Estate’s third shopping center acquisition in the past 13 months. The company has now completed approximately $250 million in acquisitions since April 2009. Charles Moore, Michael Newman, Marlene Fujita and George Good of CB Richard Ellis represented the seller in the transaction. MIG Real Estate did not have broker representation. CBRE did not return GlobeSt.com queries by deadline.