PHOENIX-MIG Real Estate, which is headquartered in Newport Beach, CA, has acquired the Arcadia Gateway Center office building here.
No purchase price was released in the deal that now adds the 89,835-square-foot Class A office building to MIG's portfolio. The four-story office building at 4222 East Thomas Road is currently 93% leased and includes a three-story, detached parking structure.
“Arcadia Gateway Center is one of the higher quality office properties along the 44th Street Corridor,” says Greg Merage, CEO of MIG Real Estate. “We plan to continue investing in Phoenix, as it is in the early stages of recovery and is expected to outperform the U.S. in terms of office employment growth and corporate investment, as highlighted by the recent announcement from State Farm to increase its workforce by 6,000 employees.”
Arcadia Gateway Center represents MIG Real Estate's 19th office investment since 2009. In that time frame, the company has completed approximately $850 million in acquisitions. Cushman & Wakefield represented the seller in the transaction.
Last month, MIG acquired the 102-room Homewood Suites at Charlotte Douglas International Airport in Charlotte, NC and the 84,421-square-foot Mountain View Corporate Center in Salt Lake City.
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