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MIG Real Estate of California buys medical offices


MIG Real Estate hasn’t snapped the wallet shut on its local commercial real estate shopping spree.

The California-based investment company announced Feb. 3 that it bought Sansone Pecos II, an eight-building, 122,922-square-foot, Class A medical-office complex at 9005-9089 S. Pecos Road. Records with the Clark County assessor’s office show MIG paid $17.5 million for the property.

“Sansone Pecos II has strong upside potential, benefiting from the improving real estate fundamentals of Las Vegas and the solid employment base of its southeast submarket,” MIG CEO Greg Merage said. “We will continue to evaluate opportunities within Las Vegas’ growing and economically diverse submarkets.”

The property is MIG’s 20th office investment in the West since April 2009, and its fifth local buy. The company has spent more than $900 million in the past half decade amassing a portfolio of office, retail, hotel and multifamily properties across the Sunbelt. Its local holdings include the 151,662-square-foot Rainbow Corporate Center, at 777 N. Rainbow Blvd.; the 116,000-square-foot Desert Inn Office Center, at 2725 and 2795 E. Desert Inn Road; and the 100,000-square-foot Pines Corporate Center, which runs from 7211 to 7321 W. Charleston Blvd.

It also spent $13 million to buy Colonial Plaza, a 110,738-square-foot office park at 4670 and 4730 S. Fort Apache Road.

Commercial brokerage CBRE represented the seller, South Pecos Road Holdings LLC of Maryland, in the Sansone Pecos II deal.

■ The real estate industry’s spring event calendar is filling up fast.

Home Builders Research has scheduled its 2014 Las Vegas Housing Outlook for March 7 at the Springs Preserve Conference Room. The Southern Nevada Home Builders Association is co-sponsoring the seminar.

The Las Vegas Review-Journal and the builders’ association will also hold the Silver Nugget Awards presentation and dinner March 29 at the Renaissance Hotel on Paradise Road. Winners will receive honors in 43 categories including architecture, interior design, floor plans and sales and marketing.

And the 2014 Spring Builders Golf Classic is set for May 16 at the Paiute Golf Resort. Proceeds will go to the Southern Nevada Home Builders Association’s operating budget.

■ Commercial brokers Ben Millis and Chris Beets of Newmark Grubb Knight Frank helped close several sales and leases.

Millis and Beets represented Super Brands LLC in its $3.3 million sale of 2.83 acres at 151 Gallagher Crest Road. Dean Willmore, SIOR, of Colliers International represented the buyer, Designs for Health.

The brokers also handled the sale of 0.8 acres at 3777 Pecos McLeod on behalf of Stabilis Pecos McLeod LLC. Loreta Arenas of Majestic Properties represented the buyer, the Devineni/Sharma Family Trust, in the $875,000 deal.

And Millis and Beets represented landlord Genie Air Conditioning &Heating in its lease of 10,000 square feet of industrial space at 2900 Highland Drive. Tyler Ecklund of CBRE represented the tenant, Shahriar and Isabela Khazai, in the 36-month, $126,000 agreement.

■ Voit Real Estate Services announced a number of high-dollar sales and leases that closed in the fourth quarter.

Brokers Jayne Cayton and Matthew Kreft represented seller GLV LLC in its $1 million sale of 9,664 square feet at 2900 W. Horizon Ridge Parkway. Brendan Keating of The Equity Group represented the buyer, investment group TAG Fund I LLC.

Voit’s Higgins &Toft team also oversaw more than half a dozen large deals in the period.

The group represented iStar Busco in its $2.4 million sale of 36,600 square feet at 4020 E. Lone Mountain Road. Newmark Grubb Knight Frank represented buyer Fleetpark LLC.

The team also represented tenant RW Garcia Co. in its 65-month, $1.3 million lease of 63,000 square feet at 4780 N. Lamb Blvd. CBRE brokers were on the other side of the deal, working with landlord Lamb 4780 LLC.

On the medical side, Higgins &Toft helped Anson &Higgins Plastic Surgery Associates LLP take down 11,827 square feet at 8530 W. Sunset Road. CBRE represented landlord ARHC DMLSVNV001 LLC in the 72-month, $1 million deal.

The team gave landlord CIP Airport Industrial/Flex Portfolio LLC an assist on a 48-month lease to tenant Sitel Operating Corp. Brokerage Avison Young represented Sitel in the $964,360 agreement for 19,833 square feet at 750 Pilot Road.

The brokers represented both sides in CIP Airport Industrial/Flex Portfolio’s lease of 13,708 square feet at 600 Pilot Road to MMP Partners LLC. The 64-month lease is worth $874,570.

Voit &Higgins helped Boulder Ranch LLC sell 9,192 square feet of space at 6494 Boulder Ranch Ave. to Vegas Closeouts LLC. MDL Group represented the buyer in the $575,000 purchase.

Finally, the team represented landlord The Realty Associates Fund IX LP in its 63-month lease of 14,415 square feet at 1181 Grier Drive. Walker Digital Table Systems leased the space in an agreement worth $513,644.

■ Brokers with Colliers International recently closed several big sales.

Dan Doherty, SIOR, Chris Lane and Jerry Doty represented Park West RRV LLC in its $4.5 million purchase of a 46,691-square-foot industrial building at 6425 Montessouri St.

Robert Torres and Scott Gragson represented Beltway 4.77 LLC in its $1.5 million sale of 4.77 vacant acres at the northwest corner of Rafael Rivera Way and Gagnier Street. PF1LP-Pitching Ave LLC bought the property.

Brian Riffel worked with CML NV Airport South LLC on its sale of a 5,330-square-foot industrial building at 2077 Pama Lane, inside Pama Airport South. Mustang Leasing LLC spent $480,420 to buy the property.

And Spencer Pinter represented Post Road &Hinson Properties LLC in its sale of 1.25 acres at Post and Hinson. Doherty, Lane and Doty represented the buyer, JD Industrial LLC, in the $420,000 deal.

Contact reporter Jennifer Robison at jrobison@reviewjournal.com. Follow @J_Robison1 on Twitter.

 

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