A California investment company has bought a big office property in southwest Las Vegas.
MIG Real Estate of Newport Beach said late Wednesday that it closed on a $13 million purchase of the 110,738-square-foot Colonial Plaza at 4670 and 4730 S. Fort Apache Road.
Greg Merage, MIG’s CEO, said the company wanted Colonial Plaza for its location, construction quality and its variety of suite sizes, for leasing flexibility. He added that “improving real estate fundamentals in Las Vegas are providing some attractive opportunities for well-located properties.”
MIG has been in buying mode since 2009, closing on $800 million in offices, retail centers, hotels and apartment complexes throughout the West and the Sun Belt.
Colonial Plaza is the company’s sixth local buy. Its other local properties 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.
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