NEWPORT BEACH, CA/PHOENIX, AZ – MIG Real Estate, a Newport Beach, Calif.-based real estate investment company, purchased Arcadia Gateway Center, an 89,835-square-foot, Class A office building in Phoenix.
Arcadia Gateway Center is located at 4222 East Thomas Road, in a centrally located Phoenix submarket with nearly four times the market’s average submarket net absorption resulting in one of the lowest submarket vacancy rates in Phoenix. The four-story office building features a variety of suite sizes and a three-story, detached parking structure. The building is currently 93 percent leased.
Arcadia Gateway Center tenants enjoy views of Camelback Mountain and the Phoenix Mountain Preserve, as well as proximity to Phoenix Sky Harbor International Airport and upscale shopping destinations including Downtown Scottsdale and Biltmore Fashion Park. Retail centers such as Arcadia Crossing and Desert Palm are within walking distance.
“Arcadia Gateway Center is one of the higher quality office properties along the 44th Street Corridor,” said 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.”
MIG Real Estate has continued to expand its portfolio in targeted markets since 2009. Its strategic plan focuses on well-located properties with a value-add component. The company has completed approximately $850 million in acquisitions since 2009 through direct purchases of office, retail, hotel and multi-family properties in major markets, principally throughout the western United States and the Sun Belt.
Arcadia Gateway Center represents MIG Real Estate’s 19th office investment since 2009.
Cushman & Wakefield represented the seller in the transaction.
About MIG Real Estate
MIG Real Estate owns and operates a diverse portfolio of assets in Salt Lake City; Phoenix; Las Vegas; Denver; Seattle; Charlotte; Tampa; Jackson, WY; Edmonton, Alberta; Hawaii; and multiple markets in California and Texas. The company is currently engaged in an aggressive expansion strategy, seeking “core-plus,” “value-add” and “opportunistic” investments in select-service hotels, grocery-anchored shopping centers, office, industrial and multi-family properties. MIG Real Estate has acquired over 6 million square feet of property, totaling more than $850 million of assets since April 2009. Additional information is available at https://www.migcap.com/RealEstate.