MIG Real Estate, a Newport Beach, Calif.-based real estate investment company, purchased Mountain View Corporate Center, an 84,421-square-foot, Class A office building in Murray, Utah. This is the company's first acquisition in the greater Salt Lake City market.
Located at 756 & 764 East Winchester Street, Mountain View Corporate Center is a short drive from downtown Salt Lake City with direct access to the 15 Freeway to the west and unobstructed views of the Wasatch Mountains to the east. Mountain View Corporate Center's current 91 percent occupancy includes notable tenants such as Motorola and Liberty Mutual. The property is within walking distance of the newly renovated Fashion Place Mall.
"MIG Real Estate was attracted to Mountain View Corporate Center's high-quality construction and tenant mix supported by the underlying economic fundamentals of Salt Lake City and its diversified employment base," said Greg Merage, CEO of MIG Real Estate. "Utah's pro-business state government and attractive business costs have attracted firms such as Adobe and Goldman Sachs to expand and create jobs, helping to establish Salt Lake City as one of Forbes' Best Places for Business and Careers."
According to Commerce Real Estate Solutions, the Salt Lake County submarket recorded a 4.9 percent increase in asking rents from the first quarter of 2012 to the first quarter of 2013.
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.
Mountain View Corporate Center represents MIG Real Estate's 18th office investment.
Cushman & Wakefield/Commerce Real Estate Solutions represented the seller in the transaction.
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