Saturday, February 18, 2017

MCA Realty Acquires Two Assets Totaling 175,479 SF in Las Vegas, NV for $18.3 Million

Harmon Warehouse Center, Southwest Las Vegas, NV

 Las Vegas, NV – MCA Realty, a full service real estate investment and management company, has acquired two assets in the Las Vegas market, including the Harmon Warehouse Center, a 145,491 square-foot multi-tenant industrial building in Southwest Las Vegas, as well as the Gibson Tech Center, a 29,988 square-foot office building in Henderson, Nevada, for a combined total of $18.3 million.

“In comparison to other markets across the West, Las Vegas continues to offer value and pricing levels that are still well below former peak levels,” says Tyler Mattox, Principal at MCA Realty. “The local industrial market is in its 17th consecutive quarter of positive net absorption, and vacancy in this market dropped to 4.1 percent at the end of last year - the lowest in Southern Nevada since 2006.”

Patti Dillon
Mattox notes that the office market in Las Vegas and its Henderson submarket is also performing well, posting five consecutive years of healthy net absorption with steadily increasing lease rates.

“We acquired each of these assets well below their replacement cost, giving us the opportunity to increase value over time,” he says. 

“The attraction of the Gibson Tech Center asset, in particular, was the freestanding nature of the building with an 8:1,000 square feet surface parking ratio, which will allow us to attract tenants with higher parking needs than those that a traditional office building can accommodate.”

MCA Realty now owns 18 assets encompassing nearly one million square feet in Las Vegas.  The firm continues to seek out industrial and office acquisitions in the $2 million to $25 million range.

MCA’s two recent acquisitions include:

Acquisition #1:  Harmon Warehouse Center

MCA Realty acquired Harmon Warehouse Center, a 145,491 square-foot multi-tenant industrial building, from an institutional investor for $15.15 million.

Gibson Tech Center, Henderson, NV
 “This is an asset we have been watching carefully for many months,” says Mattox.  “With no new development of multi-tenant industrial product underway in the market, we anticipate strong tenant demand for this property over the next several years.”

The prior owner of Harmon Warehouse Center implemented a $1.2 million renovation program in 2016.  Even as a renovated asset, the property is currently operating at rents that are 18-percent below market value.

“We will immediately increase net operating income by bringing rents up to market levels as leases roll,” says Mattox. “Moving forward, we plan to hold the asset and to capitalize on continued growth and rent appreciation given its superior location and adjacency to the Strip.

Harmon Warehouse Center is located at 4301 and 4325 Valley View Boulevard in Las Vegas, Nevada, approximately one mile from the Las Vegas Strip. The buyer and seller were represented by Kevin Higgins, Garrett Toft, Zac Zaher, Sean Zaher and Jake Higgins of CBRE.

Tyler Mattox

 Acquisition #2:  Gibson Tech Center

MCA Realty has also acquired Gibson Tech Center, a 29,988 square-foot vacant office building in Henderson, Nevada. The property was acquired at a significant discount to replacement cost at $3.15 million.

“This building was a former ITT facility that had functionally obsolete improvements,” says Mattox.  “Our business plan is to “whitebox” and reposition the building to appeal to call center and other tenants with significant parking requirements.”

            According to the Las Vegas Review Journal, the call center industry is flourishing in Southern Nevada, due in large part to the region’s strong population of multi-lingual residents.

            “By removing interior walls and creating a space tailored to this growing industry, we plan to lease the property and increase value,” explains Mattox.

            Gibson Tech Center is located at 168 North Gibson Road in Henderson, Nevada less than a mile from the 215 beltway, less than two miles from the US-95 freeway, and 10 miles east of McCarran Airport and the Las Vegas Strip.

            MCA was represented by Ryan Martin, Taber Thill, and Patti Dillon of Colliers International.

MCA Completes Three Dispositions in Las Vegas Market

In addition to its recent acquisitions, MCA Realty also recently completed three dispositions in the Las Vegas market, including:

Peter Cheng
·     Whitney Ranch, a 57,000 square-foot multi-tenant industrial/auto business park in Henderson, Nevada.  MCA acquired the asset in 2013 and sold it recently for $5.05 million.

·     Lamb Technology Center - MCA Realty sold two condo units totaling 12,694 square feet at this 116,302 square-foot mixed-use property for a total of $908,000.

·     Wigwam Jones Industrial Park - MCA Realty sold one of the units totaling 9,652 square feet in this 85,466 square foot industrial park for $1.2 million. Wigwam Jones has two remaining industrial condominiums from the 11 that MCA acquired in 2014.

MCA Realty is a full service real estate investment and management company specializing in office and industrial properties throughout the Western U.S.  The goal of the company is to identify commercial real estate investment opportunities and execute value creation strategies that maximize returns to its investors. 

MCA Realty's principals, Tyler Mattox, Jared Gordon, and Peter Cheng, have successfully navigated a full spectrum of market conditions, and pride themselves on building and maintaining strong relationships with industry partners. More information is available at

For a complete copy of the company’s news release, please contact:

Lauren Burgos/ Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

Marcus & Millichap Arranges $700,000 Sale of Hyde Park Courtyard Apartment building in south Tampa, FL


Shawn Rupp
TAMPA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Hyde Park Courtyard, a four-unit apartment building located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $700,000.

Shawn Rupp, associate, and Casey Babb, CCIM and first vice president investments, both in Marcus & Millichap’s Tampa office, represented the seller and procured the buyer.

“Our marketing campaign generated multiple offers within two weeks of project launch and we closed with a local, high-net worth buyer within 60 days just under 98 percent of the ask price,” says Rupp.

“The market for high quality apartment assets is as hot as its ever been as buyers try to get invested before interest rates rise too much over the next 12 months. In addition, very strong renter demand continues to push rental rates higher and higher as well especially for walkable communities like this one.”

Casey Babb

Hyde Park Courtyard is a Class B+, 1980's vintage, four-plex community located at 406 South Westland Avenue in Tampa, Florida. It is located in a prime Hyde Park location just one block off of Howard Avenue in Courier City and the heart of the SoHo Entertainment District; Tampa's premier nightlife hotspot.

 The property was rehabbed in 2004 to include a new roof; new windows; new brick pavers in the courtyard, fencing and concrete patio slabs for the back yards; and new flooring, appliances, light, fan, fixtures and window treatments.

Units are all two-bedroom/one-bathroom averaging nearly 800 square feet and feature ceramic tile floors, upgraded white and black kitchens, fully appointed baths, updated light fixtures, faux wood blinds, walk-in closets and stacked washer/dryers.

For a complete copy of the company’s news release, please contact:

Ari Ravi
Regional Manager, Tampa

(813) 387-4700

9,200-SF Family Dollar Sells for $1.85 Million in Orlando.FL


Daniel Hurd
                                                                                                                                                                    ORLANDO, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 9,200-square foot Family Dollar located in Orlando, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,850,000.

Daniel Hurd, associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller and procured the buyer.

“We were able to secure multiple offers on the asset as a result of our targeted marketing campaign,” says Hurd. “The property was secured by an all cash, international investor, saw significant opportunity and growth potential within the Orlando market.”

The 9,200-square foot Family Dollar was built in 2010 on approximately 1.38 acres located at 14254 East Colonial Drive in Orlando, Florida. It is located in a densely populated area with 172,283 residents within a five mile radius and positioned directly on Colonial Drive with traffic counts in excess of 48,470 vehicles per day.

For a complete copy of the company’s news release, please contact:

Ari Ravi
Regional Manager, Tampa

(813) 387-4700

29th Street Capital Expands to Sacramento; Saim Chaudhry to Source Multifamily Deals

Saim Chaudhry
Sacramento, CA – Saim Chaudhry has joined 29th Street Capital as Acquisition Director for Sacramento. Saim is responsible for all facets of the privately-held real estate investment and advisory firm’s activity in the Sacramento market, and will lead all multifamily acquisitions and asset management strategies there.

Growing up in Sacramento, Chaudhry showed a passion for real estate from a young age, acquiring a strong understanding of the overall real estate market and an intimate knowledge of its various neighborhoods.

“Saim allows 29SC to continue to expand its footprint throughout the U.S. and I believe his self-motivating mentality fits in well with our team,” said 29th Street Capital Managing Director Robert Bollhoffer. “We are delighted to open our 13th office and support Saim in growing our platform in Sacramento. We expect he will be a tremendous asset to add to our growing team.”

Chaudhry has a proven track record of sourcing off-market, value-add multifamily properties throughout Sacramento, and consistently providing tremendous value for his investors. His previous work experience includes Golden State Homes and Davis Berk Realty.

“The combination of his local knowledge along with 29SC’s platform allows for an exciting expansion into a new market,” Bollhoffer added.

Robert Bollhoffer
“I am very happy to join a hands-on real estate group like 29th Street Capital and cannot wait to build a presence throughout Sacramento,” Chaudhry stated. “Sacramento continues to exhibit strong fundamentals both in the multifamily sector and the overall economy.”

In addition to sourcing and completing acquisitions, his responsibilities involve end-to-end oversight of projects including the selection of third-party management, supervising all capital projects, marketing/design and eventual disposition.

Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that fall below the radar of institutional peers.

 29SC’s multifamily portfolio consists of over 7,000 units and it has acquired over 9,000 units across its 12 offices in the U.S. Investments typically require approximately $10 to $50 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms.

Learn more about 29SC at

For a complete copy of the company’s news release, please contact: Terri Thornton
Partner, Thornton Communications
Phone: 404-932-4347