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| Walnut Business Park, Las Vegas, NV |
Las Vegas, NV (Oct. 17, 2016) – MCA Realty, a full service
real estate investment and management company, has acquired Walnut Business Park, a 92,056
square-foot value-add industrial business park in the northern submarket of Las
Vegas.
The firm acquired the
property at a significant discount to its replacement cost, and plans to
strategically reposition the asset to create long term value, according to Tyler Mattox, Principal at MCA Realty.
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| Tyler Mattox |
“In fact, 2016 marked the
region’s strongest year since 2008. This
consistent economic growth, coupled with increasing demand for small and
mid-bay industrial product throughout the region, makes this acquisition a
logical addition to our existing portfolio.”
Mattox notes that new
construction for “big box” industrial product has increased dramatically over
the last two years, while demand for smaller spaces continues to outpace
supply.
At the end of the second quarter of 2016, approximately three million square feet of “big box” product was under construction in Las Vegas, while new construction for smaller industrial product remains relatively nonexistent.
At the end of the second quarter of 2016, approximately three million square feet of “big box” product was under construction in Las Vegas, while new construction for smaller industrial product remains relatively nonexistent.
“This lack of available supply for smaller
multi-tenant industrial buildings is placing upward pressure on rental rates
and is driving demand for assets such as Walnut Business Park,” says Mattox.
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.
For a complete copy of the company’s news release,
please contact:
Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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