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| 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.”
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| 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.”
“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.
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| Gibson Tech Center, Henderson, NV |
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.
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| 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:
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| 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 www.mca-realty.com.
For a complete copy of the company’s news release,
please contact:
Lauren Burgos/ Lexi
Astfalk
Brower, Miller & Cole
(949) 955-7940
