MCA Realty Sells 70,000-SF Industrial Property in Moorpark, CA for $10 Million

69,914 square-foot industrial building at 14399 Princeton Avenue in the Ventura County submarket of Moorpark, CA sold for $10,225,000.

Tyler Mattox

MOORPARK, CA – MCA Realty, a full-service real estate investment and management company based in Orange County, California, has sold a 69,914 square-foot industrial building at 14401 Princeton Avenue in the Ventura County submarket of Moorpark, California, for $10,225,000.

The buyer was tire wholesaler Big Brand Tires, which will fully occupy the property.

The transaction took place after MCA Realty executed an extensive renovation on the property, which was built in the early 1990s and in need of updating, according to Tyler Mattox, Principal at MCA.

Bennett F. Robinson

“The key to this sale was our ability to renovate a functionally obsolete building and making it desirable for today’s users,” says Mattox. 

“We were able to perform select renovations and bring a much-needed modern industrial space to the market, while realizing a strong return on our investment.”

MCA purchased the property in November 2017 as part of a 137,465 square-foot two-building industrial acquisition for $7.5 million.

Robert Griffin

The building at 14399 Princeton Avenue, a 45,916 square-foot property, was fully leased at the time of sale.

According to Mattox, MCA chose to monetize the building at 14399 Princeton, selling it for $6,125,000 within weeks of closing escrow, and concentrate on the repositioning of 14401 Princeton Avenue, a 91,549 square-foot industrial and office property.

“The most significant part of the renovation was the removal of roughly 20,000 square feet of mezzanine space to make the building functional,” says Mattox.

“We renovated all of the interior offices and reduced the mezzanine footprint to approximately 9,000 square feet.”

MCA also added an expansive truck court and a large loading dock with a canopy in addition to an updated paint scheme and new landscaping at the property.

Rick Scheckter

“This sale exceeded our financial projections,” says Mattox. “By scaling down the office mezzanine and improving the loading we were able to really make the property desirable for current-day industrial tenants and users.”

Bennett Robinson of CBRE along with Robert Griffin and Rick Sheckter of Newmark Knight Frank represented MCA Realty in the sale transaction. John Ochoa with Lee & Associates represented the buyer.

About MCA Realty

MCA Realty is a full-service real estate investment and management company specializing in commercial properties throughout the Western U.S.

The goal of the company is to identify real estate investment opportunities and execute value creation strategies that maximize returns to its investors. 

John Ochoa

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.

CONTACTS:

Micaela Fehrenbach / Lexi Astfalk

Brower Group

(949) 438-6262

mfehrenbach@brower-group.com

www.mca-realty.com