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| Walnut Business Park, a two-building, 94,808 square-foot multi-tenant industrial business park in Las Vegas, NV |
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| Tyler Mattox |
Las Vegas, NV – MCA
Realty, a full service real estate investment and
management company, has sold Walnut Business Park, a two-building,
94,808 square-foot multi-tenant industrial business park in Las Vegas, Nevada.
MCA sold the asset to CapRock Partners, LLC for $7.85 million.
According to Tyler
Mattox, Principal at MCA Realty, the firm initially acquired the property
for $5.15 million in 2016 and implemented a strategic repositioning plan, which
allowed the company to stabilize and sell the asset for an approximate 52.4%
increase three years later.
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| Dan Doherty |
“When we
acquired Walnut Business Park, it was in need of renovations and aesthetic
upgrades,” explains Mattox.
“We knew, given its location, its strong street visibility
adjacent to East Cheyenne Avenue, and the rapid growth underway throughout the
Las Vegas metro, that there was a strong opportunity for value creation by
renovating the asset, leasing up vacant space, and bringing rents up to current
market value.”
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| Chris Lane |
MCA Realty implemented a series of interior and exterior renovations to the
property including new exterior paint, upgrades to the parking lot, and new
signage, among other upgrades. The firm also addressed deferred maintenance
repairs.
"By implementing these upgrades, we were able to attract a diverse group
of tenants, increasing occupancy from 75% to 94%,” says Mattox. “This
stabilized the rent roll, increased cash flow, and made the asset attractive to
potential buyers.”
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| Paul Sweetland |
In addition to
renovations, MCA individually subdivided the property so that units can be sold
off separately as individual “air-space” condominiums. This includes 16 units
that average 5,700 square feet.
“Individual
condominium units are a unique feature not typically found in a multi-tenant
industrial property. The flexible disposition options added value to the
asset,” says Mattox.
“The Las Vegas metro has transformed over the
last five years, emerging as a hub of growth attracting high-profile tenants
and institutional capital.
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| Mike Kendall |
Walnut Business
Park is located at 3020-3060 N. Walnut Road in Las Vegas, Nevada. Dan
Doherty, Chris Lane, Paul Sweetland, Mike Kendall, and Jerry Doty of
Colliers represented MCA Realty as the seller in this transaction.
About MCA Realty
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| Jerry Doty |
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.
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| Peter Cheng |
Contacts:
Katie Haga / Lexi Astfalk
Brower Group
(949) 438-6262
