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| Pinnacle Business Park consists of two-buildings with a total of 13 individual units and is located at 2750 Auto Park Way in Escondido, CA |
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| Tyler Mattox |
Escondido, CA, June 10, 2020 – MCA
Realty, a full service real estate investment and
management company based in Orange County, California, has recently sold a
40,968 square-foot multi-tenant industrial asset in the North San Diego
submarket of Escondido, California.
The property
was sold to Providence Capital Group, a San Diego-based owner and investor, for
$8.25 million.
MCA Realty acquired the property in November 2018 for $5.9
million, and completed strategic interior and exterior renovations to increase
the income profile of the asset.
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| Tucker Hohenstein |
MCA acquired the two building, 13 suite
project, at 80% occupancy with in-place rents approximately 25% below market
rates. MCA’s renovation program allowed the Project to increase in-place rents
to market rates and lease-up vacant space.
“MCA’s focus is on identifying well-located properties with
value-add potential, and then executing on our business plan to best position
the asset” says Tyler Mattox, Principal at MCA Realty.
“As a result, in a very short period of time
we were able to attract a buyer looking for a stabilized multi-tenant
industrial project with long-term growth potential, and realize a strong return
on investment for our investors.”
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| Michael Kendall |
The asset is located in one of the tightest industrial submarkets
in North County San Diego with market vacancy at the time of sale around 3%.
“The asset’s location in a strong industrial
submarket made it attractive to potential buyers,” explains Mattox.
“Escondido continues to attract a variety of
companies, many of whom are seeking quality value alternatives to other San
Diego County submarkets to the south.
"We
strategically positioned the asset to fit this market, which ultimately created
a property that was attractive to buyers.”
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| Conor Boyle |
Tucker
Hohenstein, Michael Kendall and Conor Boyle with Colliers
International represented MCA Realty as the seller.
The buyer, Providence Capital Group, was represented by Evan McDonald with Colliers International.
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| Evan McDonald |
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.
The goal of the company is to identify real estate investment opportunities and execute value creation strategies that maximize returns to its investors.
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| Jared Gordon |
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| Peter Cheng |
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:
Katie Haga / Lexi
Astfalk
(949) 438-6262
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