Wednesday, June 10, 2020

MCA Realty Renovates and Sells Multi-Tenant Industrial Asset in North San Diego County for $8.25 Million


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

 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.

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.” 

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.”

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.

Evan McDonald 
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. 


Jared Gordon
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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