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| Tyler Mattox |
LAS VEGAS, NV – MCA Realty, a full-service real estate
investment and management company based in Orange County, California, has sold
three multi-tenant industrial buildings and a parcel of land in the Las Vegas
metro for a combined total of $17.260 million.
“The Las Vegas metro is a region where we have been able to
consistently find opportunities to add value over the last several years,” says
Tyler Mattox, Principal at MCA Realty.
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| Donna Alderson |
The four recent sales include:
Sale of 43,702 square-foot industrial asset in Las Vegas
Metro
MCA Realty has sold Arville Gateway Center, a 43,702
square-foot multi-tenant industrial asset located just off of Arville Street in
Las Vegas, Nevada for $8.26 million.
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| Jeff Chiate |
“The recently sold property was one of four assets that our
firm owns within a two-block radius of Arville Street,” Mattox says.
“Industrial
has remained a strong sector throughout the pandemic and we continue to be
attracted to industrial properties adjacent to the strip, which is a very
unique demand generator, despite the recent slowdown in tourism.”
The firm initially acquired the asset in February 2019 for
$4.650 million.
According to Mattox, MCA exceeded its proforma rental
projections, and proforma exit value, as more capital is being invested into
the thriving industrial sector.
“We were able
to increase NOI and enhance the long-term value of the asset, making this an
optimal time to sell,” says Mattox. “The buyer will be able to continue to
benefit from the positive rent growth over time.”
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| Mike Adey |
The property is located at 4460 Arville Street in Las Vegas,
Nevada.
Jeff Chiate, Mike Adey, Brad Brandenburg, Greg Tassi,
Donna Alderson and Nick Abraham with Cushman and Wakefield represented MCA
as the seller.
Sale of 41,226 SF multi-tenant industrial property in
North Las Vegas
MCA Realty has recently sold 4550 and 4560 Donovan Way, a 41,226 square-foot
multi-tenant industrial property, consisting of two buildings, in North Las
Vegas, Nevada for $4.484 million.
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| Brad Brandenburg |
According to Mattox, this property was the firm’s first
acquisition in the Las Vegas market.
“We acquired the asset in 2012 for $1.06 million early in
the recovery from the 2008 economic downturn,” says Mattox.
“The property was
only 47% percent occupied at the time of acquisition. We implemented a
strategic capital improvement plan to the property and increased occupancy to
nearly 100% where it has remained for the last eight years.”
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| Greg Tassi |
Mattox explains that the Las Vegas market has continued to recover over the
last several years and is increasingly attracting more institutional capital.
“The quality of the market coupled with the stability and track record of the
asset made this very attractive to potential buyers,” he explains.
“We received strong interest and eventually sold the
property to a 1031 exchange investor, achieving a positive result for our firm
and our partners.”
Dan Doherty, Mike Kendall, Gian Bruno, Chris Lane, Jerry
Doty and Paul Sweetland with Colliers International represented MCA as the
seller.
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| Nick Abraham |
Sale of 27,227 square-foot industrial building in North
Las Vegas
MCA Realty also sold 2475 West Cheyenne Avenue, a 27,227 square-foot industrial
asset in North Las Vegas, Nevada for $3.116 million.
“This was another asset we acquired early on in Las Vegas where we were able to
create significant value,” says Mattox.
“We initially acquired the asset in
2014 for $1.105 million where we increased occupancy and streamlined operational
inefficiencies, stabilizing the asset and increasing NOI.”
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| Dan Doherty |
During ownership, MCA also implemented a series of capital
upgrades to the property, including new exterior paint and interior
renovations.
“The improvements to the property allowed us to further
enhance the value of the asset and attract a strong pool of buyers,” says
Mattox. “We ultimately sold the asset as part of a 1031 exchange to the same
investor who purchased Donovan Way.”
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Mike Kendall
|
4.9 Acre Land Parcel Sale in Las Vegas, Nevada
In addition to these recent industrial sales, MCA Realty has
also sold a 4.9-acre parcel of land in Las Vegas, Nevada for $1.4 million to
CapRock Partners.
The land parcel is fully entitled for multi-tenant
industrial and comes on the heels of MCA’s recent sale of Walnut Business Park
to CapRock Partners, a 94,808 square-foot industrial asset located adjacent to
the land parcel.
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Gian Bruno
|
According to Mattox, the location of the property combined
with full entitlements made this attractive to Caprock.
“We acquired the land parcel in 2017 and worked closely with
the city on completing full entitlements for the property,” says Mattox. “The
fact that the parcel is primed for development made it attractive to buyers.”
MCA acquired the land parcel for approximately $800,000,
increasing its value by more than 40% and creating value for investors.
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| Chris Lane |
Dan Doherty with Colliers International represented
MCA as the seller.
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.
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| Jerry Doty |
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.
CONTACTS:
Katie
Haga / Lexi Astfalk
Brower
Group
(949)
438-6262
khaga@brower-group.com
