 |
Rebecca Perlmutter
|
Lakewood, WA – MCA Realty, a full-service real
estate investment and management company based in Orange County, California,
announces the sale of Lakewood Business Park, a 136,350 square-foot
multi-tenant industrial park in Lakewood, Washington, a submarket of Seattle,
for $32.9 million to a private 1031 exchange buyer. |
| Paige Morgan |
Brett Hartzell, Paige Morgan, and Rebecca Perlmutter
of CBRE and Nick Ratzke, John DeHan of Neil Walter represented MCA
Realty in this transaction.
 |
| Tyler Mattox |
The buyer was represented by Gary Stache,
Anthony DeLorenzo, and Bill Maher of CBRE.
 |
| Brett Hartzell |
According to Tyler Mattox, Principal at
MCA Realty, this transaction marks the first disposition of the firm’s $50
million industrial growth fund.
 |
| Nick Ratzke |
MCA
Realty first purchased the multi-tenant industrial park at 10107 South Tacoma
Way for $18.23 million in December 2020, marking its first acquisition within
the fund.
 |
| John DeHan |
“Through our value-add business plan and strong
leasing efforts, we were able to increase in-place rents considerably and
nearly double the valuation of Lakewood Business Park since acquiring the
asset,” says Mattox.
 |
| Gary Stache |
“Part of the value creation was effectuated by
turning an underutilized, excess land component into lease revenue by providing
tenants with outside storage.”
 |
| Anthony DeLorenzo |
To augment value and maximize the use of the
property, the firm developed multiple fenced yards on a portion of unimproved
land to further generate revenue, Mattox explains.
MCA Realty also implemented updates to the
property, including new paint, asphalt, curbing, lighting repairs, and
landscaping.
“Our approach allowed us to significantly
increase occupancy at Lakewood Business Park,” says Mattox. “While the asset
was 85% leased when we acquired it, we were able to sell it at 100% occupancy
after completing these upgrades.”
 |
| Bill Maher |
MCA Realty’s widening footprint in Washington
has shown the firm’s ability to grow within markets. After acquiring Lakewood
Business Park, the firm went on to acquire two more properties in the Seattle
area.
“Our ability to expand our portfolio in the
Western region, including the Pacific Northwest, has been a benefit to our
continued growth,” shares Mattox. “In 2020, we recognized the Pacific Northwest
and Tacoma and Seattle markets as top performers with low vacancy rates at the
time and strong growth characteristics. As of Q3
2022, the Seattle industrial vacancy rate remains low at 3.5%.”
Built in 1978/1981 and comprising six buildings,
Lakewood Business Park is located less than 8 miles from the Port of Tacoma and
less than 2 miles from the Lewis-McChord joint army and air force base. These
destinations drive local industrial demand, as the Port of Tacoma supports
more than 42,100 jobs and Joint
Base Lewis-McCord has a population of over 295,000.
As MCA Realty grows, the firm continues to
deploy the remaining capital within its $50 million industrial growth fund and
plans to raise a second fund in the near future, according to Mattox.
CONTACTS:
Kiera
Moran/Katie Haga
The Smart Agency, Inc.
(949)
438-6262
kmoran@thesmartagency.com
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