Done Deals: MCA Realty sells 69,000-SF multi-tenant industrial park in Seattle, WA area for $14 million

Thursday, October 12, 2023

MCA Realty sells 69,000-SF multi-tenant industrial park in Seattle, WA area for $14 million

SOLD: Spectrum Business Park,
a 68,911-square-foot, six-building
industrial park located at 1620-1720
South 341st Place, Federal Way, WA

Seattle, WA, Oct. 12, 2023 – MCA Realty, a full-service real estate investment and management company based in Orange County, California, announces the sale of Spectrum Business Park, a 68,911-square-foot six-building industrial park located at 1620-1720 S 341st Place in Federal Way, Washington for $13.75 million to a private investor who was involved in a 1031 Exchange.

Andrew J. (Andy) Miller

Andy Miller and Matt McLennan of Kidder Matthews and Kyle Schipper of NAI Puget Sound Properties represented MCA Realty in this transaction. The buyer was represented by Earney Velton of JSH Properties.

Matt McLennan

MCA Realty acquired the business park in September 2021. The company spent about $500,000 in capital improvements which included new paint, parking lot improvements, roof/gutter upgrades, interior improvements, electrical upgrades, landscaping, and a new signage program.

Kyle Schipper

“Throughout our ownership we were able to successfully execute our business plan, leasing up the property and increasing rents materially across the rent roll which in turn increased the value,” says Tyler Mattox, Principal at MCA Realty.

Tyler Mattox

“In the current investment environment, we are focused on acquiring properties and identifying opportunities where we are able to add value to the underlying real estate, by addressing operational and functional inefficiencies.”

Built in 1978, Spectrum Business Park is located between Seattle and Tacoma, with excellent freeway access to the diverse South Sound population. The property was 100 percent leased at the time of the sale.

Spectrum Business Park is the fifth property sold within the MCA Realty Industrial Growth Fund.

About MCA Realty

Jared Gordon

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.

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.