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SOLD: Spectrum Business Park,
a 68,911-square-foot, six-building
industrial park located at 1620-1720
South 341st Place, Federal Way, WA
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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.
%20Miller.png) |
| 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.
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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.
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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.
CONTACT:
David Ebeling
Ebeling Communications
949.861.8351
949.278.7851 (Cell)
david@ebelingcomm.com
Member of the National Association of Real
Estate Editors (NAREE)
“PR Strategist for the Commercial Real Estate
Industry: I do what I love and love what I do.”
www.mca-realty.com.
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