 |
| Tyler Mattox |
ORANGE
COUNTY, CA – MCA Realty, a full-service real estate
investment and management company based in Orange County, California, has
announced the recent acquisitions of five assets: two in Washington; two in Las
Vegas, Nevada; and one in Orange, California, for a total consideration of just
over $71 million.
 |
| Jared Gordon |
The five properties
were acquired through the firm’s first fund, ‘MCA Realty Industrial Growth
Fund, LP’ [MCA], which met its target of $50 million in equity commitments
within just three months earlier this year, resulting in approximately $130
million in acquisition capability, according to Tyler Mattox, Principal
at MCA Realty.
“Due
to our long-established track record within the multi-tenant industrial space,
we were able to identify, source, and deploy capital to acquire these assets
relatively quickly after meeting the $50 million target for the first fund in
July,” says Mattox.
“Drawing
upon our experience in the sector, we will implement upgrades and improve
operational efficiencies to enhance the properties, creating long-term value
and capitalizing on high demand.”
 |
| Peter Cheng |
Mattox, Jared Gordon, and Peter Cheng, MCA Realty's principals, have
successfully navigated a full spectrum of market conditions, and pride
themselves on building and maintaining strong relationships with industry
partners.
The
five recent acquisitions include:
A
136,350 Square-Foot Multi-Tenant Industrial Asset in Puget Sound Metro
 |
| Rebecca Perlmutter |
MCA
has acquired Lakewood Business Center, a 136,350 square-foot
multi-tenant industrial asset located in Lakewood, Washington, a submarket of
the Puget Sound metro area, for $18.2 million. The property is located at 10107 South Tacoma Way in Lakewood, Washington.MCA would like to thank Rebecca Perlmutter, Eric Cox, and Monte Decker with CBRE for their guidance on the transaction.
 |
| Eric Cox |
According
to Mattox, this property was the firm’s first acquisition in the state of
Washington and was also the first within its fund.
“We
have been active in multiple markets throughout the Western region over the
last several years, including California, Arizona, and Nevada,” says Mattox.
“With this acquisition, we are now expanding our portfolio into Washington
state and plan to increase our presence in the Pacific Northwest based on
continuing market growth.”
Lakewood
Business Center consists of six buildings comprising a total of 36 units.
 |
Monte Decker
|
Prior
to purchase, the property was approximately 80% leased. During the escrow
period, the firm increased occupancy at the property and the property is
currently 100% leased, notes Mattox.“Since
acquiring the property, we have completed capital improvements including
resurfaced parking fields, a new paint scheme, an overhaul of the HVAC systems,
and the fencing and grading of an acre of undeveloped land, which we have
leased as an outdoor storage area,” continues Mattox.
A
66,000 Square-Foot Multi-Tenant Industrial Property in Seattle Metro
 |
| Kyle Schipper |
MCA
recently acquired Spectrum Business Park, a 66,000 square-foot,
six-building industrial park in the greater Seattle metro area submarket of
Federal Way, Washington, for $8.25 million. The property is located 20 miles north of the firm’s Lakewood Business Center asset at 1800 S 341st Place in Federal Way, Washington.Kyle Schipper and Kyle Sterling with NAI represented both parties to the transaction.
“The property is currently 90% occupied by automotive tenants,” says Mattox.
“There are not many options in the area for these tenants to relocate, so we
anticipate long-term occupancy and believe there will continue to be upward
pressure on rents.”
 |
| Kyle Sterling |
The
firm plans to continue to lease remaining vacant space and implement a series
of strategic improvements to enhance the property’s overall value.“Spectrum
Business Park is currently leased at rates 35% below market,” says Mattox. “We
plan to implement capital upgrades to improve the property and ultimately bring
rents to market.
"These
renovations will include new paint, new signage, new landscaping, upgraded
interiors, and the addition of security cameras and exterior lighting.”
Industrial
Park Totaling 143,000 Square Feet in Las Vegas, NV
 |
| Adam Malan |
MCA acquired a 143,000 square-foot industrial park in Northwestern Las Vegas,
for $16.205 million in an off-market transaction.
“We were able to draw upon close broker relationships to secure the asset off
market,” says Mattox. “We were attracted to this property based on strong
in-place cashflow and potential for rental growth due to its superior
location,” says Mattox.
The
property is 100% leased to three long-term tenants, Mattox adds.
During
ownership, MCA will implement a series of capital upgrades to the property,
including HVAC improvements, new exterior paint, and landscaping.
 |
| Deana Marcello |
The
asset is located at 7350 Prairie Falcon Road in Las Vegas, Nevada.Adam
Malan and Deana
Marcello at Logic Commercial Real Estate represented both parties to the
transaction.
A 126,000 Square-Foot Industrial Park in North Las Vegas
MCA
has also acquired a 126,000 square-foot, six-building industrial park in North
Las Vegas, Nevada for $19.15 million, according to Tyler Mattox.
“The
property is currently 75% occupied with recently vacated units having a high
concentration of office buildout,” explains Mattox.
 |
| Michael (Mike) Kendall |
“We
plan to subdivide the heavily improved units and renovate them to be equipped
for more traditional industrial uses, in order to meet high market demand.”MCA
also strategically negotiated a lease buyout with a tenant that did not plan to
renew, facilitating an accelerated repositioning of the property.
“This
asset is located in a low-vacancy submarket and is across from a new,
state-of-the-art industrial project that was recently sold to a large
institutional investor,” says Mattox.
 |
| Dan Doherty |
The
property is located at 3825-3985 West Cheyenne Ave, North Las Vegas, Nevada.
MCA would like to thank Mike Kendall, Dan
Doherty, Gian Bruno and Jerry Doty at Colliers for their guidance on the
transaction.
 |
| Gian Bruno |
 |
| Jerry Doty |
A
42,000 Square-Foot Multi-Tenant Industrial Building in Orange, CA
MCA has acquired a 42,000 square-foot, two-building industrial property in the
City of Orange in Orange County, California for $9.45 million in an off-market
transaction.
The asset is located at 1523 and 1547 Struck Avenue in Orange, California. This was a principal-to-principal transaction with no brokers involved.
CONTACTS:
Katie
Haga / Lexi Astfalk
Brower
Group
(949)
438-6262
khaga@brower-group.com
www.mca-realty.com.
