MCA Realty Completes Sale of 88 KSF Retail Project
- Jul 11, 2017
MCA Realty has sold the final building in the Brookhollow Freeway Showroom Center in Santa Ana, Calif., to WTW Properties LLC for $3.3 million. The facility is part of an 87,609-square-foot multi-tenant retail/showroom project made up of four separate buildings alongside one of Orange County’s busiest freeways.
Joe Winkelmann, Nick Velasquez and Michael Hartel of Colliers International represented MCA Realty. Ryan Swanson and Chris Conway of Lee & Associates represented the buyer.
Comprehensive capital improvements
Located at 154 E. Warner, the 13,072 square-foot retail showroom is currently occupied by Wine Exchange. MCA Realty initially purchased the property in 2013 for $9.5 million and implemented a comprehensive capital improvement plan, including interior and exterior improvements, updates to the façade and a renovated landscaping scheme. MCA sold the other three buildings for a combined total of $16.8 million in 2015.
“We were able to create significant value by renovating this asset and subdividing the parcel to allow us the ability to sell each building individually,” said MCA Realty Principal Tyler Mattox in prepared remarks. “The Orange County market is characterized by exceptional demographics, strong demand and a limited amount of new supply, which continues to place upward pressure on rental rates and property values. We capitalized on this dynamic to achieve strong rates of return for our capital partners.”
ValueRock Realty Partners has recently added to the Orange County retail inventory with the completion of the retail component of Lake Forest Gateway Center, a mixed-use redevelopment in Lake Forest, Calif.
Image courtesy of MCA Realty