MCA Realty Nabs Las Vegas Business Park
- Oct 25, 2016
Las Vegas—MCA Realty, a full service real estate investment and management company based in Irvine, Calif., has announced the purchase of Walnut Business Park, a 92,056-square-foot, value-add industrial business park in Las Vegas’ northern submarket. Located at 3020–3060 N. Walnut Road, the 4.32-acre master planned business park was developed in 2008. At the time of the deal, the property was roughly 90 percent occupied.
MCA purchased Walnut Business Park for $5.1 million at a significant discount to its replacement cost and plans to reposition the asset to create long-term value. “Select value-add opportunities still exist in the Las Vegas market. The industrial market in north Las Vegas has demonstrated a tremendous recovery over the last several years and continues to absorb space. In fact, 2016 marked the region’s strongest year since 2008. This consistent economic growth, coupled with increasing demand for small and mid-bay industrial product throughout the region, makes this acquisition a logical addition to our existing portfolio,” Tyler Mattox, principal at MCA Realty, said in prepared remarks.
MCA plans to perform interior upgrades on select units and revamp some of the project’s landscaping. “This asset is in need of a facelift, providing an opportunity for an improved aesthetic. By integrating a series of capital improvements, we will be able to lease up remaining vacant space, garner higher rents, and ideally increase value over time,” added Mattox.
The acquisition falls in line with the company’s strategy to provide a unique insight into how to increase net operating income and maximize yield. Cathy Jones, Roy Fritz, and David Livingston Jr. with Sun Commercial Real Estate, together with Dan Doherty, Chris Lane and Jerry Doty of Colliers assisted in the transaction.
Image Courtesy of MCA Realty