MCA Signs New Tenant, Sells 6 in Vegas

The company sold five buildings from Lamb Technology Center with a significant profit, and an additional industrial property was disposed of after the tenant defaulted on its contract.

Lamb Technology Center, at 2725-2797 N. Lamb Blvd.
Lamb Technology Center, 2725-2797 N. Lamb Blvd.

MCA Realty has brought its Henderson, Nev. Gibson Tech Center to full occupancy and sold six other assets in Las Vegas for $5.4 million. The office and industrial assets divested by MCA total 137,859 square feet.

MCA bought Gibson Tech Center in 2016 and has improved it since then through various renovations, including white-boxing the interior and removing obsolete elements. Located at 168 N. Gibson Road, the property was marketed by MCA towards specific businesses. PRA Group inked a lease for the entire 29,998-square-foot building. Negotiations were carried out by Colliers International on behalf of MCA and CBRE on behalf of PRA Group.

As the Las Vegas Metro and Southern Nevada continue to perform and accelerate from a market in recovery to a market experiencing meaningful growth, we will be able to steadily grow rents over time,” said Tyler Mattox, principal at MCA, in a prepared statement.

Industrial divestments

MCA sold five buildings at its Lamb Technology Center, located at 2725-2797 N. Lamb Blvd. The property is a 116,302-square-foot, 17-building business park, constructed in 2008 and acquired by MCA in 2014 for $4.9 million. The company applied similar strategic renovations to these assets as well and improved their value. The five buildings were sold for $2.5 million. In total, MCA Realty obtained $7.6 million for the 15 buildings it sold so far, with plans to dispose of the remaining two during 2018.

MCA acquired the building at 2020 Pama Lane through the bankruptcy court in 2015, according to Mattox. The 24,806-square-foot industrial asset remained vacant after the leasee defaulted on its arrangement with MCA. The company sold the building to a local manufacturer for $2.9 million. The asset is near Interstate 215 and McCarran International Airport. Cushman & Wakefield represented MCA Realty and Commercial Professionals negotiated on behalf of the buyer.

Image courtesy of MCA Realty