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December 5, 2019
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CapRock Partners Buys 95k sf Vegas Biz Park from MCA Realty

12/03/19

CapRock Partners LLC acquired Walnut Business Park, a two-building, 94.8k sf multi-tenant industrial business park in north Las Vegas, for $7.85 mil, or $83/sf. The property is located at 3020-3060 N. Walnut, just east of Las Vegas Blvd at Cheyenne Ave.

The asset was sold by MCA Realty, who initially acquired the property for $5.15 mil in 2016 and implemented a strategic repositioning plan. This enabled the company to stabilize and sell the asset for an approximate 52.4% increase three years later.

“When we acquired Walnut Business Park, it was in need of renovations and aesthetic upgrades,” explains Tyler Mattox, Principal at MCA Realty. “We knew, given its location, its strong street visibility adjacent to East Cheyenne Avenue, and the rapid growth underway throughout the Las Vegas metro, that there was a strong opportunity for value creation by renovating the asset, leasing up vacant space, and bringing rents up to current market value.”

MCA Realty implemented a series of interior and exterior renovations to the property including new exterior paint, upgrades to the parking lot, and new signage, among other upgrades. The firm also addressed deferred maintenance repairs.

After implementing these upgrades, MCA was able to attract a diverse group of tenants, increasing occupancy from 75% to 94%. This stabilized the rent roll, increased cash flow, and made the asset attractive to potential buyers. In addition to renovations, MCA individually subdivided the property so that units can be sold off separately as individual “air-space” condominiums. This includes 16 units that average 5.7k sf.

Dan Doherty, Chris Lane, Paul Sweetland, Mike Kendall, and Jerry Doty of Colliers represented MCA Realty in the transaction.





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