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October 27, 2021
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MCA Realty Closes on $71 Mil in Industrial Acquisitions

10/08/21

MCA Realty recently completed five industrial acquisitions in deals totaling just over $71 mil. The assets include two in Washington, two in Las Vegas and one in the City of Orange.

The five properties were acquired through the firm’s first fund, ‘MCA Realty Industrial Growth Fund, LP’ [MCA], which met its target of $50 mil in equity commitments within just three months earlier this year, resulting in approximately $130 mil in acquisition capability, according to Tyler Mattox, Principal at MCA Realty.

One of the purchases was Lakewood Business Center, a 136.4k sf, multi-tenant industrial asset located at 10107 South Tacoma Way in Lakewood, WA, a submarket of the Puget Sound metro area, for $18.2 mil. This property was MCA’s first acquisition in the state of Washington and was also the first within its fund.

Lakewood Business Center consists of six buildings comprising a total of 36 units. 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.

Since acquiring the property, MCA has 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.

Rebecca Perlmutter, Eric Cox, and Monte Decker with CBRE assisted MCA Realty in the transaction.

In another deal, MCA acquired Spectrum Business Park, a 66k sf, six-building industrial park located at 1800 S 341st Place, 20 miles north of the firm’s Lakewood Business Center asset, in the greater Seattle metro area submarket of Federal Way, WA, for $8.25 mil.

The property is currently 90% occupied by automotive tenants. The firm plans to continue to lease remaining vacant space and implement a series of strategic improvements to enhance the property’s overall value. The renovations will include new paint, new signage, new landscaping, upgraded interiors, and the addition of security cameras and exterior lighting.”

Kyle Schipper and Kyle Sterling with NAI represented both parties to the transaction.

In Las Vegas, MCA acquired a 143k sf industrial park at 7350 Prairie Falcon Rd in Northwestern Las Vegas for $16.2 mil in an off-market transaction. The property is 100% leased to three long-term tenants. MCA plans to implement a series of capital upgrades to the property, including HVAC improvements, new exterior paint, and landscaping.

Adam Malan and Deana Marcello at Logic Commercial Real Estate represented both parties to the transaction.

MCA has also acquired a 126k sf, six-building industrial park in North Las Vegas, Nevada for $19.15 mil. The property, located at 3825-3985 West Cheyenne Ave, is currently 75% occupied with recently vacated units having a high concentration of office buildout.

MCA plans 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.

Mike Kendall, Dan Doherty, Gian Bruno and Jerry Doty at Colliers assisted MCA in the transaction.

In the City of Orange, MCA has acquired a 42k sf, two-building industrial property for $9.45 mil in an off-market transaction. The property is located at 1523 and 1547 Struck Ave in the heart of Orange County, near the Honda Center, where the area is seeing sub-2% vacancy rates and strong rent growth.

MCA plans to implement a series of capital upgrades to the property, including new interiors, an updated paint scheme, renovated parking, landscaping, and roof detailing. Many tenants at the property are on month-to-month leases, allowing for flexibility, Mattox adds.

This was a principal-to-principal transaction with no brokers involved.





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