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October 23, 2018
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MCA Realty Spends $26.5 Mil on Two Inland Empire Assets

10/08/18

MCA Realty recently expanded its portfolio in the Inland Empire with the acquisition of two assets, a retail property in Moreno Valley and an industrial asset in Temecula, California. The two properties traded for a combined price of $26.5 mil.

Stoneridge Towne Centre
Stoneridge Towne Centre
In Moreno Valley, MCA Realty paid $16.5 mil for 117.2k sf portion of Stoneridge Towne Centre, a Target and Kohl’s shadow anchored retail center. The acquisition includes four multi-tenant retail buildings and two retail boxes, as well as four developable pads encompassing 5.24 acres. The retail assets are 88% occupied with Best Buy and West Elm currently occupying the two box spaces on short term leases.

“The in-place occupancy at the property will provide immediate cash flow while we lease the remaining vacant space, improve the common elements and grow NOI,” Mattox explains. “Our ability to acquire the assets at approximately 50% below replacement cost will allow us to incorporate generous tenant improvement allowances, which will aid in attracting a diverse and high-quality tenant base.”

MCA Realty plans to reshape the existing tenant mix at the center, located with frontage along the 60 Fwy, as leases roll in order to appeal to today’s shoppers. The assets are located at 27110, 27120, 27130, 27140, 27190, and 27220 Eucalyptus Ave, within Stoneridge Towne Centre.

Phil Voorhees, Jimmy Slusher, James Tyrrell and John Read at CBRE represented both the buyer and the seller in the transaction.

In Temecula, MCA Realty paid $10 mil for Diaz Commerce Center, a 131.6k sf industrial asset that was sold by a private investor. The property is located at 27711 Diaz Rd, south of the intersection of Hwy 79 and I-15.

Diaz Commerce Center encompasses two buildings, one of which is fully leased to two tenants, Rough Brothers Inc, a commercial greenhouse manufacturer, and Forza One Performance LLC, an indoor volleyball training facility. The second industrial building was leased during escrow to Temecula Speed and Marine, who is expanding its presence in the market.

MCA was able to quickly stabilize and increase NOI for the property by leasing the vacant portion of the project during their escrow period. Beyond this, MCA plans to modernize the property by updating the landscaping and parking.

“There is a migration underway as more and more tenants from San Diego move north in search of value alternatives,” says Mattox. “This has resulted in high industrial demand throughout Temecula and limited supply. Industrial vacancy rates throughout Southwest Riverside County are currently below 2%. This lack of available product, coupled with increasing demand will enhance the long-term value of this asset and place upward pressure on rental rates over time.”

Scott Stewart at Lee & Associates represented MCA in the deal. Mahlon Tobias at Tobias Commercial repped the seller.





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