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VENTURA COUNTY NEWS
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MCA Realty Spends $7.5 Mil on Ventura County Office/Industrial Property

4/17/18

MCA Realty recently acquired a 137.5k sf, value-add industrial property in the Ventura County submarket of Moorpark said to be worth $7.5 mil, or about $55/sf.

The property is comprised of two buildings: a 45.9k sf industrial building at 14399 Princeton Ave which is 100% leased to Turbonetics Holdings Inc, a manufacturer of turbochargers for the defense and specialty automotive industries; and a 91.5k sf office/industrial building at 14401 Princeton Ave. 14401 Princeton Ave is currently vacant and features 31k sf of second floor mezzanine.

“The industrial market in Ventura County is performing well and industrial vacancy in the region remains at historic lows closing out the fourth quarter of 2017 at 1.7 percent,” says Tyler Mattox, Principal at MCA Realty. “This low vacancy rate, coupled with rising demand for quality industrial properties throughout Greater Los Angeles is placing upwards pressure on rental rates and driving increased investor and user interest to the region.”

“We were able to sell 14399 Princeton Avenue within a few weeks of closing escrow on the property,” explains Mattox. “We felt that by acquiring the buildings together we could monetize the leased asset at 14399 Princeton based on its high-quality tenant, and focus on repositioning 14401 Princeton Avenue.”

Bob Griffith and Rick Sheckter at Newmark Knight Frank assisted MCA Realty in the acquisition. Scott Botsford at MetroGroup Realty Finance arranged the acquisition financing. Griffith and Sheckter of Newmark Knight Frank, along with Bennett Robinson and Robert Valenziano of CBRE, also brokered the sale of the14399 Princeton Ave building for MCA.

For the renovation of the 14401 Princeton Ave building, MCA plans to remove a significant portion of the second-floor mezzanine, reducing it to approximately 9k sf. The company feels this will reconfigure the space to align with the demands of today’s industrial user.

MCA Realty also plans to complete a comprehensive overhaul and reconfiguration of the current truck loading at the building to improve functionality and to appeal to a larger segment of the industrial tenant base. The current dock high loading was virtually unusable.






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