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December 10, 2019
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VENTURA COUNTY NEWS
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Tire Wholesaler Buys Ventura County Industrial Facility

6/19/19

Big Brand Tires purchased a 69.9k sf industrial building in the city of Moorpark in a $10.225 mil ($146/sf) transaction. Big Brand, a tire wholesaler, will fully occupy the property, located at 14401 Princeton Ave.

The building was sold by MCA, who purchased the property in November 2017 as part of a 137.5k sf, two-building industrial acquisition for $7.5 mil. The other building, a 45.9k sf property at 14399 Princeton Ave, was fully leased at the time they acquired it. MCA chose to monetize the building at 14399 Princeton, selling it for $6.125 mil within weeks of closing escrow, and concentrate on the repositioning of 14401 Princeton Ave, a 91.5k sf industrial and office property.

MCA Realty executed an extensive renovation on the 14401 Princeton property, which was built in the early 1990s and in need of updating, according to Tyler Mattox, Principal at MCA.

“The key to this sale was our ability to renovate a functionally obsolete building and making it desirable for today’s users,” says Mattox. “We were able to perform select renovations and bring a much-needed modern industrial space to the market, while realizing a strong return on our investment.”

“The most significant part of the renovation was the removal of roughly 20k sf of mezzanine space to make the building functional,” says Mattox. “We renovated all of the interior offices and reduced the mezzanine footprint to approximately 9k sf.”

MCA also added an expansive truck court and a large loading dock with a canopy in addition to an updated paint scheme and new landscaping at the property.

Bennett Robinson of CBRE, along with Robert Griffith and Rick Sheckter of Newmark Knight Frank, represented MCA Realty in the sale transaction. John Ochoa with Lee & Associates repped the buyer.






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