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8/15/19
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MCA Realty has acquired Equus Business Center, a 357.6k sf, multi-tenant industrial property in Las Vegas, in a recent off-market transaction for $42 mil ($117/sf). MCA Realty plans to rebrand the property as Central Seven Commerce Center.
The property is located at 3400 Desert Inn, 3110-3230 Polaris Ave, and 3401 Sirius Ave, just over a mile from the Las Vegas Strip. The business center is currently 89 percent occupied by a diverse range of more than 170 tenants.
“Multi-tenant industrial assets are typically very expensive to build so there is little new development in the sector, especially as construction costs continue to increase,” explains Tyler Mattox, Principal at MCA Realty. “Because the cost to build is so high, it is also very uncommon to find multi-tenant industrial assets as large as 350k+ sf and ones that occupy a full square block.
According to Mattox, the asset’s location near the Strip acts as a major point of attraction for tenants as many of its existing tenants service the Strip, which is an epicenter for billions of dollars in business each year. MCA plans to stabilize the rent roll, as well as bring current rents up to today’s market value. Planned improvements include interior and exterior renovations to the property such as new paint, landscaping, and improved signage, among others.
Dan Doherty of Colliers International and Gabe Telles and Ali Roesener of Gatski Commercial represented MCA Realty as the buyer. Frank Gatski of Gatski Commercial repped the seller, a private investor.
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