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1/12/21
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MCA Realty has acquired Lakewood Business Park, a 136.4k sf multi-tenant industrial asset in Lakewood, WA, within the Puget Sound metro area. The property, located at 10107 South Tacoma Way, sold for $18.2 mil ($133/sf).
Lakewood Business Center consists of six buildings with a total of 36 units. Prior to purchase, the property was approximately 80% leased. The purchase includes an acre of undeveloped land adjacent to the property that has not been fully utilized.
“Many areas throughout the Pacific Northwest have emerged as top performing markets over the last several years, including Tacoma,” explains Tyler Mattox, Principal at MCA Realty. “The Tacoma submarket is one of the tightest industrial submarkets in the region with sub 4% vacancy rates. Lakewood Business Center is located less than eight miles from the Port of Tacoma, which handles more than 10 million tons of cargo annually with an approximate value of $25 bil. Lakewood Business Center is also located less than two miles from the active joint army and air force base Lewis-McChord, which has a daytime population of more than 150,000 people and is the fourth largest military base in the U.S. The property’s close proximity to both the port and military base will contribute to long-term tenant demand and made it an attractive investment for MCA.”
During the escrow period, MCA was able to increase occupancy at the property to approximately 95%. The firm plans to continue to lease remaining vacant space and implement a series of strategic improvements to enhance the property’s overall value. This includes upgrades to the roof, parking lot, paint and landscaping. MCA also plans to make some interior improvements to select units at the property.
Rebecca Perlmutter, Monte Decker and Eric Cox with CBRE were involved in brokering the transaction.
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