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5/08/14
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MCA Realty recently acquired three properties in the Las Vegas market. The purchases, which included a 114.8k sf multi-tenant industrial business park, a 27.2k sf multi-tenant industrial business park and a 20k sf single-tenant office building, bring the firm’s Vegas portfolio to nearly half a million square feet.
In one of the deals, MCA Realty acquired Lamb Technology Center, a 114.8k sf, multi-tenant industrial property located at 2725-2797 North Lamb Blvd, for $4.9 mil ($43/sf). The property, which was 54 percent occupied when acquired, consists of 16 freestanding industrial buildings designed in a duplex fashion. Each duplex is comprised of two 6.3k sf industrial units.
In addition to the 16 industrial buildings, the property includes a freestanding 14.8k sf commercial/retail building. This structure, which is situated at the front of the project, was designed to take advantage of the visibility on Lamb Ave, which is a heavily traveled north/south thoroughfare.
MCA plans to lease the remaining vacant space in the near term. The company plans to then sell the property to an investor once stabilized, or sell off the property fractionally to owner users.
“Our disposition strategy on this property is aligned with the increased demand from buyers in the market,” notes Tyler Mattox, a Principal at MCA Realty. “Based on steady market improvement and the continued availability of SBA financing, owner-users are increasingly making the decision to acquire their facilities. We will be able to meet this demand by selling each of these industrial units individually.”
Kevin Higgins and Garrett Toft of Voit Commercial Brokerage and Brian Riffel of CBRE assisted MCA Realty in the transaction.
Cheyenne West Business Center |
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MCA Realty also acquired a 27.2k sf incubator, multi-tenant industrial business park located at 2475 W. Cheyenne Ave in North Las Vegas for $1.1 mil, or about $40/sf.
Comprised of 13 individual units, the property is currently 75 percent occupied. One tenant, a non-profit operated by legendary boxing referee Richard Steele, occupies three units, or approximately 23 percent of the property. Of the 13 total units, three remain vacant.
“We plan to immediately renovate the vacant units and market them for lease,” says Mattox, who explains that as the property’s current leases expire in 2014 and 2015, MCA Realty plans to transition the rent roll to market level rents.
“Vacancy across the valley is dropping considerably, and there is no new construction of this product type planned for the foreseeable future,” Mattox says. “Based on these characteristics, we are confident that we will be able to stabilize and add value to the project in the coming years.”
MCA Realty was represented by Chris Beets of Newmark Grubb Knight Frank in the acquisition. The seller was a Texas-based lender.
And in the third buy, MCA Realty acquired a 20k sf, single-tenant office building located at 3915 E. Patrick Lane in the McCarran Airport submarket of Vegas for $1.3 mil ($65/sf). The property, known as the Patrick Business Center, was acquired via bankruptcy auction.
After closing on the acquisition, MCA Realty was able to secure a five-year lease with the current tenant - an automotive finance company that will occupy 100 percent of the property. MCA Realty was represented by Danielle Steffen and Amy Ogden of Cushman & Wakefield Commerce in the transaction.
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