LAS VEGAS, Nev. – MCA Realty, a full-service real estate investment and management company based in Orange County, California, has sold three multi-tenant industrial buildings and a parcel of land in the Las Vegas metro for a combined total of $17.260 million.
“The Las Vegas metro is a region where we have been able to consistently find opportunities to add value over the last several years,” says Tyler Mattox, Principal at MCA Realty.
The four recent sales include:
Sale of 43,702 square-foot industrial asset in Las Vegas Metro
MCA Realty has sold Arville Gateway Center, a 43,702 square-foot multi-tenant industrial asset located just off of Arville Street in Las Vegas, Nevada for $8.26 million.
“The recently sold property was one of four assets that our firm owns within a two-block radius of Arville Street,” Mattox says. “Industrial has remained a strong sector throughout the pandemic and we continue to be attracted to industrial properties adjacent to the strip, which is a very unique demand generator, despite the recent slowdown in tourism.”
The firm initially acquired the asset in February 2019 for $4.650 million. According to Mattox, MCA exceeded its proforma rental projections, and proforma exit value, as more capital is being invested into the thriving industrial sector.
“We were able to increase NOI and enhance the long-term value of the asset, making this an optimal time to sell,” says Mattox. “The buyer will be able to continue to benefit from the positive rent growth over time.”
The property is located at 4460 Arville Street in Las Vegas, Nevada.
Jeff Chiate, Mike Adey, Brad Brandenburg, Greg Tassi, Donna Alderson and Nick Abraham with Cushman and Wakefield represented MCA as the seller.
Sale of 41,226 SF multi-tenant industrial property in North Las Vegas
MCA Realty has recently sold 4550 and 4560 Donovan Way, a 41,226 square-foot multi-tenant industrial property, consisting of two buildings, in North Las Vegas, Nevada for $4.484 million.
According to Mattox, this property was the firm’s first acquisition in the Las Vegas market.
“We acquired the asset in 2012 for $1.06 million early in the recovery from the 2008 economic downturn,” says Mattox. “The property was only 47% percent occupied at the time of acquisition. We implemented a strategic capital improvement plan to the property and increased occupancy to nearly 100% where it has remained for the last eight years.”
Mattox explains that the Las Vegas market has continued to recover over the last several years and is increasingly attracting more institutional capital.
“The quality of the market coupled with the stability and track record of the asset made this very attractive to potential buyers,” he explains. “We received strong interest and eventually sold the property to a 1031 exchange investor, achieving a positive result for our firm and our partners.”
Dan Doherty, Mike Kendall, Gian Bruno, Chris Lane, Jerry Doty and Paul Sweetland with Colliers International represented MCA as the seller.
Sale of 27,227 square-foot industrial building in North Las Vegas
MCA Realty also sold 2475 West Cheyenne Avenue, a 27,227 square-foot industrial asset in North Las Vegas, Nevada for $3.116 million.
“This was another asset we acquired early on in Las Vegas where we were able to create significant value,” says Mattox. “We initially acquired the asset in 2014 for $1.105million where we increased occupancy and streamlined operational inefficiencies, stabilizing the asset and increasing NOI.”
During ownership, MCA also implemented a series of capital upgrades to the property, including new exterior paint and interior renovations. “The improvements to the property allowed us to further enhance the value of the asset and attract a strong pool of buyers,” says Mattox. “We ultimately sold the asset as part of a 1031 exchange to the same investor who purchased Donovan Way.”
4.9 Acre Land Parcel Sale in Las Vegas, Nevada
In addition to these recent industrial sales, MCA Realty has also sold a 4.9-acre parcel of land in Las Vegas, Nevada for $1.4 million to CapRock Partners. The land parcel is fully entitled for multi-tenant industrial and comes on the heels of MCA’s recent sale of Walnut Business Park to CapRock Partners, a 94,808 square-foot industrial asset located adjacent to the land parcel.
According to Mattox, the location of the property combined with full entitlements made this attractive to Caprock.
“We acquired the land parcel in 2017 and worked closely with the city on completing full entitlements for the property,” says Mattox. “The fact that the parcel is primed for development made it attractive to buyers.”
MCA acquired the land parcel for approximately $800,000, increasing its value by more than 40% and creating value for investors.
Dan Doherty with Colliers International represented MCA as the seller.
About MCA Realty
MCA Realty is a full-service real estate investment and management company specializing in commercial properties throughout the Western U.S. The goal of the company is to identify real estate investment opportunities and execute value creation strategies that maximize returns to its investors.
MCA Realty’s principals, Tyler Mattox, Jared Gordon, and Peter Cheng have successfully navigated a full spectrum of market conditions, and pride themselves on building and maintaining strong relationships with industry partners. More information is available at www.mca-realty.com.
