Acquisition follows firm’s recent sale of a property on the same street
LAS VEGAS, Nev., (May 15, 2018) – MCA Realty, a full service real estate investment and management company based in Orange County, California, has acquired a five-building, 83,750 square-foot, value-add industrial property in Las Vegas, Nevada. The firm acquired the property off-market from a private seller.
This acquisition comes on the heels of the firm’s recent sale of a 45,437 square-foot industrial asset, 4440 Arville Street, which is located on the same street as this new acquisition, according to Tyler Mattox, Principal at MCA Realty.
“We continue to find value throughout the Las Vegas metro, and have been extremely active in the region since 2012,” says Mattox. “We like industrial properties adjacent to the strip, which continues to be a very unique demand generator. The success we had with the sale of 4440 Arville Street put us in a position to re-invest in a quality asset on the same street and in a market that we feel will continue to perform.”
Mattox explains that MCA acquired 4440 Arville Street in 2013, implemented a series of capital improvements and sold the property five years later. MCA plans to apply a similar capital improvement strategy with this asset. The property is currently 100-percent leased, however the rents in place are considerably below the current competition.
MCA Realty plans to completely replace the roofs, repaint the building’s exterior, improve the landscaping and signage, and update the interior units as leases roll, according to Mattox.
“We feel that these capital improvements will immediately increase the value of the asset and create an opportunity to bring rents up to market value,” explains Mattox who notes that current rents are between 20 and 50 percent below today’s market.
“Our continued strategy is to acquire well-located assets that provide opportunities for value creation,” says Mattox. “By updating the property, adjusting rents to market levels, and capitalizing on the ongoing recovery throughout Las Vegas, we plan to increase the overall long-term value of the asset.”
The property is located at 4610-4650 Arville Street in Las Vegas, Nevada. Rob Lujan, Jason Simon and Xavier Wasiak of JLL represented MCA Realty as the buyer in this transaction.
About MCA Realty
MCA Realty is a full service real estate investment and management company specializing in office and industrial properties throughout the Western U.S. The goal of the company is to identify commercial 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.