INDUSTRIAL PARK SELLS FOR $7.85M
MCA Realty, a full service real estate investment and management company, has sold Walnut Business Park, a two-building, 94,808-square-foot multitenant industrial business park. MCA sold the asset to CapRock Partners LLC for $7.85 million.
According to Tyler Mattox, principal at MCA Realty, the firm initially acquired the property for $5.15 million in 2016 and implemented a strategic repositioning plan, which allowed the company to stabilize and sell the asset for an approximate 52.4 percent increase three years later.
“When we acquired Walnut Business Park, it was in need of renovations and aesthetic upgrades,” Mattox said. “We knew, given its location, its strong street visibility adjacent to East Cheyenne Avenue, and the rapid growth underway throughout the Las Vegas metro, that there was a strong opportunity for value creation by renovating the asset, leasing up vacant space and bringing rents up to current market value.”
MCA Realty implemented a series of interior and exterior renovations to the property including new exterior paint, upgrades to the parking lot, and new signage, among other upgrades. The firm also addressed deferred maintenance repairs.
“By implementing these upgrades, we were able to attract a diverse group of tenants, increasing occupancy from 75 percent to 94 percent,” Mattox said. “This stabilized the rent roll, increased cash flow and made the asset attractive to potential buyers.”
In addition to renovations, MCA individually subdivided the property so that units can be sold off separately as individual “air-space” condominiums. This includes 16 units that average 5,700 square feet.
“Individual condominium units are a unique feature not typically found in a multitenant industrial property. The flexible disposition options added value to the asset,” Mattox said. “The Las Vegas metro has transformed over the last five years, emerging as a hub of growth attracting high-profile tenants and institutional capital. The opportunity for increased returns through the sale of individualized condominium units coupled with rising rent growth as the Las Vegas market matures resulted in strong buyer interest.”
Walnut Business Park is at 3020-3060 N. Walnut Road. Dan Doherty, Chris Lane, Paul Sweetland, Mike Kendall and Jerry Doty of Colliers represented MCA Realty as the seller in this transaction.
VANCOUVER COMPANY BUYS INDUSTRIAL PROPERTIES
Cushman & Wakefield brokered the investment sale of a 276,443-square-foot industrial portfolio in southwest Las Vegas.
The portfolio sale consisted of three multitenant industrial projects: The Park @ Arville at 4350 Arville St. (160,277 square feet), Valley View Commerce Center at 5130-5230 S. Valley View Blvd. (73,429 square feet), and Valley View Business Park at 3021 Valley View Blvd. (42,737 square feet).
Nicola Wealth Management, an investment firm in Vancouver, BC, acquired the portfolio from CapRock Partners and CenterSquare for an undisclosed amount.
Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, Brad Brandenburg and Bryce Aberg from Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction.
Encompassing more than 17 acres, the portfolio consists of 13 buildings in three parks located no more than five miles apart adjacent to Interstate 15, the Las Vegas Strip, the new Raiders Allegiant Stadium, and McCarran International Airport. Developed between 1974 and 1989, the properties feature 15-foot to 20-foot clear height and all units have roll-up doors. Suite sizes range from 1,000 square feet to 14,000 square feet.
The portfolio was 98 percent leased to 66 tenants from a diverse group of industries that service the local Las Vegas economy at the time of the sale.
COMPLETED SALES TRANSACTIONS
• Kevin Higgins of CBRE Inc. represented the seller in the sale of 36.45 acres of vacant industrial land at El Campo Grand Avenue and Shatz Street for $14,100,000.
• Kevin Higgins, SIOR, and Sean Zaher of CBRE Inc. represented the buyer, East Craig Owner LLC in the purchase of an 88,915-square-foot industrial building at 3935, 3955 & 3975 E. Craig Road for $10,449,765.
• Kevin Higgins, SIOR, of CBRE Inc. represented the seller in the sale of 9.49 acres of industrial land at Sunset Road and Surrey Street to DP1F2 Acquisition Co. LLC for $6,500,000.
• Kevin Higgins of CBRE Inc. represented the seller in the sale of 10.35 acres of vacant industrial land at Mt. Hood Street and Washburn Road to FB Taylor Holdings LLC for $3,250,000.
• Jason Dittenber; Robin Willett; Devin Lee, CCIM; and Jerad Roberts of Northcap Commercial, have announced the recent sale of 4187 & 4203 Silver Dollar Ave. Apartments for $1,756,000 ($109,750/unit). This sale consisted of 16 multifamily units built in 1963 at 4187 & 4203 Silver Dollar Avenue. This transaction closed on Nov. 20. Northcap Commercial represented the seller, BLMC LLC.
• The sale of APN 140-19-611-001 was completed on Dec. 13. The 1.01-acre parcel is at the northeast corner of East Lake Mead Boulevard and North Walnut Road. The total value of the transaction was $425,000. Michael Brazill and Edward Bassford of Sun Commercial Real Estate Inc. represented the seller, Carl W. Land Trust.
COMPLETED LEASE TRANSACTIONS
• The lease with McManus Auctions was completed Dec. 4. The 18,000-square-foot retail space is at 5220 S. Pecos Road. The total value of the transaction was $960,000. Art Farmanali, SIOR, and Schane Cabatu of Sun Commercial Real Estate Inc. represented the tenant.
• The lease with Rush Truck Leasing Inc. was completed Sept. 1. The 13,015-square-foot industrial space is at 4150 Arctic Spring Ave. The total value of the transaction was $601,487.79. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the landlord, Silver State Equity Partners.
• The lease with Motive Energy Inc. was completed Oct. 14. The 15,000-square-foot industrial space is at 4401 McGuire St., Suite 4407 in North Las Vegas. The total value of the transaction was $480,211.36. Art Farmanali, SIOR, and Schane Cabatu of Sun Commercial Real Estate Inc. represented the tenant.
• The lease renewal with T-Mobile West LLC was completed Dec. 23. The 2,500-square-foot retail space is at 6020 W. Craig Road, Suite 150. The total value of the transaction was $356,250. Eric Rogosch and Jason Park of Sun Commercial Real Estate Inc. represented the landlord, AMJ Jones LLC.
• The lease with Gerardo’s Tacos was completed Nov. 6. The 1,500-square-foot restaurant space is at 9765 W. Flamingo Road. The total value of the transaction was $307,495.30. Paul Chaffee, CCIM; Wil Chaffee and Jason Park of Sun Commercial Real Estate Inc. represented the landlord, Sun City GZ LLC.
• The lease with Moving Forward Counseling Solutions LLC was completed Nov. 25. The 3,564-square-foot office space is at 2651 N. Green Valley Parkway, Suite 104 in Henderson. The total value of the transaction was $243,561.84. Pete Janemark, CCIM, of Sun Commercial Real Estate Inc. represented the landlord, 2625 GV LLC.
• The lease with Hemostasis and Thrombosis Center of Nevada was completed Dec. 13. The 4,365-square-foot office space is at 8352 W. Warm Springs Road, Suite 220. The total value of the transaction was $225,137.96. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the landlord, Capovilla Management LLC.
• The lease with Skyoak Wealth Management was completed Nov. 1. The 4,916-square-foot office space is at 8845 W. Flamingo Road, Suite 110. The total value of the transaction was $200,106. Linda Gonzales of Sun Commercial Real Estate Inc. represented the landlord, 8845 Flamingo Associates LLC.
• The lease with Queens Beauty Studio was completed Sept. 9. The 1,575-square-foot retail space is at 310-398 S. Decatur Blvd., Suite 334. The total value of the transaction was $138,700.76. Eric Rogosch, Jason Park and Ofir Ben-Moshe of Sun Commercial Real Estate Inc. represented the landlord, Decatur Meadows Shopping Ctr LLC.
• International Expo Service Inc. leased 5,704 square feet of industrial space in Pacific Business Center at 1065 American Pacific Drive. Jake Higgins of CBRE represented the landlord and the tenant.
• Networth Realty USA LLC signed a 37-month lease for 2,500 square feet of office space at The Pines Office Park at 7361 W. Charleston Blvd., Suite 110-120. Matt Feustel of Virtus Commercial represented the lessor, The Pines Office Park LLC, in the transaction.
• Blue Home Financial signed a 64-month lease for 2,075 square feet of office space at Spanish Vista Office Park at 4955 S Durango Drive, Suite 113-116. Matt Feustel of Virtus Commercial represented the lessor, Wardy Amen III and Traci Amen, in the transaction.
• United Rentals Realty renewed 29,621 square feet of industrial space for 60 months at 3675 Procyon St. Chris Emanuel of Virtus Commercial represented the lessor, 3500-3675 Procyon LLC, in the transaction.
• Horizon Family Therapy & Wellness renewed 1,488 square feet of office space for 12 months at Augusta Park at 1481 W. Warm Springs Road, Suite 132. Jackie Zlatanovski of Virtus Commercial represented the lessor, Augusta Park 8 LLC, in the transaction.
• Buhl Hookah Lounge renewed 1,219 square feet of retail space for 75 months at Charleston Festival Retail at 6340 W. Charleston Blvd., Suite 140. Jackie Zlatanovski of Virtus Commercial represented the lessor, Charleston Festival Retail LLC, in the transaction.