MCA Realty Makes $42M Industrial Buy in Las Vegas
Equus Business Center traded for $42 million. The buyer was California based MCA Realty. The firm plans to rebrand the seven building industrial asset as Central Seven Commerce Center.
Dan Doherty of Colliers International and Gabe Telles and Ali Roesener of Gatski Commercial represented MCA in the transaction. Frank Gatski of Gatski Commercial represented the seller.
Equus Business Center is a 357,608-square-foot, multi-tenant industrial property in Las Vegas. The asset taht takes up a full block is 89 percent occupied by a diverse mix of more than 170 tenants. Addresses at Equus include 3400 W. Desert Inn, 31110-3230 Polaris Avenue and 3401 W. Sirus.
Doherty and two Colliers International colleagues, Chris Lane and Jerry Doty, represented MCA in the transaction. Marc Magliarditi of LOGIC Commercial Real Estate also worked on the deal.
Tyler Mattox, MCA principal, said that the firm plans to stabilize the rent roll and bring current rents up to market rate. He noted the net operating income on the property has already increased by more than $200,000. MCA also plans interior and exterior renovations, including new paint, landscaping and signage.
He added that future developments in the region will boost growth, including the new $1.9 billion Raiders Stadium that is being built for the NFL team relocating from Oakland, Calif.
MCA has been active in the Las Vegas market since the recession, buying more than 20 properties, with a focus on multi-tenant assets. The firm currently owns more than 1.25 million square feet in the region.
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