17 February 2017
Las Vegas
Reporter: Theo Andrew
MCA invests $18.3 million in Las Vegas
MCA Reality has acquired two properties in Las Vegas for a combined $18.3 million.

The Harmon Warehouse Centre (pictured), in the southwest of the city, is a 145,491-square foot multi-tenant industrial building bought for $15.15 million.

Both buyer and seller were represented by CBRE.

Approximately one mile from the Las Vegas Strip, the warehouse was renovated in 2016 to the tune of $1.2 million. MCA is expecting to capitalise on increasing operating rents, which are currently 18 percent below market value.

An additional property, the Gibson Tech Centre, a 29,988-square foot office, was acquired at a significant discount replacement cost at $3.15 million.

The office is located in Henderson, a sub-market of Las Vegas, within two miles of transport links such as the 215 beltway and the US-95 freeway, and 10 miles of McCarran Airport and the Las Vegas Strip.

MCA Realty is planning to “whitebox” the building so that it can be repositioned and targeted at “call centre and other tenants with significant parking requirements”, according to principal Tyler Mattox.

The real estate investment and management company is continuing to seek out industrial and office acquisitions in Las Vegas in the region of $2 million to $25 million. It has recently completed three dispositions in the Las Vegas market worth more than $7 million.

Mattox added: “In comparison to other markets across the West, Las Vegas continues to offer value and pricing levels that are still well below former peak levels.”

“The local industrial market is in its 17th consecutive quarter of positive net absorption, and vacancy in this market dropped to 4.1 percent at the end of last year—the lowest in Southern Nevada since 2006.”

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
West End office acquired for £98.5 million
24 February 2017 | London | Reporter: Theo Andrew
Workspace Group has acquired an office building in London’s West End, for £98.5 million
West London student accommodation sells for £31.5 million
24 February 2017 | London | Reporter: Theo Andrew
The UBS Triton Property Fund (UBS Triton) has acquired a West London student accommodation development for £31.5 million
Will Robson joins MSCI research team
23 February 2017 | London | Reporter: Theo Andrew
MSCI, the US-based equity provider, has appointed Will Robson as global head of real estate applied research
Liad Barzilai named new CEO of Atrium
23 February 2017 | Amsterdam | Reporter: Theo Andrew
Atrium European Real Estate has appointed Liad Barzilai as CEO, with immediate effect
TH Real Estate has acquired a 50 percent stake in the Kamppi Centre in Helsinki, Finland, for €250 million, on behalf of its European Cities Fund
Real IS hit €1.4 billion investment volume in 2016
22 February 2017 | Munich | Reporter: Theo Andrew
Real IS’s investment volume increased to more than €1.4 billion in 2016 while it raised more than €1 billion in equity for the first time
£29.24 million invested in Oxfordshire distribution site
22 February 2017 | Didcot | Reporter: Theo Andrew
Tritax Big Box Real Estate Investment Trust has invested £29.24 million in a new distribution centre in Oxfordshire