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.”