MCA Realty Expands Las Vegas Portfolio
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Las Vegas—MCA Realty has acquired two assets in the Las Vegas market for a combined $18.3 million. The portfolio includes the Harmon Warehouse Center, a 145,491-square-foot multi-tenant industrial building in Southwest Las Vegas and the Gibson Tech Center, a 29,988-square-foot office building in Henderson.
Harmon Warehouse Center was acquired from an institutional investor for $15.1 million and the transaction was arranged by Kevin Higgins, Garrett Toft, Zac Zaher, Sean Zaher and Jake Higgins of CBRE. Located at 4301 and 4325 Valley View Blvd., the asset is composed of two multi-tenant buildings, situated approximately 1 mile from the Las Vegas Strip and in close proximity to Interstate 15. The asset features skylights, clear heights in the warehouse between 18 and 24 feet, fire sprinkler system, dock-high and grade-level loading doors. The seller invested $1.2 million in renovations in 2016, but the property is currently operating at rents that are 18 percent below market level. MCA Realty intends to increase net operating incomes by bringing rents up to market levels, given the central location of the property…
