Western US real estate investor MCA Realty has acquired a 357,608sqft industrial property in Las Vegas, Nevada for $42m (€37.5m).
The California-based manager said it has bought Equus Business Center from a private investor and plans to rebrand the multi-tenant property as Central Seven Commerce Center.
Tyler Mattox, principal at MCA Realty, said multi-tenant industrial assets are typically very expensive to build so there is little new development in the sector, especially as construction costs continue to increase.
“Because the cost to build is so high, it is also very uncommon to find multi-tenant industrial assets as large as 350,000sqft and ones that occupy a full square block.
“This property is a valuable addition to our portfolio and will continue to benefit from this sector’s diminishing supply and the asset’s location and proximity to the Las Vegas Strip.”
The business centre is currently 89% occupied by a diverse range of more than 170 tenants.
Mattox said MCA Realty plans to stabilise the rent roll, as well as bring current rents up to today’s market value.
MCA Realty said it has also sold the final unit in its Wigwam Jones Industrial Park asset in the Southwest submarket of Las Vegas for $1.1m.