December 6, 2018 – MCA Realty, a full service real estate investment and management company based in Orange County, California, has acquired a 40,990 square-foot multi-tenant industrial asset in the North San Diego submarket of Escondido, California. The firm acquired the property for $5.9 million.
“We have been extremely active in multiple geographies throughout the Western region over the last several years and are now expanding our portfolio into San Diego with this acquisition and are looking to acquire more assets in the region over time,” explains Tyler Mattox, Principal at MCA Realty.
“North County San Diego, in particular, has quickly emerged as one of San Diego’s tightest industrial submarkets. Industrial vacancy in San Diego overall has remained below five percent since 2015, and this number has manifested itself in consistent rent growth,” says Mattox. “Industrial users throughout the region continue to expand in markets such as Escondido, Carlsbad, San Marcos, Oceanside and Vista. This will drive long-term demand for properties and drive rent growth over the next several years.”
The multi-tenant industrial property acquired by MCA consists of two buildings with a total of thirteen suites, two of which are vacant. MCA Realty plans to renovate the existing vacant space, as well as update individual suites as leases roll. MCA has also planned some exterior aesthetic upgrades and increased identity signage.
“The rents at the property are currently well-below today’s market, which provides us with strong upside potential,” says Mattox. “Improving and updating the buildings will enable us to quickly lease vacant space and bring remaining rents up to market.”
The property is located at 2750 Auto Park Way in Escondido, California. It has strong street visibility with 300 feet of frontage on W. Mission Road and 750 feet of frontage along Auto Park Way.
Tucker Hohenstein and Conor Boyle with Colliers International represented MCA Realty as the buyer. The seller, a private investor, represented themselves.