June 19, 2019— MCA Realty, a full-service real estate investment and management company based in Orange County, California, has sold a 69,914 square-foot industrial building at 14401 Princeton Avenue in the Ventura County submarket of Moorpark, California, for $10,225,000. The buyer was tire wholesaler Big Brand Tires, which will fully occupy the property.
The transaction took place after MCA Realty executed an extensive renovation on the property, which was built in the early 1990s and in need of updating, according to Tyler Mattox, Principal at MCA.
“The key to this sale was our ability to renovate a functionally obsolete building and making it desirable for today’s users,” says Mattox. “We were able to perform select renovations and bring a much-needed modern industrial space to the market, while realizing a strong return on our investment.”
MCA purchased the property in November 2017 as part of a 137,465 square-foot two-building industrial acquisition for $7.5 million. The building at 14399 Princeton Avenue, a 45,916 square-foot property, was fully leased at the time of sale. According to Mattox, MCA chose to monetize the building at 14399 Princeton, selling it for $6,125,000 within weeks of closing escrow, and concentrate on the repositioning of 14401 Princeton Avenue, a 91,549 square-foot industrial and office property.
“The most significant part of the renovation was the removal of roughly 20,000 square feet of mezzanine space to make the building functional,” says Mattox. “We renovated all of the interior offices and reduced the mezzanine footprint to approximately 9,000 square feet.”
MCA also added an expansive truck court and a large loading dock with a canopy in addition to an updated paint scheme and new landscaping at the property.
“This sale exceeded our financial projections,” says Mattox. “By scaling down the office mezzanine and improving the loading we were able to really make the property desirable for current-day industrial tenants and users.”
Bennett Robinson of CBRE along with Robert Griffith and Rick Sheckter of Newmark Knight Frank represented MCA Realty in the sale transaction. John Ochoa with Lee & Associates represented the buyer.