November 16, 2018– MCA Realty, a full service real estate investment and management company based in Orange County, California, has sold Gibson Tech Center, a 29,988 square-foot office building in Henderson, Nevada for $6.98 million.
The firm acquired the asset in late 2016 for $3.15 million, according to Tyler Mattox, Principal at MCA Realty.
“We acquired Gibson Tech Center with a very specific business plan in-place,” explains Mattox. “We recognized the abundant parking at the property as a strong amenity and unique characteristic within the marketplace. We decided to market the asset to call center operators and similar tenants with above average parking needs.”
This sale is demonstrative of MCA’s ability to quickly reposition a vacant asset to better fit the market and execute a lease with a global call center, and bring the project full cycle in a relatively short period of time, according to Mattox.
During ownership, MCA Realty implemented a series of renovations to the property including updating the main entry, completely modifying the interior layout to a more open concept, and new paint, among other improvements.
“Our comprehensive renovation plan and ability to tailor the building to call center tenants allowed us to quickly lease the asset to PRA Group, a global financial and business services company, on a nearly eight-year term,” says Mattox. “This significantly enhanced the long-term value of the asset and presented an opportunity to attract a strong buyer pool that recognized the value of the property.”
Gibson Tech Center is located at 168 North Gibson Road in Henderson, Nevada. MCA Realty was represented by Gary Stache, Anthony DeLorenzo, and Doug Mack at CBRE and Taber Thill and Patti Dillon at Colliers as the seller. The buyer, a private investor, was represented by Randy Sheinbein at NAI Capital.