FEDERAL WAY, WASH. — MCA Realty has completed the sale of Spectrum Business Park, a six-building industrial campus in Federal Way, just northeast of Tacoma. A private investor purchased the asset for $13.7 million.
Andy Miller and Matt McLennan of Kidder Mathews and Kyle Schipper of NAI Puget Sound Properties represented the seller, while Earney Velton of JSH Properties represented the buyer in the transaction.
Built in 1978, Spectrum Business Park features 68,911 square feet of industrial space that was 100 percent leased at the time of sale. The park is located at 1620-1720 S. 341st Place.
MCA Realty originally acquired the business park in September 2021 and spend $500,000 in capital improvements that included new paint, parking lot improvements, roof/gutter upgrades, interior improvements, electrical upgrades, landscaping and a new signage program.
Spectrum Business Park is the fifth property sold within the MCA Realty Industrial Growth Fund.