MCA Realty Repositions, Sells Walnut Business Park in Las Vegas for $7.8M
LAS VEGAS — MCA Realty has completed the disposition of Walnut Business Park, a two-building, multi-tenant industrial park in Las Vegas. CapRock Partners acquired the asset for $7.8 million.
Located at 3020-3060 N. Walnut Road, Walnut Business Park features 94,808 square feet of industrial space spread across two buildings. MCA Realty originally purchased the asset in 2016 for $5.1 million and implemented a repositioning plan that allowed the company to stabilize and sell the property for an approximate 52.4 percent increase three years later. Interior and exterior renovations included new exterior paint, upgrades to the parking lot, new signage and deferred maintenance repairs.
Additionally, MCA individually subdivided the property into 16 units, averaging 5,700 square feet, that can be sold off separately as individual condominiums.
Dan Doherty, Chris Lane, Paul Sweetland, Mike Kendall and Jerry Doty of Colliers International represented the seller in the deal.