The firm will make capital improvements to the property
Seattle, Wash., (March 16, 2023) – MCA Realty, a full-service real estate investment and management company based in Orange County, California, announces the acquisition of Auburn Business Center, a 67,205-square-foot five-building industrial park located at 4040, 4044, 4050, 4054, 4058 Auburn Way North in Auburn, Washington for $9 million ($134 per square foot / 4.94 Cap Rate) in an off-market transaction.
MCA Realty acquired the business park with its $50 million Industrial Growth Fund. The company plans to implement a capital improvement program which will include new paint, asphalt, roof and monument signage.
“After working for two years to acquire this property, we were finally able to close at pricing that is reflective of current market conditions,” says Tyler Mattox, Principal at MCA Realty. “As MCA Realty grows, the firm continues to deploy the remaining capital within its $50 million Industrial Growth Fund and plans to raise a second fund in the near future.”
Mattox went on to say “In the current investment environment, we are focused on acquiring off-market properties and identifying opportunities where we are able to add value to the underlying real estate.”
Built in 1986, Auburn Business Center is ideally located just minutes from SR-167, providing convenient access to neighboring communities. The property is currently 85 percent leased.
Jim Honan of Neil Walter Company represented MCA Realty in this transaction. The seller, a private investor, represented itself.
About MCA Realty
MCA Realty is a full-service real estate investment and management company specializing in commercial properties throughout the Western U.S. The goal of the company is to identify real estate investment opportunities and execute value creation strategies that maximize returns to its investors.
MCA Realty’s principals, Tyler Mattox, Jared Gordon, and Peter Cheng have successfully navigated a full spectrum of market conditions, and pride themselves on building and maintaining strong relationships with industry partners.