By Kate Snyder
A business park in Federal Way traded hands recently, showing that the Puget Sound region’s industrial properties continue to attract investors. The Spectrum Business Park, a 66,111 square foot property that spans multiple buildings, was purchased for $13.8 million, or about $207 per square foot, according to King County property records. The seller was an entity affiliated with MCA Realty, and the buyer was an entity that shares an address with McClure and Sons, Inc., an industrial contractor based in Mill Creek.
Located at addresses from 1620 to 1720 S 341st St., the six-building property is 99.4 percent leased to a variety of auto, home improvement and light manufacturing tenants, according to a listing for the property on LoopNet. Positioned between Seattle and Tacoma, Spectrum Business Park has access to Interstate 5 and Highway 18 via the South I-5/S and 348th interchange.
MCA Realty originally acquired the property for $8.3 million, or about $124 per square foot, in September 2021, according to King County records.
Based in Orange County, Calif., MCA Realty is a full-service real estate investment and management company. According to the firm’s website, it specializes in the acquisition, operation and management of commercial properties. The firm has been involved for years in the Puget Sound region.
Earlier this year, the firm announced the acquisition of Auburn Business Center, a 67,205 square foot, five-building industrial park in Auburn for $9 million, or approximately $134 per square foot, in an off-market transaction. Located at 4040, 4044, 4050, 4054 and 4058 Auburn Way North, Auburn Business Center was built in 1986. At the time of the announcement, MCA Realty also detailed plans to implement a capital improvement program which will include new paint, asphalt, roof and monument signage, according to The Registry’s previous reporting.
In another sales transaction, the firm sold Lakewood Business Park in Pierce County last year for $32.9 million. Properties located at 10025, 10027, 10029, 10107, 10109 and 10111 South Tacoma Way were involved in the deal. The seller was an entity affiliated with Los Angeles-based Edward Urlik. MCA Realty originally purchased the business park for $18.2 million in December 2020. The buildings were constructed in the late 1970s and early 1980s.