PHOENIX—Santa Ana-based MCA Realty has partnered with HG Capital to acquire a 72,241-square-foot industrial and manufacturing asset located at 6720 S. Clementine Court in Tempe. This is the second time the firms have partnered on an opportunistic acquisition in the Southwest.
MCA Realty has planned a comprehensive renovation of the building's interiors and exteriors to attract tenants in an increasingly tight market.
Andrew Jobst of Menlo Park-based HG Capital tells GlobeSt.com, “The asset is very well located in terms of industrial and housing. There was some deferred maintenance that we will be addressing before a renter can occupy. The building has a fair amount of power, good clear-height, so it's appropriate for distribution, manufacturing, or both. It would be a good fit for one tenant or two.”
“We saw an opportunity to purchase an asset with a lot of potential at an attractive basis” says Tyler Mattox, a principal at MCA Realty.
Jobst adds “This investment is right in our strike zone. It's an investment in a small, well located, but underutilized asset. We also like the fact that MCA Realty is an experienced operator that we can depend on to effectively reposition the property and execute on the leasing strategy.”
Steve Sayre of JLL represented MCA Realty in the transaction.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
