MCA Realty has acquired Equus Business Center, a 357,608-square-foot multitenant industrial property in Las Vegas, in an off-market transaction for $42 million. MCA Realty plans to rebrand the property as Central Seven Commerce Center.
The seller was a private investor. The property is located at 3400 Desert Inn, 3110–3230 Polaris Ave. and 3401 Sirius Ave. in Las Vegas.
Located just over a mile from the Las Vegas Strip, a multitenant industrial property of this scale and caliber is a rare find, according to Tyler Mattox, principal at MCA Realty.
“Multitenant industrial assets are typically very expensive to build, so there is little new development in the sector, especially as construction costs continue to increase,” said Mattox. “Because the cost to build is so high, it is also very uncommon to find multitenant industrial assets as large as 350,000-plus square feet and ones that occupy a full square block. This property is a valuable addition to our portfolio and will continue to benefit from this sector’s diminishing supply and the asset’s location and proximity to the Las Vegas Strip.”
The business center is currently 89 percent occupied by a diverse range of more than 170 tenants.
According to Mattox, the asset’s location near the Strip acts as a major point of attraction for tenants, as many of its existing tenants service the Strip, which is an epicenter for billions of dollars in business each year.
“The property will also benefit from future development in the region,, such as the new Raiders Stadium and the surrounding development that will come with this $1.9 billion project,” said Mattox. “We feel that we understand the Las Vegas market and have been extremely active in the region for several years. We were one of the first buyers to buy multitenant assets in the area after the downturn. Since then, we’ve acquired more than 20 properties and now own more than 1.25 million square feet in the region.”
MCA Realty plans to implement some interior and exterior renovations to the property including new paint, landscaping, and improved signage, among others.