Business park in Lakewood sells for more than $18 million; site improvements planned
A California real estate investment and management company this week announced its purchase and future plans for an existing business park in Lakewood.
MCA Realty of Orange County, California, has purchased Lakewood Business Park, a 136,350-square-foot, multi-tenant industrial park located along I-5 at 10107 South Tacoma Way.
The sale price was $18.2 million, and it is the company’s first property acquisition in the state.
The deal closed in December. The site was purchased from ICBP IV Holdings 7 LLC, which purchased the property in 2017 for about $13 million, according to records on file with Pierce County.
“We have been active in multiple areas throughout the Western region over the last several years, including California, Arizona and Nevada,” said Tyler Mattox, principal at MCA Realty, in a news release issued this week. “With this acquisition, we are now expanding our portfolio into Washington state and plan to continue to expand our presence in the Pacific Northwest.
“The Tacoma submarket is one of the tightest industrial submarkets in the region with sub 4 percent vacancy rates. The property’s close proximity to both the port and military base will contribute to long-term tenant demand and made it an attractive investment for MCA.”
The site consists of six buildings with a total of 36 units. Part of the acquisition included an acre of undeveloped land adjacent to the property.
“During the escrow period, we were able to increase occupancy at the property to approximately 95%,” said Mattox, up from an approximate 80 percent.
MCA Realty says it would lease remaining vacant space and launch site improvements.
“We plan to address all deferred maintenance, as well as upgrade the roof, parking lot, paint and landscaping. We also plan to make some interior improvements to select units at the property,” Mattox said in the release.
As for the now-undeveloped land within the purchase, “We plan to grade, add gravel and fence the parcel of land so that it can be used as additional outdoor storage,” said Mattox.
Industrial sites have seen a resurgence in interest in Lakewood in recent months, including the announcement this week of Amazon leasing space for a new site at the Lakewood Logistics Center II.
This story was originally published January 7, 2021 at 11:40 AM.
