A Sellers' Market for Repositioned Properties
It might be harder to get into a value-add deal these days, but for those properties already upgraded, it's a sellers' market. Recently MCA Realty sold three of the four buildings that make up the Brookhollow Freeway Showroom Center, a retail/showroom facility in Santa Ana.
The company acquired the property in 2013 (as we reported) and repositioned it to align with tenant demand, MCA Realty principal Tyler Mattox tells us.
MCA Realty worked with Architects Orange and DBaC Construction to renovate the property, including subdividing the single parcel into eight units, as well as interior and exterior improvements.
"This strategy enabled us to stabilize and sell three of the four buildings in a relatively short period of time,” Tyler says, trading in two separate transactions for over $16.8M. MCA Realty plans to retain the remaining building, which is occupied by Wine Exchange.