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Home Real Estate

Fort Worth real estate investment, development firm acquires 5 property industrial portfolio

MtR by MtR
June 10, 2021
in Real Estate
0
Fort Worth real estate investment, development firm acquires 5 property industrial portfolio

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MAG Capital Partners, LLC, a Fort Worth-based real estate investment and development firm, has completed its latest sale-leaseback transaction with the acquisition of a five-property industrial portfolio tenanted by Decatur Plastic Products (DPP).

DPP—a leader in the thermoplastics sector serving industries including automotive, consumer products, medical, electronics, institutional, packaging and telecommunications—will continue to occupy the mission-critical facilities and headquarters space under long-term NNN leases. Bradley Company’s Bill Drinkall, Brook Steed and Dave Horacek represented the buyer and the seller in the transaction.

The 252,322-square-foot portfolio includes the recently constructed 3205 N 4th Street, North Vernon, Indiana, a 100,000-square-foot warehouse and manufacturing facility, situated on 24 acres of land. With an additional 12 acres for future planned growth, the site offers easy accessibility to Indianapolis, Cincinnati and Louisville and is on the doorstep of some of America’s largest industrial markets with Chicago, Detroit, Columbus (Ohio), and Cleveland all less than four hours’ drive away. The purchase also includes two nearby North Vernon facilities and two locations in Gadsden, Alabama.

MAG Capital Partners is led by principals Dax T.S. Mitchell and Andrew Gi.

“It was a pleasure to work with the DPP team,” said Gi. “Many similarly multi-generational family owned companies that have successfully weathered economic cycles recognize that sale leasebacks can provide the added capital or more efficient financial structure needed to take their businesses to the next level. In this case, as we worked through the complexities of this portfolio transaction, we were able to help DPP lower its long-term operating costs.”

DPP has announced it will double its workforce to nearly 600 over the next five years. The company is ranked among North American leading injection molders and, in Alabama, ranked No. 2 among state job creators.



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