MAG Capital Partners LLC of Texas announced Sept. 6 that it acquired a manufacturing facility in Cedar Grove.
According to the buyer, a sale-leaseback for the 144,025-square-foot property located at 10 Cliffside Drive was completed with private equity firm CORE Industrial Partners‘ portfolio company Arizona Natural Resources.
Financial terms of the deal were not disclosed.
Built in 1984, the property was fully renovated in 2010 and is solar powered, according to MAG Capital Partners. The fully air-conditioned facility sits on nearly 14 acres and features 25-foot ceiling heights. Almost 1 Megawatt of electricity is generated annually by the building’s 3,523 solar panels.
According to MAG Capital Partners Principal Dax Mitchell, the purchase complements the company’s 2020 acquisition of a 130,656-square-foot property occupied by ANR, which was also acquired by CORE, in Phoenix, Ariz.
“The acquisition of CFI further advances CORE’s vision to build a leading beauty and personal care contract manufacturing franchise serving both established and emerging brands,” CORE Industrial Partners Principal Ronald Rascia said in a prepared statement. “We are pleased to work with MAG Capital Partners again on the ANR platform and appreciate the value they bring as a long-term strategic partner.”
In the Garden State, the New Jersey Economic Development Authority has pegged manufacturing as one of the state’s fastest expanding industries over the past four years, with areas such as food and chemical products among the strongest performers.
The transaction is the latest investment by MAG Capital Partners in the sector, but according to Principal Andrew Gi, it’s not the last. “We believe in the resilience of the American manufacturing industry and will continue to target investments in this sector,” he said in a prepared statement.
MAG Capital Partners’ expanding portfolio includes investments in both operating companies and net-leased industrial properties throughout the U.S.
Walker & Dunlop’s Harvey Pava and Jordan Shea arranged the debt financing.