MAG Capital Partners, LLC, acquired three flex industrial properties in three states totaling 244,930 square feet in a sale-leaseback transaction with the tenant, Applegate Greenfiber, which manufactures insulation products for commercial and residential use.
Together the properties span 32 acres and consist of 1000 Highview Drive in Webberville, Michigan, which totals 30,000 square feet on seven acres with 20-foot ceiling heights and two dock doors; 1241 Meadowbrook Drive in Eastanollee, Georgia, totaling 110,000 square feet on 11.7 acres with 20-foot ceiling heights and five dock doors; and 3421 Old Highway 8 in Norfolk, Nebraska, totaling 104,930 square feet on 13.33 acres with ceiling heights ranging from 18 feet to 30 feet and five dock doors.
The Nebraska property is also ideally located between the two longest east to west interstate systems in the nation — I-80 and I-90 — and is 60 minutes from the north-to-south I-29.
Earlier this year, Industrial Opportunity Partners, a Chicago-based industrial focused investment firm, acquired both Applegate Holdings, LLC and the assets of Greenfiber Holdings, LLC to form Applegate Greenfiber Holdings LLC, based in Charlotte, North Carolina.
The new company is capitalizing on its shared marketing platform, complementary product portfolios and shared research and development. The merger also provides an expanded footprint of production facilities and strategically placed sales and field support.
Daniel Macks of STREAM Capital Partners’ Miami office represented Industrial Opportunity Partners in the sale.
