MAG Capital Partners acquired a 117,704-square-foot, single-story warehousing and distribution facility in Cleveland in a sale and long-term leaseback transaction with a global IT solutions and endpoint management company.
Located at 4371 Pearl Road in the low-vacancy Brooklyn Heights submarket, the 5.46-acre site was fully redeveloped in 2018. The property features 38 drive-in doors and 14- 21-foot ceilings.
“We are thrilled to partner with a pioneering global company that invests in its community,” said Dax T.S. Mitchell, co-founder and principal of MAG Capital Partners. “The acquisition of 4371 Pearl Road illustrates our ongoing commitment to leading companies that are growing and innovating in resilient market sectors.”
MAG Capital Partners’ portfolio includes private equity corporate acquisitions and net-leased real estate that are focused primarily in the industrial sector.
4371 Pearl Road is located approximately six miles south of the Cleveland CBD. An extensive interstate network offers access throughout the overall Cleveland MSA and connects the neighborhood with many of the surrounding suburban communities within the Cleveland MSA.
Blair Wood and Kevin Joseph of Cleveland’s WWM Real Estate represented the seller in the transaction.
