MAG Capital Partners, LLC acquired a northwest Wisconsin multi-property industrial facility in a sale-leaseback structured transaction with industrials-focused private equity sponsor CORE Industrial Partners (CORE).
Located at 700 Kelly Avenue, Dresser, Wisconsin, the four-building site totals 107,660 square feet on approximately nine acres just off State Highway 35 and within an hour of the St. Paul-Minneapolis metro area.
The property will continue to be fully occupied by Cadrex Manufacturing Solutions (Cadrex), one of North America’s largest mechanical solutions providers with a full suite of in-house manufacturing capabilities, including sheet metal fabrication, precision machining, injection molding and tooling, mechanical assembly, and engineering and prototyping.
Cadrex consists of 11 complementary acquisitions that CORE has integrated into a precision manufacturing platform designed to assist customers in rapidly bringing programs from concept to scale in a sector navigating a digital transformation. 700 Kelly Avenue is the long-time home of sheet metal fabricator Tenere, Inc., which was acquired by Cadrex in July 2022, and now operates under the Cadrex brand.
In 2022 and 2020, respectively, MAG Capital Partners purchased a 144,025-square-foot northern New Jersey facility and a 130,656-square-foot Phoenix property from personal care and beauty products manufacturer Cohere Beauty, another CORE portfolio company, as part of CORE’s strategy to create a full-service contract manufacturer, formulator and distributor of customized hair care, skin care, fragrance and cosmetics products in the personal care and beauty market.
JC Asensio, Briggs Goldberg and Andrew Sandquist of Newmark advised CORE in the transaction.
