In a sale-leaseback-structured transaction, Fort Worth, Texas-based MAG Capital Partners, LLC, led by principals Dax T.S. Mitchell and Andrew Gi, has completed the acquisition of a 196,000-square-foot industrial manufacturing facility in Lexington, Michigan.
MAG Capital Partners purchased the fully-leased property from an industrial manufacturing company that recently completed a $12 million expansion of the plant, which added production equipment and 40,000 square feet of manufacturing space that created new jobs and brought its workforce to more than 500 people.
Situated on 27.5 acres on the banks of Lake Huron in Lexington, 6554 Lakeshore Road provides direct access to Route 25 and the M25 state truckline highway. Built in 1960 and fully renovated in 2017, the facility has 18- to 26-foot ceiling heights, nine dock doors and 10 drive-in doors.
The sale-leaseback is the second MAG Capital Partners has completed in Michigan since November 2020, when the company acquired a three-building, 256,258-square-foot industrial manufacturing portfolio that included 1323 Moore Street in Greenville, occupied by packaging giant Huntington Solutions.
Mary Garnett and Jim Tuesley of Barnes & Thornburg, LLP, represented MAG Capital Partners and Newmark’s JC Asensio, Tyrell McGee, Andrew Sandquist and Briggs Goldberg represented the seller in the transaction.