Dallas-based MAG Capital Partners, LLC has acquired a multi-structure industrial facility in Chanute, Kansas, in a sale-leaseback-structured transaction with Babcock & Wilcox Enterprises, Inc.
Located at 1700 S. Washington Ave., the 47-acre B&W Chanute site includes nearly 216,000 square feet of manufacturing, assembly and warehouse facilities served by five rail spurs with roughly 7,600 feet of track on the property.
Babcock & Wilcox Enterprises, a global provider of energy and environmental products and services for power and industrial markets, will continue to occupy the property under a long-term lease.
“Kansas saw the most economic development investment per capita in the country last year,” said Dax T.S. Mitchell, principal of MAG Capital Partners. “The industrial real estate fundamentals and manufacturing business climate in the area are strong, and we will continue to invest in resilient companies and markets in the state and throughout the Midwest.”
In the past four years, Kansas has attracted over $14 billion in new business investment and created and retained over 51,000 new jobs with leading manufacturers, including Panasonic, opening new facilities. In Chanute, major employers include aerospace manufacturer Orizon.
“This is our second sale-leaseback transaction with Babcock & Wilcox,” said Andrew Gi, principal of MAG Capital Partners. “We were able to execute a swift acquisition, meeting B&W’s timing needs, and the asset is a great addition to our portfolio.”
In August 2021, MAG Capital Partners acquired 2600 E. Main Street in Lancaster, Ohio, a 483,048-square-foot industrial property, Babcock & Wilcox’s largest U.S. facility.
Cresa’s Gary Glatter represented Babcock & Wilcox in the transaction.