Fort Worth, Texas-based MAG Capital Partners, LLC, led by principals Dax T.S. Mitchell and Andrew Gi, acquired a 645,000-square-foot industrial facility at 41 U.S. Route 30 in Rock Falls, Illinois, situated on 124 acres. The property, known as the I-88 Distribution Center, has operated under a long-term NNN lease with Cimco Recycling, LLC, since 2018.
Cimco is a family-owned business and one of the largest processor-brokers of scrap metal in the Midwest. The recycler, which buys a variety of scrap materials, including metals, paper, plastic and electronic waste, operates facilities across Illinois and a site in Milwaukee.
Located within an area once known as the Hardware Capital of World for its proliferation of manufacturing and steel companies, the I-88 Distribution Center was the home of the Stanley Black & Decker plant. Subsequently, Cimco Recycling signed as the first tenant of the newly renovated building in 2018.
The additional acreage of land included in the transaction also presents future development options for a site within two hours drive of downtown Chicago.
In the past year, the state has attracted $2.2 billion in data center projects, including Facebook’s plans for an $800 million data center on 550 acres in DeKalb.
Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners in the acquisition of the I-88 Distribution Center. Kent Williams, Matt Taylor and Steven Weinstock of Marcus & Millichap represented the seller.
MAG Capital Partners continues to expand its portfolio of single-tenant industrial assets across the U.S. Recently, the firm acquired a 196,000-square-foot industrial manufacturing facility in Lexington, Michigan, that is fully-leased to a major supplier to the automotive industry, a cold storage facility in Phoenix, an industrial office building in Phoenix, and a retail development in Fayetteville, Arkansas.