Fort Worth real estate investment, development firm acquires 5 property industrial portfolio
MAG Capital Partners, LLC, a Fort Worth-based real estate investment and development company, has completed its most recent sale-leaseback transaction with the acquisition of an industrial portfolio of five properties rented by Decatur Plastic Products (DPP).
DPP – a leader in the thermoplastics sector serving industries such as automotive, consumer goods, medical, electronics, institutional, packaging and telecommunications – will continue to occupy the mission-critical facilities and headquarters under long-term NNN leases. Bradley Company’s Bill Drinkall, Brook Steed and Dave Horacek represented the buyer and seller on the transaction.
The 252,322 square foot portfolio includes the recently constructed 3205 N 4th Street, North Vernon, Indiana, a 100,000 square foot warehouse and manufacturing facility on 24 acres. With an additional 12 acres for future planned growth, the location offers easy access to Indianapolis, Cincinnati and Louisville and is close to some of America’s largest industrial markets with Chicago, Detroit, Columbus, Ohio and Cleveland all under four hours’ drive away. The purchase also includes two nearby facilities in North Vernon and two locations in Gadsden, Alabama.
MAG Capital Partners is led by Directors Dax TS Mitchell and Andrew Gi.
“It was a pleasure to work with the DPP team,” said Gi. “Many similarly cross-generational family businesses that have successfully weathered economic cycles are realizing that sale leasebacks can provide the additional capital or more efficient financial structure they need to take their businesses to the next level. In this case, we were able to help DPP manage the complexity of this portfolio transaction and lower its long-term operating costs. “
DPP has announced that it will double its workforce to almost 600 over the next five years. The company is one of the leading injection molding manufacturers in North America and ranks second among government employees in Alabama.