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MAG Capital Partners Expands Ohio Industrial Portfolio
MAG Capital Partners has acquired a 158,484-square-foot specialty food processing facility in the Cleveland metropolitan area in a sale-leaseback transaction with Produce Packaging, Inc. (PPI).
Phil DiGennaro and Joe DiGennaro with STREAM Capital Partners represented PPI in the transaction. “This acquisition is our second in Northeast Ohio in recent months, reflecting our confidence in the region’s manufacturing and the strength of the industrial commercial real estate market,” said Dax T.S. Mitchell, principal, MAG Capital Partners, which owns approximately two million square feet of industrial real estate in Ohio.
Situated on 9.44 acres in a suburb 20 minutes northeast of Cleveland, the property is located at 27853 Chardon Road, in Willoughby Hills, Ohio, and has served as PPI’s headquarters since 2019. PPI’s $15 million investment in building infrastructure and systems supports multi-temperature and multi-humidity zones. Originally developed as a Sam’s Club, the building features a 27’ clear height, 12 dock doors and four drive-ins.
