Fort Worth-based MAG Capital Partners LLC is accelerating its expansion into the hot – no pun intended – cold storage sector with the acquisition of a facility in Phoenix. Under the direction of Dax TS Mitchell and Andrew Gi, MAG Capital Partners announced that it has acquired 2721 W Willetta Street, a fully occupied cold store lot on 1.73 acres adjacent to major highways. Barnes & Thornburg LLP represented MAG Capital Partners and Matthews Real Estate represented the seller, Lin’s Distribution Corp, in the sale-leaseback transaction. Built in 1980, 2721 W Willetta Street is a multi-tenant facility fully inhabited by Lin’s, Red Bird Farms Distribution Company, and Bon Suisse, Inc., both leaders in high order food fulfillment in the states of California, and Arizona Nevada. At the same time as the sale, Lin signed a long-term leaseback to keep the property occupied. “The demand for cold stores is clearly increasing across the country as online grocers work to address historic logistical shifts,” said Dax TS Mitchell, director of MAG Capital Partners. “With the conclusion of this latest sale-leaseback, we are expanding our network of strategically located facilities in an industry that cannot meet the demand for more direct food delivery services.” dramatically changed the warehousing and distribution business of both perishable foods and pharmaceuticals and medical supplies. MAG Capital Partners continues to seek flexible, air-conditioned properties in all US markets with established tenants, promising economic and demographic trends and proximity to major metropolitan areas. In the past few months, the company has completed sale-leaseback transactions with logistics companies in the grocery chain in New York and California. In July 2020, the company acquired a baby food manufacturing facility operated by Initiative Foods, the largest private label baby food manufacturer in the United States. MAG Capital Partners previously acquired 155 Balta Drive, Rochester, NY, which is fully owned by a company that manufactures and distributes cake products to major national retailers.
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