In a recent sale-leaseback deal, MAG Capital Partners has acquired a specialty food processing facility in the Cleveland metropolitan area. The 158,484-square-foot property was previously owned by Produce Packaging, Inc. (PPI). Phil DiGennaro and Joe DiGennaro of STREAM Capital Partners represented PPI during the transaction. According to Dax T.S. Mitchell, principal at MAG Capital Partners who currently owns two million square feet of industrial real estate in Ohio, this is their second acquisition in Northeast Ohio within a few months due to their confidence in the region’s manufacturing industry and strong commercial real estate market.
The property is located at 27853 Chardon Road on 9.44 acres of land in Willoughby Hills suburb just 20 minutes northeast of Cleveland. It has been serving as PPI’s headquarters since 2019 after they invested $15 million into building infrastructure and systems that support multi-temperature and multi-humidity zones for their operations. Originally built as a Sam’s Club store, it features impressive specifications such as a clear height of 27 feet along with twelve dock doors and four drive-ins for easy loading/unloading processes.
MAG Capital Partner continues to expand its industrial portfolio across Ohio with this latest acquisition.
