CORE Industrial Partners sells Phoenix property to MAG Capital

MAG Capital Partners has acquired a Phoenix, Arizona-based two-story building from CORE Industrial Partners.

MAG Capital Partners has acquired a Phoenix, Arizona-based two-story building from CORE Industrial Partners. No financial terms were disclosed. The property is currently occupied by Arizona Natural Resources, a producer of personal and home care products.

PRESS RELEASE

PHOENIX—Fort Worth, Texas-based MAG Capital Partners, LLC, has acquired a 130,656-square-foot property occupied by Arizona Natural Resources (ANR), one of the nation’s leading producers of personal and home care products.

The two-story building located at 2525 E. Beardsley Road in Phoenix—built by ANR in 1992—comprises office, warehouse and research space, and is situated on 5.4 acres in the top-performing industrial market in the region.

Led by principals Dax T.S. Mitchell and Andrew Gi, MAG Capital Partners purchased the asset in a sale-leaseback-structured transaction with ANR, which was acquired in June 2020 by Chicago-based private equity firm CORE Industrial Partners.

“It has been our pleasure to be of service to the talented teams at both CORE and ANR through this acquisition,” said Mitchell. “We look forward to continuing a long-term partnership as a trusted capital source for the years to come.

“The industrial market in Greater Phoenix remains inefficient as demand continues to outpace supply,” stated Mitchell. “Phoenix is clearly one of the most desirable markets in the country and ANR is well positioned to benefit from the Phoenix business environment.”
ANR is a leading developer and contract manufacturer of skin, home and hair care products. The company develops and produces a range of items—including shampoos, shaving cream, household cleaners and pet care solutions—classified as “essential” during the pandemic and has remained open throughout the current crisis.

The industrial and manufacturing net-lease sector is Mag Capital Partners’ disciplined focus during this time of general uncertainty brought about by the pandemic, social unrest and tumultuous election cycle. Other similar MAG Capital Partners acquisitions in 2020 are a flex industrial property in Omaha, Neb.; cold storage facilities in Rochester, N.Y. and Sanger, Calif.; and an industrial portfolio in Fort Worth, Texas, tenanted by a military contractor.

J.C. Asensio, Briggs Goldberg, Andrew Sandquist and Tyrell McGee of NKF’s Chicago office represented CORE Industrial Partners in the transaction. MAG Capital Partners was represented by Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP. The sale price was not disclosed.

About MAG Capital Partners
MAG Capital Partners, LLC, is a private commercial real estate investment firm founded in 2015 by Dax T.S. Mitchell and Andrew Gi. Based in Fort Worth, Texas, the company owns a portfolio primarily comprising net-leased industrial properties throughout the United States. For more information, visit www.magcp.com.