SANGER, CALIF. — Fort Worth, Texas-based MAG Capital Partners has completed the acquisition and 20-year leaseback of a baby food manufacturing facility in California’s Central Valley. Led by Principals Dax Mitchell and Andrew Gi, MAG Capital purchased the fully leased property from Initiative Foods, a private label baby food manufacturer, for an undisclosed price.
Located at 1945 Industrial Way in Sanger, the 28,500-square-foot property was built to suit for the tenant-seller, which produces more than 50 varieties of organic products made from locally sourced fruits and vegetables. The facility was completed in November 2019.
Mary Garnett and Jim Tuesley of Barnes & Thornburg represented the buyer, while Chelsea Mandel of Stream Capital Partners represented the seller in the transaction.