MAG Capital Partners Sells Oklahoma Industrial Asset

2400, 2402, 2505 N.W. Industrial Parkway. Image courtesy of MAG Capital Partners

MAG Capital Partners LLC has capitalized on the investment community’s strong interest in the industrial sector with the sale of a fully leased, 206,300-square-foot manufacturing and distribution facility in the nation’s heartland. With the assistance of Institutional Property Advisors, MAG sold the five-building property at 2400, 2402, 2505 N.W. Industrial Parkway in Miami, Okla., to SRE Miami LLC, a private Wisconsin-based buyer.

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The Industrial Parkway complex made its debut in 1971 and in 2015, the facility expanded to its current size with the development of an additional 85,000 square feet. Sited in the northeast corner or Oklahoma, fewer than 20 miles from the borders of Kansas and Missouri, the 28-acre property allows for additional development, as well as next-day distribution to one-third of the U.S. population and three-day service to 98 percent of the country. Industrial Parkway is occupied in its entirety under a long-term, net lease agreement with Hopkins Manufacturing Corp.

IPA’s Peter Bauman and Tivon Moffitt represented MAG Capital as well as the buyer in the Industrial Parkway transaction. The team noted that the asset garnered multiple offers immediately after hitting the market due in no small part to the desirable tenancy.

Good time to sell

MAG Capital did not disclose the sale price of Industrial Parkway; however, the company likely came out on top, as it is currently a sellers’ market in the industrial sector. “Industrial prices nearly broke back into a double-digit year-over-year growth range, climbing 9.5 percent in November,” according to a mid-December 2020 report by Real Capital Analytics’ Wyatt Avery, a senior analyst with the firm. “Although deal volume has fallen in the logistics sector this year, there is still an appetite for these properties and that demand has driven price growth in the sector.” And while the annual industrial property sales volume through November 2020 dropped 26 percent year-over-year as a result of the pandemic, the sector experienced the lowest sales volume decline of the major income-producing property types, according to the RCA report.