{"id":1004420269,"date":"2020-04-20T05:07:35","date_gmt":"2020-04-20T13:07:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004420269"},"modified":"2020-04-20T05:07:35","modified_gmt":"2020-04-20T13:07:35","slug":"mag-capital-partners-acquires-frozen-pie-factory","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/","title":{"rendered":"MAG Capital Partners Acquires Frozen-Pie Factory"},"content":{"rendered":"<div id=\"attachment_1004420275\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004420275\" data-attachment-id=\"1004420275\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/155-balta-drive-image-courtesy-of-mag-capital-partners\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/155-Balta-Drive.-Image-courtesy-of-MAG-Capital-Partners.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"155 Balta Drive. Image courtesy of MAG Capital Partners\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/155-Balta-Drive.-Image-courtesy-of-MAG-Capital-Partners.jpg?w=800\" class=\"wp-image-1004420275 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/155-Balta-Drive.-Image-courtesy-of-MAG-Capital-Partners.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/155-Balta-Drive.-Image-courtesy-of-MAG-Capital-Partners.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/155-Balta-Drive.-Image-courtesy-of-MAG-Capital-Partners.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/155-Balta-Drive.-Image-courtesy-of-MAG-Capital-Partners.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004420275\" class=\"wp-caption-text\">155 Balta Drive. <em>Image courtesy of MAG Capital Partners<\/em><\/p><\/div>\n<p>Texas-based MAG Capital Partners LLC has acquired a frozen-pie manufacturing facility in Rochester, N.Y., pursuant to a 20-year leaseback. Located at 155 Balta Drive, the 42,700-square-foot facility is occupied by SatisPie LLC, which makes and distributes private-label frozen pies to national and international retailers. The sale proceeds will provide additional capital for SatisPie&#8217;s continued expansion.<\/p>\n<hr>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/under-the-radar-small-bay-warehouse-space-surges\/\">Under the Radar, Small-Bay Warehouse Space Surges<\/a><\/p>\n<hr>\n<p>SatisPie founder Michael Pinkowski purchased the facility from General Mills in 2007, after the latter closed its pie operation. He then formed SatisPie on the existing footprint. Since then, the plant has gone through a major upgrade, a 35 percent expansion and a multimillion-dollar investment in state-of-the-art manufacturing equipment.<\/p>\n<p>MAG was represented by Mary Garnett of Barnes &amp; Thornburg LLP\u2019s Los Angeles office. Luis Ortega and Kent R. Williams of Marcus &amp; Millichap represented the seller, which was also represented by Joseph Taddeo.<\/p>\n<h2><strong>A look behind the deal&nbsp; <\/strong><\/h2>\n<p>MAG principal Dax T.S. Mitchell told <em>Commercial Property Executive<\/em> that the company has been pursuing cold-storage investments since 2017 and that this sale-leaseback took six months of work. The effort was worth it for several reasons, he explained.<\/p>\n<p>First, the high development costs for a cold-storage facility create a barrier to entry. Second, in the cold-storage sector, \u201c<em>the technology has not advanced much, so the older properties are still good<\/em>.\u201d<\/p>\n<p>In addition, Mitchell said, this transaction\u2019s value is probably around 50 percent of the facility\u2019s replacement cost, making the deal, he said, \u201c<em>an extraordinary opportunity, COVID or no COVID<\/em>.\u201d Finally, he pointed out, \u201c<em>You\u2019re buying a deal that\u2019s going to last 20 years<\/em>.\u201d<\/p>\n<p>Despite the work involved, Mitchell expects sale-leasebacks to become more common, both in the near future and further ahead, blurring the line between real estate and corporate finance.<\/p>\n<p>Cold-storage facilities have been hot lately, particularly through the activities of Americold, which specializes in such assets. In November, the REIT <a href=\"https:\/\/www.commercialsearch.com\/news\/americold-realty-trusts-308m-expansion\/\">agreed to acquire<\/a> both Nova Cold Logistics, a Canadian operator of temperature-controlled warehouses, and two cold-storage facilities from MHW Group Inc. The deals totaled about $308 million.<\/p>\n<p>Then in February, Americold agreed to <a href=\"https:\/\/www.commercialsearch.com\/news\/americold-goes-south-for-latest-acquisition\/\">purchase a 15 percent stake<\/a> in SuperFrio Armazens Gerais SA, a leading cold-storage operator in Brazil, for about $28 million. The deal gives Americold the option to acquire full ownership of SuperFrio, starting in 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 20-year sale-leaseback of a frozen-pie manufacturing facility in Rochester, N.Y., provides the seller\/tenant with capital for its ongoing expansion. <\/p>\n","protected":false},"author":882,"featured_media":1004420275,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21783,21742,10],"tags":[49225,49228,49222,34836],"class_list":["post-1004420269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-investment","category-latest","category-northeast","tag-barnes-thornburg","tag-dax-t-s-mitchell","tag-mag-capital-partners","tag-marcus-millichap"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MAG Capital Partners Acquires Frozen-Pie Factory - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MAG Capital Partners Acquires Frozen-Pie Factory\" \/>\n<meta property=\"og:description\" content=\"The 20-year sale-leaseback of a frozen-pie manufacturing facility in Rochester, N.Y., provides the seller\/tenant with capital for its ongoing expansion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-20T13:07:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/155-Balta-Drive.-Image-courtesy-of-MAG-Capital-Partners.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/\",\"name\":\"MAG Capital Partners Acquires Frozen-Pie Factory - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/155-Balta-Drive.-Image-courtesy-of-MAG-Capital-Partners.jpg\",\"datePublished\":\"2020-04-20T13:07:35+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/155-Balta-Drive.-Image-courtesy-of-MAG-Capital-Partners.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/155-Balta-Drive.-Image-courtesy-of-MAG-Capital-Partners.jpg\",\"width\":800,\"height\":620},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"MAG Capital Partners Acquires Frozen-Pie Factory\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"MAG Capital Partners Acquires Frozen-Pie Factory - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/","og_locale":"en_US","og_type":"article","og_title":"MAG Capital Partners Acquires Frozen-Pie Factory","og_description":"The 20-year sale-leaseback of a frozen-pie manufacturing facility in Rochester, N.Y., provides the seller\/tenant with capital for its ongoing expansion.","og_url":"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2020-04-20T13:07:35+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/155-Balta-Drive.-Image-courtesy-of-MAG-Capital-Partners.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/","url":"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/","name":"MAG Capital Partners Acquires Frozen-Pie Factory - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/155-Balta-Drive.-Image-courtesy-of-MAG-Capital-Partners.jpg","datePublished":"2020-04-20T13:07:35+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/155-Balta-Drive.-Image-courtesy-of-MAG-Capital-Partners.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/155-Balta-Drive.-Image-courtesy-of-MAG-Capital-Partners.jpg","width":800,"height":620},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/mag-capital-partners-acquires-frozen-pie-factory\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"MAG Capital Partners Acquires Frozen-Pie Factory"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/155-Balta-Drive.-Image-courtesy-of-MAG-Capital-Partners.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004420269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004420269"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004420269\/revisions"}],"predecessor-version":[{"id":1004420278,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004420269\/revisions\/1004420278"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004420275"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004420269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004420269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004420269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}