Property is Net Leased Long-Term to IEA's White Construction, Inc.
Fort Worth, Texas-based MAG Capital Partners, LLC (MAGCP) has acquired 3900 E. White Avenue, with over 82 acres of land, in Clinton, Indiana, through a sale-leaseback transaction. The property serves as the worldwide headquarters of White Construction, Inc., a wholly-owned company of Infrastructure and Energy Alternatives, LLC (NASDAQ: IEA). The site comprises a Class A, a three-story, 51,000-square-foot office building that was built for the tenant in 2009 and received the U.S. Green Building Council’s LEED Silver certification, as well as several industrial buildings totaling approximately 55,000 square feet.
White Construction provides a range of traditional, design-build and engineering, procurement and construction (EPC) services in a variety of markets, including fossil and renewable energy power, petrochemical, pharmaceutical, as well as state and federal infrastructure.
“We were attracted to this acquisition because of White Construction’s 60-year-plus history, the strong management team and its position as one of the nation’s largest renewable energy contractors,” stated MAGCP Principal Dax T.S. Mitchell. “We believe the national demand for clean energy and sustainable power should continue to drive market fundamentals for White Construction for years to come.”
MAG Capital Partners was represented by Jim Tuesley and Mary Garnett of Barnes & Thornburg LLP. Tim Mattingly of American Mortgage & Realty Corp. arranged the acquisition financing with First Farmers Bank & Trust in Kokomo, Ind. The seller was represented by Matt Deahl of Imperium Realty & Investments, LLC, and Alex Cantu and Alex Davenport of Colliers International of Indianapolis.
About MAG Capital Partners, LLC
MAG Capital Partners, LLC, is a private commercial real estate development and investment firm formed in 2015 by Dax T.S. Mitchell and Andrew Gi. Based in Fort Worth, Texas, the company owns a portfolio primarily comprising single-tenant industrial and other income-producing properties throughout the United States.
