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Hialeah Distribution Warehouse Sells For $15M

Mac Papers, which manufactures a host of paper products, sold its distribution warehouse in Hialeah for $14.68 million.

The Jacksonville-based company sold the 137,872-square-foot warehouse at 5900 N.W. 176th St. to Spirit Master Funding X LLC, an affiliate of Dallas-based Spirit Realty. The price equated to $106 per square foot.

The warehouse was built on the 7-acre site by Mac Papers in 1997. It’s just north of the Palmetto Expressway, near the Red Road exit.

According to its website, Spirit Realty’s main acquisition strategy is to purchase single-tenant buildings with long-term tenants.

Mac Papers also just sold three Jacksonville properties, including a warehouse and manufacturing facility, to Spirit Realty for $24 million.

The real estate sales come shortly after the 55-year-old business was sold by the McGehee family to New York-based private equity fund Monomoy Capital Partners

Mac Papers makes office supplies, printer paper, and packaging.

 

Source: SFBJ