10 Cliffside Drive in Cedar Grove — Courtesy: MAG Capital Partners
By Joshua Burd
Investment firm MAG Capital Partners has acquired a nearly 145,000-square-foot building in Essex County as part of a sale-leaseback with the owner of a cosmetics manufacturer.
The Fort Worth, Texas-based buyer paid an undisclosed sum for the Cedar Grove property, at 10 Cliffside Drive, which serves as a facility for Contract Filling Inc. MAG Capital Partners completed the deal with private equity firm CORE Industrial Partners’ portfolio company Arizona Natural Resources, which announced its acquisition of Contract Filling Inc. in mid-August.
Built in 1984 and fully renovated in 2010, the 144,025-square-foot building sits on 13.94 acres some 30 minutes from New York City, with 25-foot clear ceiling heights and 3,523 solar panels that produce nearly 100 percent of the company’s electricity needs. The deal follows MAG Capital Partners’ recent purchase of a facility operated by Arizona Natural Resources, a personal care products manufacturer, at 2525 East Beardsley Road in Phoenix.
“The CFI Cedar Grove facility complements our acquisition of ANR’s Phoenix manufacturing property from CORE in 2020,” said Dax T.S. Mitchell, a principal of MAG Capital Partners. “It is a pleasure to continue to serve CORE as a trusted real estate partner and capital source.”
In detailing the Cedar Grove deal, MAG Capital Partners noted that Arizona Natural Resources’ acquisition of Contract Filling Inc. solidifies its position as one of North America’s largest manufacturers of personal care and beauty products. The deal added one of the few manufacturers in the U.S. with the unique facility specifications, advanced manufacturing equipment and safety certifications required to produce alcohol-based personal care products.
The combination also expanded Arizona Natural Resources’ product portfolio in the high-end fragrance category and will enable the platform to serve a broader range of personal care and beauty applications across a wide spectrum of unit sizes.
“The acquisition of CFI further advances CORE’s vision to build a leading beauty and personal care contract manufacturing franchise serving both established and emerging brands,” CORE Industrial Partners Principal Ronald Rascia said. “We are pleased to work with MAG Capital Partners again on the ANR platform and appreciate the value they bring as a long-term strategic partner.”
The Essex County transaction was MAG Capital Partners’ latest investment in manufacturing and real estate occupied by established and growing companies, according to a news release. The firm’s expanding portfolio includes investments in both operating companies and net-leased industrial properties throughout the U.S.
“We believe in the resilience of the American manufacturing industry and will continue to target investments in this sector,” MAG Capital Partners Principal Andrew Gi said.