MAG Capital Partners LLC, has completed its purchase of 200 Commerce St. and 4920 Franklin Ave. in Waco, which has served as the Hobbs Manufacturing headquarters since 1993. Totaling 402,046 square feet, the manufacturing and distribution facilities are located steps apart on an approximately 27.3-acre site.
“Waco has fantastic market fundamentals and benefits from its location in the heart of Texas between Dallas-Fort Worth and Austin,” said Dax T.S. Mitchell, principal of MAG Capital Partners. “Hobbs has re-committed long term to its strategic location in Waco, which will continue to serve the firm well for many years to come.”
Hobbs Manufacturing was originally founded in 1953 and by 1963 was a leader in the development of synthetic fiber batting and other fiberfill products for the apparel, home furnishings and industrial markets, MAG said in a news release.
“We are thrilled to have executed the transaction with an industry-leading firm like Hobbs,” said Andrew Gi, principal of MAG Capital Partners. “The acquisition and lease are in line with our strategy in the NNN space with strong private companies in the industrial sector.”
MAG Capital Partners negotiated the transaction directly with the seller.