The Spirit Realty Capital real estate investment trust of Dallas paid $23.9 million for Mac Papers Inc.’s properties along Philips Highway.
Deeds executed March 12 and recorded March 19 show that Mac Papers Inc. sold its offices at 3300 Philips Highway and adjacent undeveloped land for $7.9 million and a warehouse at 3350 Philips Highway for almost $4.8 million.
Mac Paper Converters LLC sold its manufacturing facility at 8370 Philips Highway for $11.2 million.
Spirit Master Funding X LLC bought the properties.
Spirit Realty Capital says it invests in properties leased to single-tenant retail, distribution and service-oriented companies.
It says its properties, totaling 34.1 million square feet of leasable space, are rented to 291 tenants in 28 industries in 48 states.
The property sale coincides with the sale of Mac Papers to Monomoy Capital Partners, a New York Based private equity firm that announced the acquisition March 13.
Monomoy Partners did not disclose the price it paid for the distributor of paper and packaging products. The property sale indicates Monomoy will lease the property from Spirit Capital.
Frank and Tom McGehee founded Mac Papers in 1965 and their sons ran the company until the sale.
Mac Papers generates more than $600 million in sales annually, Monomoy said.
Monomoy said Mac Papers Chief Operating Officer Rick Mitchell will take over as president of the company, with Chief Financial Officer Greg Gay continuing in his position.