First, "my team of seven managers IS..." The subject of the sentence is TEAM which is singular so you need to change the verb to IS so they agree.

I would probably turn the sentence around so it is not in the passive voice.

Here it is in an active voice:

My team of seven managers, located in Minneapolis MN; Phoenix AZ; St. Charles IL; Blackwood NJ; Juarez Mexico; Oggiono Italy and Tianjin China, is responsible for supporting a business unit and respective region.

First of all, "team of seven managers is located", not "team of seven managers are located". Team is the subject, and it's treated as a singular. (At least in American usage.)

I'd use two simple sentences for clarity's sake.

My team consists of seven managers, each supporting a business unit and a respective region. Locations are in Minneapolis, MN; Phoenix, AZ; St. Charles, IL; Blackwood, NJ; Juarez, Mexico; Oggiono, Italy; and Tianjin, China.

(use semicolons to separate items in the list because commas are used between city & state/country).

Oh my stars - thanks so much. I admit I rely on spell/grammar check a lot but it didn't flag anything in this paragraph. Knew it wasn't right but didn't know why or how to fix it.

Generally, one wouldn't use the two-letter postal state abbreviation when writing text. See link for more information.
http://www.apvschicago.com/2011/05/state-abbreviations-use-traditional-or.html

Here is a link that might be useful: AP Style

Gosh, funcolors, I didn't realize your business was multi-tiered and international. That's an impressive operation you've got there!

Grammar skills are nice to have, but business skills are better :)

Yeah, I wish. lol!

This is for my DH. It's a follow-up, thank you, after interview letter. Going to overnight it tomorrow.

Fingers crossed, Ts & Ps that he gets the job - he/we REALLY want it to work out.

Ha! Well, at least I thought you were capable enough to run an international empire, so take the compliment :)

Very best of luck to your DH.

My gut feeling is that "My team of seven members are located . . ." sounds better to the ear.

There is flexibility in using a plural verb (are located) when the singular subject is a group (team). I found this reference at grammarbook.com:

Collective nouns such as team and staff may be either singular or plural depending on their use in the sentence.

Examples:
The staff is in a meeting. (Staff is acting as a unit here.)
The staff are in disagreement about the findings. (The staff are acting as separate individuals in this example.)
The sentence would read even better as:
The staff members are in disagreement about the findings.