It's been a busy six months, and we're just getting started.
We’ve officially reached the middle of 2021 and it’s already been quite a year. To date, Mohr Capital has closed on nine transactions and broke new ground in the history of our firm.
On the office side, we acquired Riverwood Corporate Center II, an office building in the Milwaukee metro area. The new property is fully leased by the region’s largest healthcare provider and is proof positive that the office market is still alive and well when occupied by credit tenants. The deal follows our acquisition of another office building in Orlando occupied by Accredo Health earlier this year.
On the industrial side, Mohr Capital is reaching new heights. Recently we sold a last-mile distribution facility in Austin that CoStar called the “priciest deal of its kind.” And on the development side, we’ve made great progress on Mohr Logistics Park in Indianapolis, broke ground on a ~600K-SF industrial facility in Nevada (our first in this market), and delivered retail spaces for Regions Bank and Chipotle in the Houston area.
Our success in industrial is due in part to the rise in e-commerce, which has led to skyrocketing demand and even higher rents. We’ve helped our tenants navigate this environment well, and last month I shared what companies can do to get the industrial space they need at a reasonable price at industry conferences and in the media.
It’s been a busy six months for Mohr Capital, and we’re just getting started. In the second half of the year, we’ll be embarking on new investment strategies and we’re extremely excited for what’s to come. We hope this year has been as fruitful for you as it has for us.
Founder & Chairman
A Record-Breaking Sale
In May, we sold MetCenter Building III in Austin, a 160,000-square-foot industrial facility and 20-acre parking lot. We acquired the facility two years ago and while we intended to hold onto it, industrial demand in Austin resulted in an offer we couldn’t pass up – so much so that CoStar called it “one of the most expensive deals in the Lone Star State.”
Office is Alive and Well in Milwaukee
In April, we acquired Riverwood Corporate Center II, a 112,000-square-foot office building in the Milwaukee metro area. Along with the deal, we secured a long-term lease with the largest healthcare provider in the region, ProHealth Care. It’s been the company’s headquarters since the building was constructed and will continue to be its home for many years to come.
Everything's Coming Up Roses for the Industrial Market
Industrial real estate is on fire. However, high demand has resulted in sparse supply and high rates. In May and June, I talked about how tenants can get the industrial space they need at the Industrial Asset Management Council’s 2021 Spring Forum and in an op-ed article with D Magazine. I also participated in Wealth Management Real Estate’s 7th annual industrial survey, No End in Sight for Industrial’s Strong Run, where I shared my thoughts on the state of industrial demand.
New Market, New Opportunities
In June, we closed on 40 acres in the Tahoe-Reno Industrial Center – one of the largest industrial parks in the world – and started construction on a 600,00-square-foot speculative industrial facility. The development is our first in Nevada and will provide the market with a well-positioned, reasonably priced piece of real estate.
Wrapping Up Retail Developments
In February 2020, we acquired a restaurant site in The Woodlands, Texas – an affluent suburb just north of Houston – for redevelopment. Since then, we razed the existing structure, built two pad sites, and have delivered a Chipotle and Regions Bank branch.
Investing in the Next Generation
Helping young people become successful in the commercial real estate industry has been a focus of mine for the past 40 years. My current role as a member of the University of Notre Dame Fitzgerald Institute of Real Estate Advisory Board has enabled me to further that mission and support an institution in my home state that has been a significant part of my family’s life for years.