Mohr Capital broke ground on a new speculative lot (Spec Lot 9) within Mohr Logistics Park (the Park), a master-planned industrial park in the Indianapolis metropolitan area.
The Park is located in Whiteland, Indiana, and Spec Lot 9 will consist of 827,000 square feet of 32-foot clear bulk industrial space. The groundbreaking precedes the planned start of construction on a 1.057-MSF lot (Spec Lot 6) in the next 60 days. In total, the new lots will deliver nearly 2 MSF of space for lease in the market. A brochure with more information on the lots can be downloaded here.
“Mohr Capital is thankful for its partnership with the Town of Whiteland – our collaboration has been an essential component of bringing Mohr Logistics Park to fruition,” said Mohr Capital Chief Development Officer Gary Horn. “The Park represents a significant development for the town and the market, delivering Class A industrial space to service the demand for quality industrial developments in the region.”
Spec Lot 9 and Spec Lot 6 are scheduled for completion in October 2021 and January 2022, respectively. The start of construction on the new lots comes on the heels of the recent completion of a 1-MSF facility within the Park leased to Cooper Tire & Rubber Company. Overall, Mohr Logistics Park will feature more than 7 MSF of Class A bulk industrial space.
Mohr Capital serves as the exclusive developer for Mohr Logistics Park. Mark Writt with CBRE is leasing the park, and Mike Long with Curran Architecture and Ross Nixon with American Structurepoint are providing architectural and civil designs.
Mohr Capital, a Dallas-based privately held real estate investment firm, has sold a ground lease in Steubenville, Ohio, occupied by Texas Roadhouse, to a private investment company.
The retail property is an approximately one-acre outparcel in a highly visible, high-performing location across the street from Fort Steuben Mall – nearly 40 miles west of Pittsburgh, Pennsylvania. Upon acquisition, Mohr Capital worked with Texas Roadhouse Inc. to create initial rent relief and the restaurant agreed to extend its lease long term.
“As social restrictions ease and more people receive their vaccinations, dine-in restaurant operators like Texas Roadhouse are beginning to see a rise in sales,” said Rob Solls, director of retail investments and acquisitions for Mohr Capital. “We’re happy with the way this transaction worked out. As the economy and consumer behavior normalize, we believe the property will continue to provide value to the buyer.”
Mohr Capital acquired the ground lease in 2019 upon the launch of its retail acquisition and redevelopment division, citing the property’s solid real estate fundamentals and the financial strength of operator Texas Roadhouse Inc., a publicly traded restaurant operator with over 630 restaurants system-wide in 49 states and 10 foreign countries. The Steubenville location is a corporate-owned restaurant.
“The Steubenville ground lease was the first transaction of our retail division, and the property has performed well for us,” said Bob Mohr, chairman of Mohr Capital. “Since then, we’ve continued to build on our portfolio and pipeline of retail transactions, and the sale of this ground lease will enable us to continue pursuing best-in-class, fundamental real estate where we can provide value for both operators and our portfolio.”
Solls represented Mohr Capital in the transaction, and The Mansour Group procured the buyer.
Mohr Capital, a Dallas-based privately held real estate investment firm, welcomed Tom Theobald as senior vice president of development.
In his new role, Theobald will source and direct build-to-suit and speculative development projects nationally, with a focus on industrial properties and mixed-use business parks. He is based in Phoenix, Arizona.
“We’re pleased to welcome Tom to the firm,” said Bob Mohr, chairman of Mohr Capital. “His deep experience developing properties that cater to the specific needs of end users will no doubt bolster our portfolio in our key target markets.”
Theobald has more than 25 years of experience in commercial real estate brokerage, development and construction. Over his tenured career, he has directed the development of more than 16 million square feet of industrial facilities and 3,000 acres of land.
Prior to joining Mohr Capital, Theobald served as a principal with Exeter Property Group, where he directed development projects in the Midsouth, West Coast and Central Pennsylvania regions. Before that, he served as senior vice president/regional partner with Verus Partners and as director of development for Browning Investments in Indianapolis, Indiana.
Theobald began his career in the industry as an industrial real estate broker with Colliers Turley Martin Tucker in central Indiana. He holds a Bachelor of Science in Business Economics from the Indiana University School of Business.
Mohr Capital, a Dallas-based privately held real estate investment firm, has sold a 200,000-SF warehouse and outdoor storage facility occupied by GAF Materials Corporation (GAF) located at 130 Tri Quad Drive in Michigan City, Indiana.
Mohr Capital’s sale of the multi-use site, which includes 23 acres of concrete storage capacity, arose from an unsolicited offer by Four Springs Capital Trust, an internally managed real estate investment trust based in Lake Como, New Jersey.
“Midwest industrial real estate is at a premium for both investors and corporate end users, especially for single-tenant, net-leased properties with mission-critical operations,” said Gary Horn, chief development officer for Mohr Capital. “Four Springs approached us with an unsolicited offer. While we intended to hold the asset long term, the offer was compelling and has provided us the necessary capital to continue our investment and development efforts in the region.”
Mohr Capital executed ground-up development on the 45-acre site in nine months, delivering the completed facility in November 2020 to GAF, North America’s largest roofing and waterproofing manufacturer and a subsidiary of Standard Industries. The mission-critical facility serves as a distribution network for roofing products.
“The pandemic has ramped up demand for industrial space close to major shipping hubs. The sale of our Michigan City development is proof of that,” said Bob Mohr, chairman of Mohr Capital. “We have several investments and development projects in the Midwest – including Mohr Logistics Park in Whiteland, Indiana – and we’re excited about the opportunities this renewed interest in the region is bringing.”
Horn represented Mohr Capital in the transaction, and William Dioguardi represented Four Springs Capital Trust.
In 1986, just two years after Bob Mohr relocated his family from Indiana to Dallas to dip his toes in commercial real estate, the bottom fell out of the local market.
While this kind of timing would send lesser professionals packing, Mohr stayed the course. Over the next 35 years, he worked himself into the Dallas elite as the inimitable power broker behind the formidable global corporate real estate firm Mohr Partners.
Now, Mohr is building another empire with Mohr Capital. Yet, instead of just representing corporations, he’s leveraging his amassed capital and national network of tenant and financing relationships to buy and develop the ground they operate on.
In 2020, with a pandemic raging and tenant defaults becoming par for the course, Mohr Capital managed to close 12 significant industrial and office transactions valued at approximately $250 million.
Despite a global pandemic that propelled the commercial real estate industry into uncertainty, Mohr Capital closed 2020 with a blistering track record: 12 transactions in 12 months valued at more than $200 million. The transactions spanned the gamut of Mohr’s offerings — from build-to-suit industrial and retail development, to office, industrial and retail acquisitions across the country.
Yet, Mohr Capital didn’t navigate through the pandemic unhindered. State and municipal shelter-in-place orders and corporate work-from-home policies impacted their tenants as much as anyone’s.
“Like most other companies, the pandemic caused our tenants to reconsider their real estate needs,” said Bob Mohr, chairman of Mohr Capital. “Whether our tenants needed to expand or contract their space requirements, we were happy to work with them to find suitable solutions, especially during unprecedented times like these.”
How does Mohr Capital plan to overcome an unrelenting pandemic which continues to impede business-as-usual? The secret lies in the firm’s family office structure and single source of capital.
“We’re laser-focused on value creation and have longstanding banking relationships to execute deals quickly,” said Mohr. “This year, we’re more resolved than ever to grow the company through expanding our portfolio of quality real estate — we already have deals in the pipeline and are looking for more.”
Here’s a look at Mohr’s 2020 deal volume by asset class:
While the pandemic struck a destabilizing blow to office real estate in 2020, Mohr Capital acquired two high-quality office buildings with both multi-credit and single-tenant leases in Dallas, Texas, and Orlando, Florida.
“With office acquisitions, we focus on mission-critical facilities with credit tenants and solid real estate fundamentals,” said Rodrigo Godoi, managing director of investments for Mohr Capital. “Both of the properties we acquired in 2020 fulfill these criteria. We believe they will be able to withstand lingering pandemic headwinds in 2021, while providing a solid return on investment.”
The office buildings Mohr acquired in 2020 include:
A 12-story, 200,000-square-foot office building located at the intersection of LBJ and the Dallas North Tollway. The property is 90 percent leased.
A two-story, 78,449-square-foot office building fully leased to Accredo Health Group, Inc., a subsidiary of the global health service company Cigna Corporation.
Out of all CRE asset classes, industrial real estate has proved to be the most resilient throughout the pandemic. Mohr Capital recognized this and leveraged its capital and financing relationships to acquire and develop industrial properties across the nation.
“The pandemic changed how businesses operate and consumers shop,” said Gary Horn, chief development officer for Mohr Capital. “Industrial assets like warehouses and logistics centers have managed to gain value in this environment, and we were able to add several of these properties to our portfolio in 2020.”
Mohr Capital’s industrial transactions and developments last year include:
A one million-square-foot warehouse and distribution facility development. Once complete, the facility will house Cooper Tire in its newest Indiana location.
This facility was a prototype development unveiled at a Herc Rentals annual board meeting. The sale provided the buyer with a high-quality credit tenant and a steady revenue stream.
A 400,000-square-foot facility for Cooper Tire located off a high-traffic interstate. Mohr Capital sold the property to an institutional buyer after 14 years of ownership.
The acquisition of 184 acres of land for Phase I of Mohr Logistics Park, a master-planned industrial park. Future phases in the Park will encompass more than 500 acres. Mohr will begin the speculative development of an 827,180-square-foot building in Spring 2021.
A 200,000-square-foot development with an additional 23 acres of storage capacity built for GAF Materials. Mohr Capital began construction in January 2020 and completed the building in November 2020, on time and on budget.
A 102,466-square-foot mission-critical facility for a Compass Group subsidiary providing state-of-the-art laundry processing services to Northern California hospital systems.
The retail and hospitality sectors took the brunt of the pandemic’s blow on commercial real estate. Nationally, nearly half of commercial retail rents went unpaid in April and May. Despite this, a subsector of both retail and hospitality — fast food and fast-casual restaurants — thrived in 2020.
“Well-capitalized chains performed exceptionally well during the pandemic,” said Rob Solls, director of retail investments and acquisitions for Mohr Capital. “In 2020, Mohr Capital was able to source, acquire and sell high-quality retail real estate and attract best-in-class operators.”
Mohr Capital’s retail acquisitions, dispositions and redevelopments in 2020 include:
A property acquisition for the redevelopment and construction of freestanding structures leased to Regions Bank and Chipotle Mexican Grill — both corporately guaranteed and operated.
The sale of a fast-food restaurant property leased by Wendy’s in one of Phoenix’s most affluent suburbs. The location is corporate-guaranteed and a large franchisee-operated restaurant.
A property acquisition and redevelopment for Chipotle Mexican Grill, Inc. Mohr will raze the existing building and deliver a pad site to Chipotle to develop one of its new format drive-thru restaurants.
Mohr Capital, a Dallas-based privately held real estate investment firm, has acquired a two-story, 78,449-square-foot office building in Lee Vista Business Park, a master-planned business park in Orlando, Florida.
Located a mile north of Florida's 528 Expressway at 6272 Lee Vista Blvd., the building is fully leased to Accredo Health Group Inc., an Express Scripts company and subsidiary of the global health service company Cigna Corporation. The facility houses a distribution operation, office space for executives, a specialty pharmacy with clean rooms and a team of specialty-trained pharmacists and nurses who work directly with patients to manage their complex medical conditions.
"Orlando is an attractive market for investors, and we're pleased to close on this mission-critical facility for Cigna. This is our first transaction in the state of Florida and it adds to our continued focus on acquiring best-in-class, single-tenant credit facilities nationwide," said Rodrigo Godoi, managing director of investments for Mohr Capital.
The facility was first developed in 2006 for CuraScript Inc., which merged with Accredo in 2012. Godoi represented Mohr Capital throughout the transaction. Ron Rogg at CBRE handled the sale on behalf of the seller.
"As a privately held investment firm that can move quickly, we worked closely with Cigna and CBRE to facilitate Accredo's long-term occupancy requirements and close the deal fast," said Bob Mohr, chairman of Mohr Capital.
The transaction marks Mohr Capital's second acquisition in less than 30 days following its successful investment in a single-tenant industrial facility in California's Silicon Valley. In 2020, Mohr Capital completed 12 transactions in Arizona, California, Florida, Georgia, Indiana and Texas valued at $200 million.
Mohr Capital, a Dallas-based privately held real estate investment firm, has completed a 200,000-square-foot office and warehouse facility with 23 acres of concrete storage capacity for GAF Materials Corporation (GAF) in Michigan City, Indiana.
Located at 130 Tri Quad Drive, Michigan City, Indiana, GAF's mission-critical facility will serve as a distribution network for roofing products. GAF is North America's largest roofing and waterproofing manufacturer and a subsidiary of Standard Industries, a global company focused on building materials. The company also maintains a shingle manufacturing plant in the city.
"With this facility, GAF has expanded its presence in Michigan City and contributed to the strength of the local economy," said Gary Horn, chief development officer at Mohr Capital. "Moreover, the completion of this project represents another successful partnership between Mohr Capital and GAF, adding to our growing industrial development portfolio."
Construction of the GAF facility began in January 2020, with an expected construction schedule of 12 months. The facility was completed ahead of schedule and on budget by the end of November.
"We're proud to partner with GAF to expand its presence in Michigan City," said Bob Mohr, chairman of Mohr Capital. "Mohr Capital's development arm leverages its own capital and long-standing debt relationships to take on projects like this one and deliver it to companies in a quick, cost-effective manner."
GAF Operations Director Matt Hannon and Senior Process Engineer Chris "Stump" Engibous oversaw the project. Larson Danielson was the general contractor. Bank of Texas provided financial support for the construction. Mike Maratea, real estate counsel for Standard Industries, and Gary Horn negotiated the ground lease and lease agreement.
To date in 2020, Mohr Capital has completed ten transactions in Texas, Arizona, Indiana, California and Florida valued at $200 million, with more acquisitions scheduled to close before the end of the year.
A Dallas-based, privately held real estate investment firm, Mohr Capital, has sold a retail property in Scottsdale, Arizona, one of the most affluent suburbs within the Phoenix area. The location’s tenant, Wendy’s, is a publicly traded restaurant operator with approximately 7,000 locations across the United States. The Scottsdale location is a corporate-guaranteed and large franchisee operated restaurant.
“We are proud to have successfully executed our investment strategy and completed the transaction with a sophisticated 1031 buyer,” said Rob Solls, Director of Retail Investments & Acquisitions for Mohr Capital. “This location is a prime example of how Mohr Capital continues to target best-in-class fundamental real estate where we believe there is an opportunity to extract value.”
Rob Solls handled the transaction on behalf of Mohr Capital.