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Groundbreaking precedes start of construction on additional 1.057-MSF lot in next 60 days

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.

One-acre outparcel adjoining Fort Steuben Mall sells to private investor

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.

Theobald joins as senior vice president of development

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.

Recently completed 200,000-SF warehouse and outdoor storage development sells to Four Springs Capital Trust in off-market transaction

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.

The 2,325-SF restaurant will feature new, high-margin ‘Chipotlane’

Mohr Capital, a Dallas-based privately held real estate investment firm, has acquired an existing convenience store located at 3355 Cobb Parkway in Acworth, Georgia, for redevelopment as a Chipotle Mexican Grill.

The property is a 1.36-acre outparcel in front of Home Depot, fronting Cobb Parkway, across from Lakeside Marketplace. Mohr Capital began razing the existing 2,325-square-foot building – a T-Fuel gas station and convenience store – in January and will deliver the pad site to Chipotle.

Chipotle Mexican Grill Inc., a fast-casual restaurant chain with more than 2,700 locations and 94,000 employees, will develop one of its new drive-thru stores – called “Chipotlanes” – on the property and expects to complete construction in 2021. Kimley-Horn Engineering and GPD Group will serve as architecture consultants on the project.

“We’re excited to announce our first retail acquisition in Georgia and a continuation of our partnership with Chipotle,” said Rob Solls, director of retail investments and acquisitions for Mohr Capital. “The property itself exhibits high-quality real estate fundamentals. It’s located off a heavily trafficked corridor and surrounded by national credit big-box retailers like Target and Home Depot. We are confident Chipotle will perform well at this location, and we’re pleased to add the property to our growing retail portfolio.”

Mohr Capital is pursuing more retail transactions in the Atlanta area and seeking value-add retail investment opportunities nationally. The firm currently has multiple retail projects under development and/or management in the West, Midwest, South and Southeast United States. Mohr’s retail division focuses on speculative investments, the acquisition of existing assets with lease monetization opportunities, and build-to-suit development for franchisees and corporate tenants.

“This is our second transaction with Chipotle in the past six months, and it perfectly exemplifies our strategy to source and close desirable retail property that attracts credit tenants,” said Bob Mohr, chairman of Mohr Capital. “Chipotle has performed well in the pandemic, leveraging its app and new drive-thru concept to grow its digital sales. We’re happy to help in that effort.”

The deal marks Mohr Capital's third acquisition in less than 30 days following two successful investments in single-tenant industrial and office facilities in California and Florida. In 2020, Mohr Capital completed 12 transactions in Arizona, California, Florida, Georgia, Indiana and Texas valued at $200 million.

The 78,449-SF office building is located in a premier office/industrial submarket

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 ArizonaCaliforniaFloridaGeorgiaIndiana and Texas valued at $200 million.

Facility provides Northern California hospital systems with mission-critical services

Mohr Capital, a Dallas-based privately held real estate investment firm, has acquired a 102,466-square-foot industrial building located at 8190 Murray Avenue in Gilroy, California.

The property is fully leased to Crothall Healthcare, a subsidiary of the Compass Group, a $26 billion British-based multinational company with operations in 45 countries and more than 500,000 employees. Crothall Healthcare's mission-critical facility provides state-of-the-art laundry processing services to Northern California hospital systems, enabling them to continue providing medical care to patients.

"Mohr Capital focuses on acquiring best-in-class and mission-critical facilities with credit tenants nationwide," said Rodrigo Godoi, managing director of investments for Mohr Capital. "The pandemic has presented industrial CRE with its share of challenges and opportunities. When we came across this Compass Group mission-critical facility, which is helping hospitals remain operational at a very critical time, we knew this was a sound property investment opportunity."

This is Mohr Capital's second acquisition in the Bay Area following a successful investment in Pacific Corporate Center, a 207,806-square-foot, Class "A" R&D/Flex Park located in Livermore, California. Mohr Capital acquired the property below replacement cost in a desirable area near the Lawrence Livermore National Laboratory and the Sandia National Laboratory. The park is occupied by FormFactor, the world's leading semiconductor probe card manufacturer. The property is fully leased.

"Despite the pandemic's effect on California commercial real estate in 2020, we felt the time was right to add to our portfolio with our second acquisition in the state," said Bob Mohr, chairman of Mohr Capital. "We're pleased our investment will support the critical needs of hospital systems, hospitals, frontline health care workers, and patients across Northern California during the pandemic."

Godoi represented Mohr Capital throughout the transaction. Jeffrey Ida at Marcus & Millichap and Spencer Henderson at B+E Net Lease handled the sale on behalf of Libitzky Property Companies.

To date in 2020, Mohr Capital has completed ten transactions in TexasArizonaIndianaCalifornia and Florida valued at $200 million with more acquisitions scheduled to close before the end of the year.

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 TexasArizonaIndianaCalifornia 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.

Mohr Capital, a Dallas-based privately held real estate investment firm, has sold a 400,000-square-foot industrial warehouse facility located in Grand Prairie, Texas, to TA Realty, a Boston-based real estate investment group. The sale is Mohr Capital’s seventh transaction in 2020 and comes after more than 13 years of ownership of the property.

Gary Horn, Chief Investment Officer of Mohr Capital, states, “The building is situated in a great location on I-20 in Grand Prairie with thousands of cars driving by daily. We are confident the property will be an asset to TA Realty.”

TA represented themselves in the transaction and Jonathan Bryan with CBRE represented the seller.

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