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 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."
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.
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.
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.
Mohr Capital, a Dallas-based privately held real estate investment firm, has sold the first prototype facility for HERC Rentals in Fort Worth, Texas. HERC Rentals is a leading equipment rental supplier with approximately 275 locations in North America. The sale was made to the Fisch Grandchildren Trust.
“Working closely with HERC’s senior management team, Mohr Capital developed the prototype facility leased to HERC Rentals on a 15-year lease and delivered the project on time and on budget. Given the project’s success, HERC held their annual board meeting on-site to display the new prototype,” said Gary Horn, chief investment officer for Mohr Capital. “This sale enabled us to benefit from the superior industrial market conditions while providing the buyer with a high-quality credit tenant and revenue stream going forward, making the transaction beneficial for all parties involved.”
Horn represented Mohr Capital throughout the transaction in partnership with Zach Johnson and Brad Pepin of The Stan Johnson Company.
Mohr Capital, a Dallas-based privately held real estate investment firm, has broken ground on a one million square-foot warehouse and distribution facility for Cooper Tire in Whiteland, Indiana, situated in the metro-Indianapolis area. Cooper Tire, a leading global competitor in the tire industry, is the fifth largest tire manufacturer in North America with a primary focus in passenger car and light vehicle replacement tires.
The development comes with the move of Cooper Tire's 807,042-square-foot Franklin, Indiana, location. Gary Horn, chief investment officer for Mohr Capital, stated “Cooper’s facility in Franklin was undersized and needed additional trailer parking, which prompted the relocation to a bigger space.”
Horn and the Mohr Capital team worked closely with Mark Writt, Senior Vice President of CBRE, on the land acquisition and Whiteland Town officials to address any potential concerns the large development might present. Pepper Construction, Curran Architects and American StructurePoint will be constructing the building. “We have assembled a top-tier team for this development and their counsel was invaluable in the pre-development of this site,” says Horn.
The development is scheduled to be complete in the first quarter of 2021.
Mohr Capital, a Dallas-based, privately held real estate investment firm, has announced the promotion of two of its executives. Susan Cheng has been promoted to executive vice president and chief operating officer while Rodrigo Godoi is now managing director of investments.
Cheng oversees business operations, manages the accounting and finance functions, and works closely with the company’s investment team. In addition to being a certified public accountant (CPA), she has extensive experience in the real estate and financial sectors with positions at Ernst & Young and other notable firms prior to joining Mohr Capital.
Godoi began working with Mohr Capital in 2015 and manages acquisitions for office and industrial properties. Since obtaining a master’s degree from Cornell University, he has held various positions and has been able to perfect the ins and outs of the acquisitions process.
“I am pleased to have both Rodrigo and Susan representing Mohr Capital and contributing to our many successes,” said Bob Mohr, founder and chairman of Mohr Capital. “Both Susan and Rodrigo demonstrate the hard work and skill needed to succeed in this business, and I’m honored to have them as part of the Mohr Capital team.”
Mohr Capital, a Dallas-based, privately held real estate investment firm, has expanded its acquisition efforts in the Houston metro area by acquiring a property for retail redevelopment in The Woodlands.
The redevelopment plan includes razing the 7 Leguas Restaurant building and developing a freestanding structure consisting of a Chipotle Mexican Grill restaurant and a Regions Bank branch office. Chipotle is a publicly traded restaurant operator with approximately 2,700 locations throughout the United States. Regions Bank, headquartered in Birmingham, Alabama, has approximately $2 billion of assets, including more than 3,000 retail branches and standalone ATMs. Both concepts are corporately guaranteed and operated.
“We are pleased to be working with top tier concepts and helping to facilitate their expansion,” said Rob Solls, Director of Retail Investments & Acquisitions for Mohr Capital. “This is a prime example of how Mohr Capital is continuing to target best-in-class fundamental real estate, where we believe there is an opportunity to extract value.”
Solls handled the transaction for Mohr Capital.
Mohr Capital, a Dallas-based, privately held real estate investment firm, has acquired 4851 LBJ, a 12-story 200,000 square-foot office building in Dallas for $34.5 million. The property is 90 percent leased to date.
Mohr Capital’s latest Lone Star acquisition came less than three months after acquiring a 405,000-square-foot industrial complex in Austin, Texas, called MetCenter.
“We felt the time was right to add to our portfolio,” said Rodrigo Godoi, Director of Acquisitions for Mohr Capital. “The intersection of LBJ and the Dallas North Tollway is a phenomenal location in Dallas, allowing tenants quick access to the entire metropolitan area. This is a great property that contributes to the diversification of our holdings of high-quality assets nationwide while at the same time allowing us to take advantage of the existing arbitrage opportunity that exists in this submarket as it relates to rental rates.”
Mohr Capital plans to invest an additional $2 million for property upgrades.
Godoi and Kyle Campbell represented Mohr Capital throughout the transaction. The sales execution team at Newmark Knight Frank, Gary Carr, John Alvarado and Robert Hill handled the sale on behalf of CBRE and the seller.