Mohr Capital, a Dallas-based privately held real estate investment firm, sold $65 million of deals over the past 80 days. This includes the recent sale of a 102,466-square-foot industrial building in Gilroy, California, to Four Springs Capital Trust. Mohr Capital sold two additional office buildings in Florida and Wisconsin, totaling more than 292,000 square feet of space, leading into 2022.
Located at 8190 Murray Ave., the property is fully leased to Crothall Healthcare. This 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. Kevin Moul with Colliers San Jose represented Mohr Capital throughout the transaction.
“We are pleased to have worked closely with Four Springs Capital Trust on this transaction. As our third transaction with Four Springs over the last 12 months, this transaction speaks to our deep partnership with Four Springs that we hope continues,” said Rodrigo Godoi, managing director of investments for Mohr Capital. “Mission-critical facilities that serve regional hospitals like this still provide value in a market where occupiers and investors are redeveloping dysfunctional R&D product to suit their needs. We’re pleased with the performance of this property, and we hope to continue to invest in the Bay Area’s bustling industrial market in the future.”
Additionally, Mohr sold a two-story, 78,449-square-foot office building in Orlando’s Lee Vista Center business park to Falcon Global Real Estate Advisors. Located 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. Prior to the sale, Mohr Capital worked with CBRE and CIGNA to secure CIGNA’s long-term occupancy while at the same time lowering its occupancy costs.
Mohr also sold Riverwood Corporate Center II in Pewaukee, Wisconsin, in an off-market transaction to IRA Capital. The office building is fully occupied by ProHealth Care, the largest healthcare provider between Milwaukee and Madison. Shortly after acquiring the building, Mohr Capital worked closely with ProHealth to secure its long-term occupancy at the property through 2032.
“These three transactions support our trajectory to be a leading investor in mission-critical industrial and office facilities for the healthcare field,” said Bob Mohr, founder and CEO of Mohr Capital. “We are always on the lookout for cutting-edge investment opportunities, and these sales were a great start to 2022.”
Mohr Capital has welcomed Doug Swain as senior vice president of development and opened a new development office in Indianapolis.
Swain will lead the firm’s new office where he will be responsible for sourcing and directing build-to-suit and speculative development projects in the Midwest. He is the latest new hire to join Mohr Capital’s growing development division, following the 2021 recruitment of Senior Vice President Tom Theobald, National Director of Land Acquisitions Lee Loftis and Analyst Carson Horn. The firm now maintains development offices in Dallas, Phoenix and Indianapolis with plans to open an additional office in another Southeast market.
“We’re pleased to welcome Doug to the firm,” said Mohr Capital Chief Development Officer Gary Horn. “He joins our development team at a pivotal time in the industrial market when demand continues to exceed supply. With millions of square feet of industrial development under his belt and long-held relationships with users and brokers in the region, we’re excited to have him head up our Indianapolis office and continue to grow Mohr Capital’s presence in the Midwest.”
Swain has more than 30 years of commercial real estate industry experience, including work on speculative and build-to-suit developments, redevelopments, land acquisitions, property acquisitions and dispositions, and portfolio management. Over his long and successful career, he has been involved in millions of square feet of industrial development and millions of dollars in commercial transactions.
“Mohr Capital is an established player in industrial development, and I’m pleased to join such a dynamic and well-respected team,” said Swain. “Being with a developer with a single source of capital, I now have the bandwidth to pursue any development and make swift decisions that positively impact a development, fulfill the needs of a user or potential user, and work with local governments to forge strong and lasting relationships.”
Prior to joining Mohr Capital, Swain served as vice president/general manager of The Opus Group’s Indianapolis office where he led the development of over 10 million square feet of industrial product, including a 1.5-million-square-foot build-to-suit for ConAgra and multiple developments in Indianapolis, Columbus, Cincinnati and Louisville. Prior to that, Swain was with DHL/Exel Supply Chain as its senior director of North America real estate solutions; First Industrial Trust as Indianapolis regional director and, later, vice president of operations—central region US; and Heitman Properties as leasing director.
Swain is actively involved in the NAIOP Development Association, where he serves as current governor and trustee of the NAIOP Research Foundation. He previously served as president and founder of NAIOP’s Indiana chapter and was a past member of its National Board of Directors. Swain is also actively involved in the Industrial Asset Management Council (IAMC) and the Society of Industrial and Office Realtors (SIOR). He earned a bachelor’s degree in finance from The Ohio State University and is a licensed real estate broker in Ohio.
Mohr Capital develops speculative and build-to-suit office, industrial and retail properties for users across the nation. The firm’s largest development to date is Mohr Logistics Park – a 475+ acre master-planned, industrial park in Whiteland, Indiana. When complete, the Park will boast an estimated 6.3 million square feet of industrial space.
Mohr Capital has sold an industrial flex building occupied by Frontier Communications and Trancendia in Carrollton, Texas.
The 113,786-SF building is located at 2001 Westgate Drive in the Northwest Dallas industrial submarket. The property is 75% occupied by Frontier Communications, a publicly traded telecommunications corporation based in Connecticut, and 25% occupied by Transcendia, a manufacturer and converter of custom-engineered materials based in Illinois.
“In 2021, the Dallas-Fort Worth industrial market has seen three consecutive quarters of record demand, making the opportunity to sell this property particularly appealing,” said Gary Horn, chief development officer for Mohr Capital. “Our capital expenditures and the healthy state of asking rents in the market right now make this property a sound investment for the new owner and a strategic site for the tenants in the coming years.”
Mohr Capital acquired the industrial flex building in 2010 on behalf of Verizon Communications, securing a 10-year lease extension with a 20,000-SF expansion. During its ownership, Mohr replaced the roof of the entire building and made other capital expenditures, substantially improving the property for Verizon’s use. In April 2016, Frontier completed its acquisition of Verizon’s wireline operations and assumed its occupancy in the Carrollton building to date.
“By listening closely to our tenant’s needs and capitalizing early on a growing asset class in Dallas-Fort Worth, we were able to maintain a long-term investment in our portfolio that proved to be mutually beneficial,” said Bob Mohr, chairman of Mohr Capital. “The sale has enabled us to monetize this long-held asset and redeploy capital into new industrial deals in key markets across the country.”
Cabot Properties acquired the building through its Cabot Industrial Value Fund VI Operating Partnership L.P. JLL Senior Managing Director Dustin Volz and Managing Director Stephen Bailey represented Mohr Capital in the transaction.
Mohr Capital continues to grow its focus on speculative and build-to-suit industrial development, welcoming Analyst Carson Horn to its recently launched land acquisitions practice.
Based in Dallas, Horn will work with brokers and landowners to identify, entitle and close on big-box land sites for industrial development in key markets across the nation including Dallas, Austin, Columbus, Savannah, Charleston, Charlotte, Lakeland and Phoenix. Horn will report to National Director of Land Acquisitions Lee Loftis, who joined Mohr Capital in August 2021 from Copart Inc. to lead the practice.
“Skyrocketing industrial demand is making improved land harder and harder to come by, and private owners who have not already sold to developers are reluctant to do so because they know just how valuable it is,” said Loftis. “As a result, acquiring well-positioned land – or land in the outer rings of major markets – takes time, effort and a creative approach. We’re pleased to welcome Carson to the team as we stay on the cutting-edge of industrial development.”
Horn’s hiring comes on the heels of a record-breaking quarter for the U.S. industrial market and construction pipeline. At the end of Q3 2021, the pipeline reached 521.4 MSF – exceeding 500 MSF for the first time in history – and demand outpaced supply by 119 MSF for the first time since 2019, according to Cushman & Wakefield’s U.S. National Industrial Q3 2021 report.
“I’m excited to join such a great team at a time when the industrial and land markets are as dynamic as they’ve been in recent history,” said Horn. “I look forward to contributing to Mohr Capital’s strong track record as a developer of big-box industrial facilities that meet the unique needs of users in markets throughout the U.S.”
Before joining Mohr Capital, Horn was a tenant advisor with Swearingen Realty Group, where he researched and developed comparative market surveys and demographic reports to help clients nationwide in the site selection process, as well as negotiated rental rates and tenant improvements with landlords.
Mohr Capital develops speculative and build-to-suit office, industrial and retail properties for users across the nation. Current development projects include 827K-SF and 1.057-MSF speculative facilities within Mohr Logistics Park – a 475+ acre master-planned industrial park in Whiteland, Indiana – and a 596K-SF speculative facility in Reno, Nevada.
Mohr Capital secured a lease expansion and extension with Arrive Logistics (Arrive), a leading freight brokerage providing strategic solutions for both customers and carriers, at MetCenter Business Park in Austin.
Mohr Capital collaborated with Arrive to negotiate the freight brokerage’s lease expansion from an initial 78,000-SF flex space in MetCenter Buildings 14 and 15, to an additional 38,000-SF space in Building 15 for a total of 116,000 square feet. Arrive currently has more than 850 Austin-based employees already working out of the newly added extension to the campus.
“The trend in tech and logistics companies seeking flex office/industrial space outside of Austin’s urban core has only continued to grow,” said Rodrigo Godoi, managing director of investments for Mohr Capital. “Arrive Logistics is a perfect example of a credit tenant on the cutting edge of its real estate strategy. We’re pleased to have worked with the company to negotiate its lease expansion and long-term occupancy in one of Austin’s most desirable mixed-use business parks.”
Arrive Logistics is one of the fastest-growing freight brokerages in the nation, with exponential growth in both size and revenue yearly since its founding in 2014. Arrive is planning to hire more than 1,000 people in the next 12 months, a strategy that this expansion supports. Headquartered in Austin with an office in Chicago, Illinois, Arrive has been recognized by Inc. Magazine as both a Best Workplace and an Inc. 5000 Fastest-Growing Private Company.
“Over the past seven years, Arrive has made a significant investment in the growth of our technology and sales teams to meet the evolving needs of the logistics industry,” said J-Ann Tio, chief strategy officer for Arrive Logistics. “We’re thrilled to be able to offer our organization a best-in-class working environment built intentionally to support Arrive's continued growth and investment in the city of Austin."
In 2019, Mohr Capital acquired its 404,800-SF MetCenter portfolio from Zydeco Development. At the time, the portfolio consisted of MetCenter Building 3, a 160,000-SF industrial warehouse/logistics building occupied by Amazon and Uber Technologies, and MetCenter Buildings 12-15, a 244,800-SF office facility occupied by Arrive, Ascension Seton, Austin Java and the State of Texas Health and Human Services Commission.
In May 2021, Mohr Capital sold MetCenter Building 3 and an adjacent 20-acre parking lot that is 100% occupied by Amazon Services LLC. Buildings 12-15 are currently occupied by Arrive, Ascension Seton, Texas Health and Human Services Commission and Power Home Remodeling.
MetCenter is a 550-acre, Class A, mixed-use business park located 10 minutes from Austin’s urban core and adjacent to Austin-Bergstrom International Airport. The park features immediate access to the city’s major thoroughfares, including Highway 183, U.S. 290, Highway 130, Highway 71 and Interstate 35.
Mohr Capital has welcomed Lee Loftis as national director of land acquisitions. Based in Dallas, Loftis will locate and acquire land sites for the firm's speculative and build-to-suit industrial development projects.
As demand for industrial product continues to exceed supply, Loftis will work with brokers and landowners to find off-market properties to help the firm grow its development presence in both new and existing markets, including Dallas, Austin, Columbus, Savannah, Charleston, Charlotte, Lakeland and Phoenix.
"We're pleased to welcome Lee to the Mohr Capital team," said Bob Mohr, chairman of Mohr Capital. "His experience in land acquisition, longstanding broker relationships, and unique ability to find and vet land opportunities that meet users' needs will expand our industrial development efforts in key markets nationwide."
Loftis brings more than 15 years of experience in land acquisition and commercial, multifamily and retail real estate brokerage to the firm. He joins Mohr Capital from Copart Inc., where he served as a real estate acquisition specialist, sourcing and negotiating developed and undeveloped acquisition opportunities. During his time with Copart, Loftis identified, entitled and closed on $93 million of industrial property, $70 million of which was off market.
"The industrial market is moving so rapidly that available sites with zoning are diminishing quickly. For developers to be successful, they need to be both creative and forward-thinking when sourcing new land opportunities," said Loftis. "Mohr Capital encourages this type of outside-of-the-box approach to development, and I'm excited to join such a collaborative firm where the sky is the limit."
Prior to his time at Copart, Loftis served as vice president with SRS Real Estate Partners, senior associate with Revere Commercial Realty and associate with Presidio Realty. He holds a Bachelor of Arts in economics from The University of Texas at Austin and is a licensed real estate broker in the state of Texas.
Mohr Capital develops speculative and build-to-suit office, industrial and retail properties for users across the nation. Current development projects include 827K-SF and 1.057-MSF speculative facilities within Mohr Logistics Park – a 475+ acre master-planned, industrial park in Whiteland, Indiana – and a 596K-SF speculative facility in Reno, Nevada.
Mohr Capital has started construction on a 596,400-SF speculative industrial facility at 1500 Waltham Way in McCarran, Nevada.
Located at the Tahoe-Reno Industrial Center in Reno’s East Valley industrial submarket, the new facility is Mohr Capital’s first industrial development in Nevada. It equates to nearly half of the region’s 1.3 MSF of new construction starts in the first quarter of 2021, according to CBRE’s Reno Industrial MarketView for the same quarter.
The cross-dock facility is being built on a 39.64-acre site and will feature 36’ clear ceiling height, three access points, 96 dock doors, four 14’X16’ drive-in doors, 374 auto and 100 trailer parking spaces, motion-sensor LED lighting and more. A brochure with more information on the facility is available here.
“Tenant demand for industrial space in northern Nevada continues to rise as e-commerce activities ramp up,” said Tom Theobald, Senior Vice President of Development for Mohr Capital. “Moreover, high asking rents and low vacancy in the northern California submarkets and southern California’s Inland Empire have contributed to companies looking eastward in search of cost-effective real estate. These factors, combined with Nevada’s low taxes and Reno’s pro-business environment, leave us confident we’ll secure a credit tenant quickly.”
The building is currently available for lease. Once complete, it will neighbor industrial facilities leased by PetSmart, Hobby Lobby, Tesla, Walmart, Zulily and more. Mohr Capital currently has another property under contract in Fernley, Nevada, for its next development project.
“We’re pleased to expand our development footprint into the Nevada market with a facility that will help meet the increasing demand for industrial product in the Reno-Sparks metro area,” said Bob Mohr, Chairman of Mohr Capital. “The region’s cost of living, growing workforce and location along Interstate 80 is ideal for companies throughout the country seeking to quickly distribute their products to 11 western states. We’re excited to add this facility to our portfolio and invest in this rapidly growing industrial market.”
Greg Shutt, Senior Vice President of CBRE, assisted Mohr Capital on the land acquisition and will handle leasing for the property. Tectonics Design Group is serving as the architectural engineer on the project, and ARCO Construction has been selected as the general contractor.
Mohr Capital has sold MetCenter Building III, a last-mile distribution facility occupied by Amazon in Austin, to Four Springs Capital Trust in an off-market transaction.
The 160,000-SF warehouse/logistics building is located at 7000 Metropolis Drive in Austin’s Southeast industrial submarket. The property is 100% occupied by Amazon.com Services LLC and serves as its primary last-mile distribution facility in the Austin metro area. The sale includes the adjacent 20-acre parking lot, which is also currently leased by Amazon.
“After more than a year of owning the facility and the departure of one of its occupants, we worked closely with Amazon in 2020 and early 2021 to exercise its right of first offer to fully occupy the building through 2031. While our intention was always to hold this asset long-term, Four Springs’ off-market offer was very compelling. The extended lease-term, the credit quality of the tenant, the solid real-estate fundamentals of the industrial market and the great relationship we have with Four Springs made this deal possible,” said Rodrigo Godoi, managing director of investments for Mohr Capital.
In 2019, Mohr Capital secured MetCenter Building III as part of a 404,800-SF portfolio acquisition from Zydeco Development. At the time of purchase, the portfolio consisted of MetCenter Building III – then occupied by both Amazon and Uber Advanced Technologies – as well as a four-building, 244,800-SF office facility occupied by technology, government and health care tenants.
“This transaction underscores Mohr Capital’s ability to deliver the highest risk-adjusted returns on its investments,” said Bob Mohr, chairman of Mohr Capital. “While the strength of the industrial market and the flight toward quality in the wake of the pandemic certainly contributed to this deal, you can’t discount the decades of investment, asset management and corporate leasing experience we bring to the table. We’re very pleased with the outcome of this transaction, and we look forward to the other opportunities this sale will bring our firm.”
The property is situated within MetCenter – a 550-acre, Class A, mixed-use business park – just 10 minutes from Austin’s urban core and adjacent to Austin-Bergstrom International Airport with immediate access to the city’s major thoroughfares, including Highway 183, U.S. 290, Highway 130, Highway 71 and Interstate 35.
Godoi and Four Springs Capital Trust CEO William Dioguardi negotiated the transaction. Four Springs Capital Trust is an internally managed real estate investment trust based in Lake Como, New Jersey.
Mohr Capital acquired Riverwood Corporate Center II in Pewaukee, Wisconsin, in an off-market transaction. Located at N17 W24100 Riverwood Drive, the building is the current headquarters of ProHealth Care (ProHealth), which has signed a long-term lease to solidify its occupancy through 2032.
Built in 2002, the building is situated at the front entrance of Riverwood Corporate Center Office Park on the intersection of Riverwood Drive and State Highway 164. The Class A, 112,000-SF building features three floors and a walk-out, windowed lower level with a view of the pond.
The building also features a spacious lobby with 12-foot-high ceilings, several collaborative and meeting areas, a garden-level cafeteria, an executive wing, an 18-inch raised floor data center, a paved walking path that connects to Waukesha County Land Conservancy and Pewaukee River, and a sizable parking lot with approximately 460 spaces.
“Mohr Capital is pleased to close on Riverwood Corporate Center II and work with ProHealth to solidify its long-term occupancy,” said Rodrigo Godoi, managing director of investments for Mohr Capital. “ProHealth has taken exceptional care of the building, and as a credit tenant with mission-critical operations, its continued tenancy will make the property a beneficial addition to our portfolio of office real estate.”
ProHealth is the largest health care provider between Milwaukee and Madison. The community-based health care system has approximately 4,700 employees and 1,000 doctors who treat more than 400,000 patients a year in Waukesha County and areas of Dodge, Jefferson, Racine and Walworth counties through its network of hospitals, doctors’ offices, urgent care centers and more.
“Despite the troubled office sector, our acquisition of Riverwood Corporate Center II signifies the value in real estate occupied by credit tenants that have made sound operational decisions during the pandemic. The property is a great addition to our Milwaukee portfolio, and we were happy to work closely with ProHealth to negotiate and sign a mutually beneficial long-term lease agreement,” said Bob Mohr, chairman of Mohr Capital.
Matt Bear from Bear Real Estate Advisors represented Mohr Capital throughout the transaction. Mohr Capital’s acquisition marks its third investment in the Milwaukee metropolitan area – the firm also owns the Hyatt Regency Milwaukee ground lease and Ridgeview Business Center IV, which is occupied by U.S. Cellular.
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.