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.