Mohr Capital, a Dallas-based, privately held real estate investment firm, has sold a 460,000-square-foot net leased office building in Mayfield Heights, Ohio, a suburb of Cleveland, in an off-market transaction for $61.1 million. The property is 100 percent leased to Rockwell Automation, Inc. (NYSE: ROK) for 13 years.
“At the time we acquired the building two years ago, the property was under foreclosure proceedings and Rockwell Automation, Inc. had only three years of lease term remaining. Due to our existing relationship with Rockwell Automation, we saved them millions in rent while stabilizing the property with a long-term lease, creating substantial value for both sides,” said Rodrigo Godoi, Director of Acquisitions for Mohr Capital.
Godoi and Kyle Campbell, Director of Acquisitions, represented Mohr Capital throughout the transaction, one of the real estate investment firm’s largest sales to date. There were no brokers involved in the transaction.