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.