One-acre outparcel adjoining Fort Steuben Mall sells to private investor
Mohr Capital, a Dallas-based privately held real estate investment firm, has sold a ground lease in Steubenville, Ohio, occupied by Texas Roadhouse, to a private investment company.
The retail property is an approximately one-acre outparcel in a highly visible, high-performing location across the street from Fort Steuben Mall – nearly 40 miles west of Pittsburgh, Pennsylvania. Upon acquisition, Mohr Capital worked with Texas Roadhouse Inc. to create initial rent relief and the restaurant agreed to extend its lease long term.
“As social restrictions ease and more people receive their vaccinations, dine-in restaurant operators like Texas Roadhouse are beginning to see a rise in sales,” said Rob Solls, director of retail investments and acquisitions for Mohr Capital. “We’re happy with the way this transaction worked out. As the economy and consumer behavior normalize, we believe the property will continue to provide value to the buyer.”
Mohr Capital acquired the ground lease in 2019 upon the launch of its retail acquisition and redevelopment division, citing the property’s solid real estate fundamentals and the financial strength of operator Texas Roadhouse Inc., a publicly traded restaurant operator with over 630 restaurants system-wide in 49 states and 10 foreign countries. The Steubenville location is a corporate-owned restaurant.
“The Steubenville ground lease was the first transaction of our retail division, and the property has performed well for us,” said Bob Mohr, chairman of Mohr Capital. “Since then, we’ve continued to build on our portfolio and pipeline of retail transactions, and the sale of this ground lease will enable us to continue pursuing best-in-class, fundamental real estate where we can provide value for both operators and our portfolio.”
Solls represented Mohr Capital in the transaction, and The Mansour Group procured the buyer.