November 21, 2019
Dallas-based Mohr Capital sold a 460,000-square-foot net leased office building in Mayfield Heights, OH, a suburb of Cleveland, to an undisclosed buyer in an off-market transaction for $61.1 million. The property is 100% percent leased to Rockwell Automation for 13 years.
“At the time we acquired the building two years ago, the property was under foreclosure proceedings and Rockwell Automation had only three years of lease term remaining,” said Rodrigo Godoi, Mohr’s director of acquisitions. “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.”
Godoi and colleague Kyle Campbell, also a director of acquisitions, represented Mohr Capital throughout the transaction, one of its largest sales to date. There were no brokers involved.
For comments, questions or concerns, please contact Paul Bubny