With the start of the 430k SF I-20/161 Crossing industrial project and the acquisitions of a Denton manufacturing facility and a Kansas City office building, Mohr Capital will have closed on almost 1M SF in Q3.
Mohr Capital chief investment officer Gary Horn tells us the firm has more deals in the pipeline to close before year-end, too. Among the three big deals in Q3 are the acquisition of an existing 235k SF office, R&D and manufacturing facility in Denton (occupied by ESAB, formerly Victor Technologies). Mohr Capital started construction on a 187k SF warehouse and distribution center expansion to the existing facility, making the combined facility 423k SF. In addition, Mohr Capital has already completed numerous capital improvement projects within the existing facility, too, he tells us. All of the redevelopment efforts will allow ESAB to consolidate operations from across the country into this location.
Mohr expects to deliver the 430k SF I-20/161 Crossing industrial project in the spring and is already in talks with prospective tenants. Mohr owns the 400k SF Cooper Tire building adjacent the I-20/161 Crossing development site and will target smaller users of 100k to 200k SF, up to 400k SF. Gary says having Stream Realty’s managing directors and partners Cannon Green and Blake Kendrick leasing the project was another plus to developing now. The Class-A industrial development is on 20.7 acres at the northwest corner of Bardin and Matthew roads in Grand Prairie, which is in the Stream team’s wheelhouse in the Great Southwest submarket.
The final acquisition is a 117k SF Class-A office building in the Kansas City suburb of Mission. As part of the strategy to create value and stabilize the property, Mohr Capital also acquired the adjacent 1.5 acres to expand parking to 5/1,000 to the project, which is anchored by the University of Kansas Hospital Authority. Mohr continues to look for good real estate in good markets, preferring single-tenant, net-leased assets, however, multi-tenant is seriously considered, he says. Right now the primary focus is office, industrial and healthcare-related assets, which are managed by Mohr Health, Mohr’s healthcare development and acquisition group. (Pictured is the Denton ESAB site.)
