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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.