Mohr Capital, a Dallas-based, privately held real estate investment firm, has sold a 460,000-square-foot net leased office building in Mayfield Heights.
The off-market transaction is valued at $61.1 million. The property is 100 percent leased to Rockwell Automation Inc. for 13 years.
"At the time we acquired the building two years ago, the property was under foreclosure proceedings and Rockwell Automation Inc. had only three years of lease term remaining,” says Mohr Capital Director of Acquisitions Rodrigo Godoi in a statement. “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 Kyle Campbell, director of acquisitions, represented Mohr Capital throughout the transaction, one of the real estate investment firm's largest sales to date. There were no brokers involved in the transaction.