Mohr Capital Breaks Ground on Spec Industrial Property
- Apr 07, 2021
Dallas-based Mohr Capital has begun construction of a Class A, 827,000-square-foot speculative industrial building within its Mohr Logistics Park, a master-planned business park in the Indianapolis metropolitan area. The privately held real estate investment firm expects to begin development of a 1 million-square-foot asset in the Whiteland, Ind., business park within 60 days.
The smaller of the two assets is scheduled for completion in October and the larger property is slated to deliver in January 2022. The start of construction on the two lots comes soon after Mohr completed a 1 million-square-foot warehouse and distribution facility leased to Cooper Tires within the same park. Mohr Capital broke ground on the Cooper Tires building in June. Gary Horn, chief investment officer for Mohr Capital, told Commercial Property Executive the capital investment in the property exceeded $50 million at that time.
Mohr Capital, which is the exclusive developer for Mohr Logistics Park, expects to construct more than 7 million square feet of Class A bulk industrial space at the 475-acre park. Located off Interstate 65, the park is about 20 miles south of Indianapolis, 25 miles to the Indianapolis International FedEx Hub and 102 miles to the Louisville UPS Hub.
Both buildings are expected to have clear heights up to 36 feet, 60-foot loading bays, four drive-ins, 7-inch unreinforced floors, interior LED lighting and ESFR sprinkler systems. The smaller of the two speculative properties, known as Spec Lot 9, will have 109 dock doors and will be located on a 62.45-acre lot with up to 250 car parking spaces and up to 572 trailer parking spaces. The larger spec building, known as Spec Lot 6, will have 100 dock doors and will be located on a nearly 60-acre lot with up to 270 trailer parking spaces and 652 car parking spaces.
Mike Long with Curran Architecture and Ross Nixon with American Structurepoint are providing architectural and civil designs. Mark Writt, CBRE senior vice president, is handling leasing for the business park along with Nikki Leahy, CBRE client services specialist.
In March, Mohr Capital sold a 200,000-square-foot warehouse and outdoor storage facility in Michigan City, Ind., occupied by GAF Materials Corp. The buyer was Four Springs Capital Trust, a New Jersey REIT. Mohr Capital had built the ground-up development on the 45-acre site in nine months and delivered the completed facility to GAF in November 2020.
Mohr Capital made its first investment in Florida in January with the purchase of a 78,449-square-foot medical office building in Orlando, Fla., from Wells Real Estate, according to CommercialEdge. Accredo Health Group Inc., an Express Scripts company and subsidiary of Cigna Corp., occupies the two-story building under a long-term lease.