Mohr Capital, a Dallas-based privately held real estate investment firm, has sold an industrial flex building occupied by Frontier Communications and Trancendia in Carrollton, Texas.
The 113,786-SF building is located at 2001 Westgate Drive in the Northwest Dallas industrial submarket. The property is 75% occupied by Frontier Communications, a publicly traded telecommunications corporation based in Connecticut, and 25% occupied by Transcendia, a manufacturer and converter of custom-engineered materials based in Illinois.
“In 2021, the Dallas-Fort Worth industrial market has seen three consecutive quarters of record demand, making the opportunity to sell this property particularly appealing,” said Gary Horn, chief development officer for Mohr Capital. “Our capital expenditures and the healthy state of asking rents in the market right now make this property a sound investment for the new owner and a strategic site for the tenants in the coming years.”
Mohr Capital acquired the industrial flex building in 2010 on behalf of Verizon Communications, securing a 10-year lease extension with a 20,000-SF expansion. During its ownership, Mohr replaced the roof of the entire building and made other capital expenditures, substantially improving the property for Verizon’s use. In April 2016, Frontier completed its acquisition of Verizon’s wireline operations and assumed its occupancy in the Carrollton building to date.
“By listening closely to our tenant’s needs and capitalizing early on a growing asset class in Dallas-Fort Worth, we were able to maintain a long-term investment in our portfolio that proved to be mutually beneficial,” said Bob Mohr, chairman of Mohr Capital. “The sale has enabled us to monetize this long-held asset and redeploy capital into new industrial deals in key markets across the country.”
Cabot Properties acquired the building through its Cabot Industrial Value Fund VI Operating Partnership L.P. JLL Senior Managing Director Dustin Volz and Managing Director Stephen Bailey represented Mohr Capital in the transaction.