Mohr Capital Acquires MetCenter, A 404,800-Square-Foot Office And Industrial Portfolio In Austin, Texas
AUSTIN, Texas, Dec. 19, 2019 /PRNewswire/ -- Mohr Capital, a Dallas-based, privately held real estate investment firm, acquired a 404,800-square-foot office and industrial portfolio from Zydeco Development in Austin, Texas, for $100 million. The five-building portfolio consists of a 160,000-square-foot industrial building currently leased to Amazon.com Inc. and Uber Advanced Technologies, as well as a 244,800-square-foot office facility in four buildings occupied by a diverse mix of technology, government and healthcare tenants.
“The Southeast Austin submarket is one of the most dynamic and fastest growing markets in the country. The portfolio is unique given the above-market parking ratios, easy access to highways and its proximity to Austin-Bergstrom International Airport,” said Boyd Messmann, Acquisitions Consultant for Mohr Capital. “The park provides tenants with high-quality office and industrial space options at a significant discount to CBD occupancy cost and substantial existing infrastructure. This includes two on-site substations, with separate power sources for redundant power and underground telecom infrastructure with multiple carriers.”
According to a recent report, Austin is ranked first among 80 major U.S. cities for overall real estate prospects in 2020. Austin also took the top pick for industrial real estate prospects next year.
“Mohr Capital is very pleased to acquire this Class A, newly constructed office and industrial portfolio with a strong and diverse tenant roster,” said Bob Mohr, Founder and Chairman of Mohr Capital. “With the city’s substantial growth through corporate relocation and population inflow, and a favorable tax environment, we believe Austin will continue to rise and further solidify itself as a hub for business and innovation. We believe this property and the MetCenter submarket will continue to be ideally positioned to benefit our family office long-term. We plan to actively source other opportunities in the area.”
Messmann and Kyle Campbell, Director of Acquisitions, represented Mohr Capital throughout the transaction. The Austin JLL Capital Markets team represented the seller.
About Mohr Capital
Mohr Capital is a privately held real estate investment firm specializing in the acquisition, development and value enhancement of office, retail and industrial assets throughout the U.S. The Mohr Capital team has decades of experience in commercial real estate and has completed more than $1 billion in transactions. Guided by a value-driven strategy and an entrepreneurial spirit, the company relies on strong, long-term relationships and possesses keen market insights needed to capitalize on undervalued or underperforming properties. With its family office structure, Mohr Capital can close quickly and has a proven track record of delivering the highest risk-adjusted returns.
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SOURCE Mohr Capital