Dallas Company Sells GAF Building In Michigan City
Dallas-based real estate investment firm Mohr Capital has sold a warehouse and outdoor storage facility occupied by GAF Materials Corp. in Michigan City. The sale of the multi-use site includes 23 acres of concrete storage capacity.
Financial terms of the deal were not disclosed.
“Midwest industrial real estate is at a premium for both investors and corporate end users, especially for single-tenant, net-leased properties with mission-critical operations,” said Gary Horn, chief development officer for Mohr Capital. “Four Springs approached us with an unsolicited offer. While we intended to hold the asset long term, the offer was compelling and has provided us the necessary capital to continue our investment and development efforts in the region.”
According to Bob Mohr, chairman of Mohr Capital, the pandemic increased demand for industrial space close to major shipping hubs.