By Roxana Baiceanu
Mohr Capital has bought a 460,000-square-foot office center in Mayfield Heights, a suburb of Cleveland, for $52 million. The property, which was part of Norman Rockwell Ohio LLC’s portfolio, is fully NNN leased by Rockwell Automation Inc. and serves as the second employment center for the company.
The asset is located at 1 Allen Bradley Drive and spans 36 acres. The three office buildings which make up the center were completed in 1995, along with the adjacent parking lot which can accommodate up to 970 vehicles.
The tenant owned the property until 2005, when it sold it to First Industrial Realty Trust, Yardi Matrix data shows. Norman then bought the asset in 2006 from UBS Realty Investors but, according to Crain’s Cleveland Business, was unable to close on the loan and filed for foreclosure in April 2017.
The property is close to Interstate 271 and is approximately 30 minutes from downtown Cleveland. The nearby area hosts the offices of other companies such as Ferro Corp., Selman & Co. and Elk & Elk Co.
Rodrigo Godoi, director of acquisitions with Mohr Capital, negotiated the transaction. In December 2017, Mohr Capital invested $11.4 million for acquiring another office asset in Charlotte, N.C.
Images courtesy of Yardi Matrix