FRANKLIN, IN-About 18 months after bringing Cooper Tire & Rubber Co. from its facility in Moraine, OH to a new 807,000-square-foot distribution center here, developer Mohr Capital has sold the site. New York City-based CapLease purchased the building on Bartram Parkway for $32.5 million.
Steve Bihin with Cooper said the move was a great decision for the company. The tire firm leased the building to get closer to its logistic base, a Mohr spokesman says.
The spokesman of the Dallas-based Mohr tells GlobeSt.com that the company typically only holds onto properties for one-to-two years after development. “We did deliver during a downturn, but the capital markets have improved dramatically, we thought it was good time to bring it out,” he says.
In 2010, the company completed more than 3,400 commercial real estate transactions through 22 nationwide offices, the spokesman says. However, he admits development has been pretty slow. “We’re really only working on build-to-suit deals,” the spokesman says.
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