Fort Mill office buildings sold for $39.5 million

Fort Mill office buildings sold for $39.5 million

CHARLOTTE, NC (Ely Portillo/The Charlotte Observer) - An Omaha, Neb.-based company has bought three office buildings in the Kingsley Park development in Fort Mill, S.C., the latest sign of heightened interest in the rapidly growing corridor just south of Charlotte.

Charlotte-based Childress Klein and The Springs Co. sold the buildings for $39.5 million to the Waitt Co. This is privately held Waitt's first purchase in the Carolinas.

The three Class A office buildings total about 178,000 square feet, and opened in the last decade. The tenants include paper company Domtar, other corporate operations and two medical offices.

The Kingsley Park area is continuing to grow. Two Charlotte-based companies, LPL Financial and Lash Group, announced plans last year to relocate to Fort Mill and build new headquarters across the street from the office buildings that sold. Those projects are eventually expected to bring more than 5,000 new workers to the site.

"It was really popular. We had lots of people looking, lots of offers," said Rob Cochran, a senior managing director with DTZ Capital Markets who represented the sellers. He said the office buildings drew competitive bids over several rounds.

"People had been hearing about Lash and LPL, so that gave the location a lot of credibility," said Cochran.

DTZ associate vice president Jared Londry said the area has expanded beyond being a home for people who commute to work elsewhere.

"Fort Mill has been strikingly successful in transforming itself from a suburban bedroom community into a thriving office submarket over a very short period of time," said Londry.