December 6, 2017
Griffin Capital Company, LLC acquired LPL Financial Carolinas Corporate Campus in Fort Mill, SC for $130 million on behalf of Griffin Capital Essential Asset REIT, Inc. The two-building, 452,000-square-foot property is leased in its entirety to LPL Holdings, Inc. with roughly 19 years of remaining lease term.
Constructed in 2016 and located 17 miles south of Charlotte, the state-of-the-art campus is one of LPL’s three major national offices and its largest by headcount and square footage, with nearly 2,000 total employees.
Griffin Capital’s Michael J. Escalante says, “The assets meet our criteria of investing in income-generating properties leased to established corporate tenants on a long-term basis.”
The LPL Financial Campus was acquired with 1031 exchange proceeds from the disposition of the DreamWorks Animation’s Headquarters and Studio Campus, which the REIT sold last month.
CBRE’s Jay O’Meara, Will Pike and Will Yowell represented the seller. The buyer was self-represented.
For comments, questions or concerns, please contact Dennis Kaiser