Dealmaker: Fort Mill, S.C. Office Asset Trades for $40M

Cantor Fitzgerald Investors, New York, purchased the 150,000-square-foot Daimler Building office building in Fort Mill, S.C., for $40 million.

Daimler Trucks North America has occupied the Class A building since 2008 as the sole tenant. It recently extended its lease through 2028. The property in the Charlotte, N.C. metro region serves as the east coast operational hub for Daimler Trucks North America.

Cushman & Wakefield Charlotte Managing Director Rob Cochran, Director Jared Londry and Associate Nolan Ashton represented the seller with Lincoln Harris Senior Vice Presidents Campbell Walker and Ridr Knowlton.

“Given their stable cash flows over a long term, net-leased single-tenant assets like the Daimler Building are very attractive in today’s market,” said Cochran. “The Daimler Building was particularly attractive due to the quality of the tenant and its strong story as the dominant truck manufacturer in North America and around the world.”

Londry noted the transaction brought new domestic and foreign capital sources to the greater Charlotte market. “We expect this trend to continue as investors from across the globe seek stability in U.S.-based commercial real estate located in growth markets and backed by solid tenant credit,” he said.

Cantor Fitzgerald Managing Director Ken Carpenter said the asset presented an opportunity for his firm to expand its portfolio of triple-net-lease income-producing properties. “We are looking to acquire similar, operationally significant assets,” he said. “We believe commercial real estate of this caliber is one of the best ways to generate consistent cash flow.”