Waitt Co. Drops $39.5M on Office Portfolio in Suburban Charlotte Market

Omaha, Nebraska-based Waitt Company has purchased a 178,317-square-foot suburban office portfolio in Fort Mill, SC, paying $39.5 million or $222 per square-foot.

Kingsley Park Four

Omaha, Neb.-based Waitt Co. has purchased a 178,317-square-foot suburban office portfolio in Fort Mill, S.C., for $39.5 million, or $222 per square-foot.

Waitt Co. acquired the three-building portfolio from a joint venture comprised of Childress Klein and The Spring Co. Commercial real estate services provider DTZ represented the seller via its Capital Markets team, which included Senior Managing Director Rob Cochran and Associate Vice President Jared Londry.

According to the Charlotte Business Journal, the sale included Kingsley Park Four, Five and Six, which are about 88-percent leased to tenants such as Romarco Minerals, Domtar and Mergent.

The three buildings, all Class A properties, are located in Kingsley Park, a corporate office campus in Fort Mill, S.C., in metro Charlotte. Kingsley Park is designed around a central water feature in a campus environment. It features shared common areas and scenic, pedestrian walking trails. Kingsley Park is located in close proximity to Anne Springs Close Greenway and the Baxter Village master-planned community. It also sits off I-77’s Exit 85, at the heart of Clear Springs, one of the largest master-planned communities in the region. The office park is also located across the street from the future new headquarters of LPL Financial and The Lash Group, which will bring 1 million square feet of new office space and about 5,000 jobs.

“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 Jared Londry. “The boom in the Charlotte office market has expanded beyond the urban center, and investors are increasingly drawn to core offerings in high-growth secondary submarkets.

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Image credits: Childress Klein