Headquarters Building Houses Largest Employee Computer Tech Workforce in North America
CHARLOTTE, North Carolina, Jan. 3, 2019 – Cushman & Wakefield’s Charlotte Capital Markets team has arranged the $39 million sale of CompuCom’s World Headquarters, a 150,000-square-foot building located in Fort Mill, South Carolina. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, The Keith Corporation and MPV Properties, in the transaction. The property was acquired by Capital Square 1031, a sponsor of Delaware statutory trust offerings, which was represented by Matt Bear of Bear Real Estate Advisors.
The three-story building is fully leased to CompuCom Systems, a wholly owned subsidiary of Office Depot, through 2032. The 19.4-acre site is located in Bailes Ridge Corporate Park on U.S. Highway 160, near U.S. Highway 521, and just south of Ballantyne, a neighborhood in Charlotte, North Carolina. The building, completed in 2018, is the first in the world exclusively powered by Power-over-Ethernet (POE) interior lighting technology, resulting in initial construction process efficiencies and significant ongoing operational cost savings.
Upon completion of the building in 2018, CompuCom relocated its corporate headquarters to Fort Mill to aggregate employees close to its large East Coast customer base. Founded in 1987, and employing over 11,500 associates, CompuCom has amassed the largest employee computer technician workforce in North America.
“Capital Square 1031 was attracted to the quality of this newly-constructed, well-located digital campus that was awarded 2018 Office Project of the Year by the Charlotte Business Journal,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “Our firm acquired the building for Section 1031 exchange investors seeking stable cash flow and the potential for capital appreciation. This exceptional digital campus checked all the boxes for a quality net leased investment.”
According to Cochran, “The CompuCom’s headquarters building is designed with today’s technologically focused tenants in mind. It features all open-plan offices, a broad range of meeting rooms and ‘huddle’ spaces that promote collaboration and teamwork.”
Londry added, “The U.S. 521/U.S. 160 area has exploded in the past few years with the continued expansion of the Red Ventures campus, including additional office space and the Redstone retail development, a second building for Movement Mortgage and numerous nearby multi-family developments.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About The Keith Corporation
The Keith Corporation is a full-service commercial real estate firm headquartered in Charlotte, North Carolina. Founded in 1989 by Graeme Keith and Greg Keith, TKC cultivates trust and communication with its clients by creating a fully customized approach to building the ideal product. The TKC product types range from high rise office buildings, to single and multi-tenant retail to state-of-the art healthcare projects to industrial warehouses and manufacturing facilities. TKC has completed projects in every region of the United States, as well as Canada, Mexico and the United Kingdom. Visit www.thekeithcorp.com for more details.
About MPV Properties
MPV Properties is one of the Charlotte area’s leading commercial real estate firms offering office, industrial, and retail leasing, land brokerage, development, investment, and association & property management services. For more information, visit www.mpvre.com.
About Capital Square 1031
Capital Square 1031 is a national real estate investment and management company that sponsors institutional-quality real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code. The company acquires multifamily properties for growth, necessary medical properties for stable income, and other real estate investments (sale/leasebacks, headquarters, offices and facilities) that have the potential to provide exceptional risk adjusted returns. By acquiring a portfolio of DSTs, investors are able to diversify and reduce the risk they would face with a single asset investment. Capital Square aims to provide real estate investors greater access to quality investments and financial planning tools to better manage and mitigate risk.
Capital Square provides a range of services, including due diligence, acquisition, loan sourcing, property management/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. Since inception, the firm has sponsored 53 DSTs and has completed approximately $955 million in transaction volume. To learn more, visit www.CapitalSquare1031.com.