Cushman & Wakefield Managing Director Rob Cochran, Director Jared Londry and Associate Nolan Ashton, and Campbell Walker and Ridr Knowlton of Lincoln Harris represented the seller. The buyer, Cantor Fitzgerald, acquired the asset for $40 million, or $266 per square foot.
The Daimler Building is a 100% leased, Class A office building located in Fort Mill, 20 minutes from the Charlotte CBD. Daimler Trucks North America, a wholly owned subsidiary of Daimler AG, is the sole tenant. Daimler has occupied the building since 2008 when it was constructed. The building features expansive windows, high-end finishes and 50,000-square-foot floor plates.
Located in the burgeoning Fort Mill community, the Daimler Building offers easy accessibility to Charlotte and Daimler’s manufacturing facilities throughout the Carolinas and an unmatched amenity base that continues to grow. The Daimler Building is located adjacent to SouthBridge, Lincoln Harris and Cato Corp’s transformative, 360-acre planned mixed-use project that will include retail, office, residential and hotels.
“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,” Cochran said. “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.”
Added Londry, “This transaction enticed a wave of new domestic and foreign capital sources to the Charlotte market, ultimately driving value. 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.”