By IvyLee Rosario
Griffin Capital Essential Asset REIT has acquired LPL Financial Carolinas Corporate Campus for $130 million. Comprising two buildings, the campus is fully leased to LPL Holdings, with 19 years remaining on its lease and a 1.8 percent annual base rental rate increase.
Located in Fort Mill, S.C., this is one of LPL’s major national offices and the largest by headcount and square footage. Built in 2016, the campus houses 2,000 employees across 450,000 square feet. The property is 17 miles south of Charlotte and is located within Fort Mill’s Kingsley master-planned development. The two adjacent Class A office buildings each feature six stories on two parcels totaling 16.3 acres, as well as a 1,913-square-foot, six-level parking garage. Tenant amenities include:
- full-service cafeteria
- fitness center
- community garden
- indoor/outdoor seating
- outdoor putting green
- walking trails
“We’ve been focused on the greater Charlotte metropolitan area due to its well-diversified economy and significant growth over the past two decades,” said Don Pescara, managing director of acquisitions for Griffin Capital, in prepared remarks. “The acquisition of the LPL Financial Campus adds to our portfolio two well-located, high-quality buildings leased to a premier tenant.”
The LPL Financial Campus was purchased with 1031 exchange proceeds from the disposition of the DreamWorks Animation’s Headquarters and Studio Campus, which was sold last month for $290 million.
Image courtesy of Griffin Capital