Thursday, January 3, 2013

Honeywell building in Fort Mill sells for $10.4 million

CBRE, Inc. on Thursday announced the sale of the Honeywell Scanning and Mobile Productivity Headquarters facility in Fort Mill, S.C., for $10.4 million.

Built in 2007 for Hand Held Products, the 60,044-square-foot building consisted of office and research and development lab space. Honeywell bought the building, located on 10 acres.

Patrick Gildea and Ryan Clutter of CBRE’s Investment Properties Group represented the seller, Merrifield Patrick Vermillion, a Charlotte-based commercial real estate brokerage and development group. The building was purchased by an affiliate of Cole Real Estate Investments in Phoenix, Arizona.

“The market for single-tenant, net leased investment properties is extremely competitive today,” said Gildea. “With a long term lease to a strong credit tenant, the Honeywell Building is viewed as a hedge against market volatility. With today’s low interest rates, the cap rates for single tenant assets are dropping.”