Continental Tire HQ sells for $15.1 million

Forsite Development Inc. has sold the Continental Tire headquarters building for $15.1 million.
Forsite Development sold the 74,8440 square-foot office building in Fort Mills to Investors Associated LLP, a private investment group in Wisconsin.

The deal was done as part of a 1031 exchange, where the buyer is able to sell one property and buy another and defer taxes on capital gains.

The building, located along I-77 at 1830 MacMillan Park Dr., is fully leased to Continental Tire of the Americas LLC.

As part of the sale, Forsite agreed to complete a $3 million, 16,150-square-foot expansion for the tire maker. Hendrick Construction is expected to begin construction next week.

Houston Roberts of Forsite Development negotiated the development agreement and lease amendment.

David Britton Burdette of Marcus & Millichap's Atlanta office represented the seller, while Jamie Medress and Mark Ruble of Marcus & Millichap's Phoenix office represented the buyer.

Forsite Development buys corporate surplus industrial facilities throughout the Southeast. Since being founded in 2004, Forsite has bought or developed more than 3.7 million square feet.