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Foundry Commercial Acquires Office Campus In Fort Mill For $15.8 Million With CBRE Brokers

Property Image
SOLD
$15,800,000

South Carolina

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Office676,602 SF
Sold 07/08/2024
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Property Image
SOLD

Foundry Commercial Acquires Office Campus In Fort Mill For $15.8 Million With CBRE Brokers

3476 Stateview Boulevard & 3480 Stateview Boulevard

See Similar Deals
Office676,602 SF
Sold 07/08/2024
Contact now

Summary

SOUTH CAROLINA
Asset Type:Office
Price Per Square Foot:$23
Total Square Footage:676,602 SF
Transaction Type:Sale

An office campus located at 3476-3480 Stateview Boulevard in Fort Mill, SC, has been sold for $15.8 million. The property encompasses 338,301 square feet, translating to a price per square foot of approximately $47. The buyer intends to redevelop the asset into a 465,000-square-foot industrial park.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $15,800,000
  • Square Footage: 338,301
  • Address: 3476-3480 Stateview Boulevard
  • Market: Fort Mill, SC
  • Price Per Square Foot: $47
  • Buyer: Foundry Commercial
  • Broker Representatives: Matt Smith, Patrick Gildea & Robert Hardaway - CBRE

This transaction was facilitated by the brokerage team at CBRE, which includes Matt Smith, Patrick Gildea, and Robert Hardaway. They represented the buyer, Foundry Commercial, in this significant acquisition aimed at future redevelopment in the region.

Players

Patrick Gildea
17 deals$479.1M volume
BROKER

Matt Smith
CBRE
16 deals$445.8M volume
BROKER

Robert Hardaway
CBRE
8 deals$137.6M volume
BROKER

Details

SOLD
IMAGE: 07/08/2024 ADDRESS: 3476-3480 Stateview Boulevard MARKET: Fort Mill, SC ASSET TYPE: Office BUYER: Foundry Commercial BROKERS: Matt Smith, Patrick Gildea & Robert Hardaway - CBRE SALE PRICE: $15,800,000 SF: 338,301 ~ PPSF: $47 NOTE: Foundry Commercial acquired a 338,301-square-foot office campus in Fort Mill, SC, for $15.8 million and plans to redevelop it into a 465,000-square-foot industrial park.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$842,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$56,134.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$74,900.06
Annual Debt Service$898,800.73