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Continental Tire headquarters building sold

Charlotte-based Forsite Development said it has sold its Continental Tire headquarters building at MacMillan Park, although it is not disclosing the purchase price.

Last week, Forsite said it sold the 74,844-square-foot Class A office building to I A Fort Mill, a subsidiary of Wisconsin-based Investors Associated.

As part of the sale, Forsite has agreed to complete a $3 million, 16,150-square-foot expansion for the new owner and Continental Tire.

Charlotte-based Hendrick Construction was expected to begin work on the expansion this week. The project will involve new office space, an expanded parking lot and outdoor amenities on additional land that Forsite, the developer of MacMillan Park, purchased from Springland, the park’s owner.

Houston Roberts of Forsite Development negotiated the development agreement with I A Fort Mill and the lease amendment with Continental. Britton Burdette with Marcus & Millichap represented Forsite.

Forsite President Tom McKittrick said the sale is part of a strategy to dispose of property and put capital into new projects.

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