FORT MILL, S.C. — The Honeywell Scanning and Mobile Productivity headquarters building at 9680 Old Bailes Road in Fort Mill, S.C., has a new owner, according to CBRE.
This week, CBRE announced that Charlotte-based Merrifield Patrick Vermillion sold the building for $10.4 million to an affiliate of Phoenix-based Cole Real Estate Investments.
According to Los Angeles-based CBRE, which represented Merrifield, the building is 60,044 square feet, has one tenant — Honeywell — sits on 10 acres and offers office and laboratory space. The building was built in 2007 for Hand Held Products, which was later purchased by Honeywell, according to CBRE.
Patrick Gildea and Ryan Clutter, of CBRE, exclusively represented Merrifield, a commercial real estate brokerage and development company.
Gildea, in a press release, said the market for “single-tenant, net leased investment properties is extremely competitive today.
“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.”