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California REIT Puts Down $130 Million to Acquire LPL Corporate Campus

Griffin Capital Buys LPL Financial's Recently Completed Regional Headquarters in Suburban Charlotte
December 6, 2017
El Segundo, CA-based Griffin Capital Corp., on behalf of Griffin Capital Essential Asset REIT, completed a deal with Childress Klein and Clear Springs Development Corp. to acquire LPL Financial's regional campus located just outside of Charlotte in Fort Mill, SC for $130 million, or approximately $289 per square foot.

The 450,000-square-foot, two-building mid-rise complex serves as the Southeast regional headquarters for Boston-based LPL Financial, a major independent broker-dealer network and wholly-owned subsidiary of LPL Financial Holdings (NYSE: LPLA).

Childress Klein headed up the development of the 27.9-acre corporate campus, which delivered late last year on a 27.9-acre site near the intersection of US Hwy. 21 and SC 160 in the award-winning Kingsley master-planned development.

The largest of LPL's three national offices, the Fort Mill complex, which houses nearly 2,000 LPL employees, is fully leased to the firm on a 20-year deal with 1.75% annual base rental rate increases.

Griffin Capital used 1031 exchange proceeds from the company's $290 million sale of DreamWorks Animation's studios and headquarters campus in Glendale, CA on November 21 to finance the purchase.

Don Pescara, managing director of acquisitions at Griffin Capital, noted the firm has targeted the greater Charlotte metropolitan area due to its well-diversified economy and considerable growth over the last two decades.

"The assets meet our criteria of investing in income-generating properties leased to established corporate tenants on a long-term basis," added Michael J. Escalante, CIO of Griffin Capital. "Given that these assets are critical to LPL Financial’s ongoing operations, they represent the type of investment that fits well with our own investing objectives as well as those of Griffin Capital Essential Asset REIT, Inc.”

In addition to the two six-story buildings, the complex includes a six-level parking deck, full-service cafeteria with indoor and outdoor seating, fitness center, outdoor putting green, community garden and walking trails.

For more information on the transaction, please see CoStar Comp #4071108.
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