Press Release – 90 North Completes 24th Transaction
90 North Completes 24th Transaction and Acquires Brand New Lash Group Headquarters for $67.1M in South Carolina
90 North has advised on the $67.1 million development funding and acquisition of the 247,834 sq ft Lash Group headquarters building in Fort Mill, South Carolina, less than 20 miles from Charlotte, North Carolina.
The newly constructed development is fully-let on a 12-year lease to the Lash Group, a provider of healthcare support services and subsidiary of AmerisourceBergen Corporation, a global pharmaceuticals sourcing and distribution services company.
The transaction is the second US deal for 90 North this year, following the acquisition in February of the Saint-Gobain campus in Philadelphia for $123 million and has taken 90 North’s total transactions to $1.3 billion (£860 million/€1.2 billion). Both acquisitions underscore our strategy of financing and acquiring newly developed or recently renovated, fully-leased corporate facilities in prime suburban markets across the country.
This state of the art, LEED Silver office building was completed in April 2016 and provides numerous on site amenities, including a fitness centre, conference and meeting rooms, a business centre and lounge area. The site is set adjacent to Annes Springs Close Greenway, providing approx 2,000 acres of lakes, forests and pastures.
Daniel Cooper, Partner and Head of North America, commented:
“This acquisition is yet another example of 90 North identifying and executing a ‘trophy’ credit focused acquisition”.
Philip Churchill, Founder and Managing Partner, commented:
“For our investors, the opportunity to finance and acquire a brand new world-class facility occupied by a blue chip tenant was highly attractive. There is a pronounced appetite amongst investors for transactions of this type which marry the promise of wealth protection with the potential of capital appreciation”.