Northpoint III
Mike Davis, Michael Lerner and Rick Brugge Represented Gramercy Property Trust in the Disposition of the 108,500-Square-Foot, Class A Office Building to Duke Energy
Cushman & Wakefield announced today that it has negotiated the sale of Northpoint III, a 108,499-square-foot Class A office building in Lake Mary, Florida.
The Capital Markets team of Executive Managing Director Mike Davis, Senior Director Michael Lerner and Senior Director Rick Brugge represented New York City-based investor Gramercy Property Trust in the disposition. Charlotte, NC-based Duke Energy, the building's sole tenant, acquired the asset for $20 million ($184 per square foot). Northpoint III houses Duke Energy’s engineers responsible for the bulk of power transmission in Florida and serves as one of the company’s regional offices in the state.
Northpoint III is a four-story suburban office building built in 2001 on an ±8.72-acre site. The building features distinctive architectural design including an elegant lobby with marble flooring, high-quality interior finishes, above-market parking ratio of 4.7 spaces per 1,000 square feet, video surveillance systems at each entrance and main common areas as well as a backup generator to ensure continuous operations.
Northpoint III is part of a four-building Class A office development situated on 33 acres within Northpoint Center Office Park. The asset is strategically located at 3300 Exchange Place in Lake Mary, FL along the east side of Interstate 4 offering prime visibility and exceptional access. Northpoint Center Office Park totals over 600,000 square feet of office space, a daycare facility and a lake-side trail. There are more than 50 restaurants within a one mile radius of the campus as well as numerous banks, hotels and support retail providing an unrivaled amenity base.
"This transaction resulted in exceptional pricing for our client, Gramercy Property Trust, and was an attractive purchase for Duke Energy as they were able to acquire their headquarters building at below replacement cost to ensure better control of their real estate liabilities going forward," said Lerner. "Duke, and its predecessor, Progress Energy, have occupied Northpoint III since it was constructed 15 years ago and this acquisition simply reaffirms the company's commitment to Central Florida."
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com
