Northpoint III Trades In $20 Million Deal

Cushman & Wakefield announced that it has negotiated the sale of Northpoint III, a 108,499-square-foot Class A office building in Lake Mary. 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 above-market parking ratio of 4.7 spaces per 1,000 square feet. 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, 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.  

“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.”

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