Northpoint III, a 108,499 sqf Class A office building in Lake Mary, Florida has been acquired by Charlotte, NC-based Duke Energy, the building’s sole tenant. Located 20 miles north of downtown Orlando, the $20 million transaction breaks down to just over $184 per sqf. The asset is a four story suburban office building built in 2001 on an 8.72 acre site. Cushman & Wakefield’s Mike Davis, Michael Lerner and Rick Brugge represented the seller, Gramercy Property Trust in the disposition. 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.
“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 Michael Lerner, Cushman & Wakefield. “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.”
