TIAA-CREF finalized its trade of LakePointe Office Park, a seven-building complex in Charlotte, NC, for $75 million or $110 per square foot. Archon Group, an affiliate of Goldman Sachs, was the buyer.
The 678,799-square-foot business complex was built between 1994 and 2000 and was 87 percent leased at the time of sale. The properties range from 20,543 to 145,915 square feet in office space
. The Vanguard Group, MIDREX Enterprises, SunTrust Bank, T-Mobile, Titan Technology, the Transportation Safety Administration (Federal Air Marshalls) and the U.S. Postal Service are some of the major tenants at the park.
Patrick Gildea, Will Yowell, Ryan Clutter and Justin Parsonnet of CBRE’s Investment Properties
Group represented the seller.
“Institutional capital is continuing to flood back into Charlotte and the Carolinas as a whole,” said Gildea. “LakePointe is the latest of numerous transactions that brought a new capital source to the market. This trend, combined with the most attractive debt market that we have seen since 2007, is pushing pricing across the board.”
See CoStar COMPS #2645643 for more information.