LakePointe buildings sell for $75M
Published: January 15, 2013
Time posted: 12:42 pm
CHARLOTTE – Charlotte-based Mainstreet Capital Partners and Irving, Texas-based Archon Group, a Goldman Sachs affiliate, have bought seven buildings in LakePointe Office Park for $75 million from TIAA-CREF.
Will Yowell, vice chairman of capital markets for CBRE, announced the sale Tuesday. CBRE represented TIAA-CREFin the deal, which Yowell said closed last week.
The seven buildings total about 675,000 square feet and are 87 percent occupied.
“Mainstreet and Archon see (the purchase) as a stable investment in the Charlotte market,” Yowell said. “Charlotte is a market that continues to receive positive confidence from institutional capital.”
He said the seven buildings were put on the market in the fall.
Charlotte-based Childress Klein Properties developed LakePointe Office Park, which opened in the late 1980s at 4235 South Stream Blvd., off Tyvola Road.
In addition to Yowell, Ryan Clutter and Patrick Gildea, both of CBRE, also represented TIAA-CREF in the sale.