Archon Group, an affiliate of Goldman Sachs, has finalized the purchase of LakePointe Office Park in Charlotte, North Carolina, for $75 million, or $110 per square foot. The seller, TIAA-CREF, was represented in the sale by Ryan Clutter, Patrick Gildea and Will Yowell of CBRE Group Inc. Jones Lang LaSalle also announced this week that it has been named leasing agent for the seven office buildings in LakePointe Office Park. Mainstreet Capital Partners will manage the LakePointe portfolio, which totals 675,398 square feet.
"Mainstreet Capital Partners is excited to work toward re-establishing LakePointe as the preferred office park in Charlotte," said Peter Tonon, a partner with Mainstreet. "The market fundamentals seem to be improving, and with some enhancements we would like to implement to an already beautiful development, we anticipate this being a great opportunity."
LakePointe Office Park, planned and developed by Childress Klein Properties, officially opened in 1988 with the completion of Belk Stores Services Corporate headquarters. LakePointe was reportedly 87% leased at the time of sale, with major tenants including The Vanguard Group, MIDREX Enterprises Inc., SunTrust Banks Inc., T-Mobile, Titan Technology Partners, the Transportation Safety Administration and the U.S. Postal Service. The LakePointe Office Park project marked the first step in Childress Klein's development in the immediate area that consists of 2.2 million square-feet of office space situated within 175 acres of forests, hills and lakes.
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