CBRE Facilitates Recapitalization of Premier Office Asset in Charlotte
- Sep 24, 2015
By Adelina Osan, Associate Editor
CBRE’s Charlotte and Atlanta offices have finalized the recapitalization of LakePointe Corporate Center One & Two. Childress Klein, the property’s current owner formed a joint venture to own and operate the buildings with the center’s new owner Artemis Real Estate Partners.
Located at 2320 Cascade Pointe Boulevard and 2359 Perimeter Pointe Parkway, LakePointe Corporate Center One & Two is conveniently placed at close proximity to the Charlotte Douglas International Airport and Charlotte’s Central Business District with easy access to I-77, I-85 and I-485.
The six-story buildings totaling 331,611 square feet were constructed in 1999 and 2000, respectively. LakePointe Corporate Center One & Two was 70 percent leased at the time of the recapitalization and tenants include Lash Group, AT&T, Shelco and Aerotek.
“This transaction speaks to the stability and attractive nature of the I-77 Corridor,” said Patrick Gildea, senior vice president at CBRE Charlotte. “With vacancy dropping from 29.3% to 17.9% in the last three years and a rent increase of 6% over the last six quarters, the submarket’s momentum has grown impressively. These properties will continue to perform admirably in the coming years.”
CBRE’s Patrick Gildea and Will Yowell provided investment sales and capital markets expertise on behalf of Childress Klein. CBRE Capital Markets’ Compie Newman and Hal Kempson arranged financing for the joint venture.
Image courtesy of Childress Klein