ORLANDO—Cushman & Wakefield negotiated the sale of Northpoint III, a 108,499-square-foot class A office building in Lake Mary, FL. The Capital Markets team of executive managing director Mike Davis, senior director Michael Lerner and senior director Rick Brugge represented New York City-based investor Gramercy Property Trust in the disposition. Charlotte, NC-based Duke Energy , the building's sole tenant, acquired the asset for $20 million ($184 per square foot). "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," says Lerner. "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."

Instant Insights /

Middle Market Digest: Early This Week in Florida

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