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ORLANDO-A joint venture between CB Richard Ellis Realty Trust and Duke Realty Corp. has completed its purchase of Northpoint III, a 108,500-square-foot class A office building in suburban Lake Mary that is fully leased to Progress Energy Florida through 2021. The price and other terms of the acquisition were not disclosed.

The four-story building, which opened in 2001 at 3300 Exchange Place, is part of the master-planned Northpoint Office Park developed by Duke Realty. Progress Energy Florida, formerly known as Florida Power, has been the building’s only occupant and signed a 12-year lease extension in September.

CBRE Realty Trust recently bought two other class A office buildings in the Orlando market with diversified credit tenants under long-term leases. In August, it acquired a 124,500-square-foot building at Central Florida Research Park for $25.4 million, or $204 per square foot, that is fully leased to Kaplan Inc.

Its JV with Duke Realty, formed just last year, also bought the 100,924-square-foot Celebration Office Center III building in May for an estimated $12.7 million, or $126 per square foot. “This newest acquisition is an excellent fit with the REIT’s portfolio and other area investments,” says Chuck Hessel, director of investments with CBRE Realty Trust.

The CBRE/Duke JV plans to buy up to $800 million in newly developed build-to-suit projects over a three-year period. CBRE Realty Trust worked with Jeffrey Torto, Gary Jaye and the acquisitions team from CBRE Investors on the Northpoint III deal.

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