JLL closes sale, financing of Charlotte office portfolio
Located within a Qualified Opportunity Zone in Charlotte’s affluent and high-growth Airport submarket
CHARLOTTE, March 9, 2020 – JLL Capital Markets announced today that it has closed the sale and financing of LakePointe Corporate Center 3 and 5, a 226,863-square-foot, Class A office portfolio in Charlotte, North Carolina.
JLL represented the seller, and procured the buyer, Bridge Investment Group Holdings. Additionally, JLL worked on behalf of the buyer to secure a 36-month acquisition loan through CIT, a Top 50 national bank.
LakePointe Corporate Center 3 and 5 are located at 3730 and 3735 Glen Lake Drive within Charlotte’s affluent and high-growth Airport submarket. The Airport submarket is Charlotte’s premier corporate hub featuring many Fortune 500 companies that are surrounded by a strong retail amenity base. The properties are ideally positioned off Billy Graham Parkway benefitting from excellent accessibility to the broader Charlotte market and Charlotte Douglas International Airport, with seamless access to Interstates 77, 85 and 485, the area’s primary transportation arteries. Completed in 2006, LakePointe 3 offers 113,106 square feet and parking for 475 vehicles, while LakePointe 5 was completed in 2001 and offers 113,757 square feet and parking for 531 vehicles. The four-story buildings offer a market-leading amenity package, including a state-of-the-art fitness center and locker rooms, full-service café, lakeside views with patio seating and walking trails and fully-equipped conference room. LakePointe 3 and 5 are 82% leased to a high-quality tenant roster representing a wide range of industries such as healthcare, food services, engineering and technology.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Ryan Clutter and Richard Reid, Senior Director Chris Lingerfelt and Director Zack Drozda.
“LakePointe 3 & 5 garnered exceptional interest from prospective investors as these assets offered a rare combination of stability and immediate upside,” Lingerfelt said. “The Class-A quality, accessibility, and abundance of parking will continue to make these assets competitive for years to come.”
JLL’s Capital Markets team representing the borrower was led by Hal Kempson and Taylor Allison.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Bridge Investment Group
Bridge is a privately held real estate investment management firm with $20.1 billion in assets under management. Bridge combines its more than 3,600-person, nationwide operating platform with specialized teams of investment professionals focused on select US real estate verticals, which Bridge believes offer above-market opportunity: Multifamily; Office; Seniors Housing and Medical Properties, Affordable Housing, Opportunity Zones and Real Estate Debt Strategies.
Bridge principals are owners and operators who are deeply rooted in their assets. In-depth knowledge of local markets, as well as extensive real asset and capital markets expertise, enable Bridge to develop prolific deal flow and to deploy active asset management and monitoring across its business lines.
The principals of Bridge have been investing in and improving communities around the US since 1991 and manage private equity funds, separately managed account vehicles, co-investments, and joint ventures. Bridge seeks to transform assets in a manner that maximizes their potential.