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CBRE/Duke JV Completes Northpoint III Buy

ORLANDO-The 108,500-square-foot suburban offices are fully leased to Progress Energy.

By Carl Cronan | Updated on October 28, 2009

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.

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