Two suburban office buildings just west of Charlotte Douglas International Airport have changed hands at a deep discount, with an investor paying $26 million for a pair of towers that pulled in a far higher price tag only a few years ago.
The four-story LakePointe 3 and LakePointe 5 at LakePointe Corporate Center total more than 226,000 square feet and are roughly 80% leased, giving the new owner immediate rent roll along with a chunk of vacancy to pursue. The deal is the latest evidence that suburban office properties are still being repriced as investors separate long-term keepers from weaker assets.
According to Charlotte Business Journal, Onward Investors paid about $26,000,000 for LakePointe 3 and 5, acquiring the buildings from Bridge Investment Group. The outlet reports that the same two properties sold for roughly $46,000,000 in 2020, a comparison that shows just how far values have fallen for some office assets. The transaction covers the two buildings in the airport submarket west of uptown Charlotte.
Bridge's property listing identifies the buildings at 3730 and 3735 Glen Lake Drive and pegs their combined footprint at about 226,863 square feet. Bridge Investment Group has promoted the campus as Class A space with tenant amenities, and contemporaneous coverage of the 2020 sale recorded that Bridge, or a related fund, paid roughly $46.3 million for the same pair. Commercial Property Executive documented that earlier transaction as well as the campus' amenities and leasing mix.
What the Price Change Means
Office valuations have undergone a broad reset since 2020, with many properties trading at discounts to their previous-cycle pricing as lenders and buyers recalibrate. Industry data points to some stabilization but a choppy recovery, particularly for office, which helps explain the wide gap between the 2020 price and this year's sale.
CoStar and GlobeSt have tracked the volatility in commercial real estate pricing and the particular stress in office properties that are still working through post-pandemic shifts in demand.
What Comes Next For The Campus
With about 80% occupancy, the LakePointe campus offers a blend of steady cash flow and lease-up potential that tends to appeal to opportunistic buyers. Amenities such as an on-site café, fitness center and meeting suites, noted in property marketing and local coverage, could help the new owner hold on to existing tenants and lure new ones in the airport submarket.
The sale highlights how capital looking for discounted office deals is circling properties that are now priced for current market realities rather than pre-pandemic expectations.
No public statement from Onward Investors or Bridge Investment Group about the transaction had been filed publicly as of this story, and deed records are expected to provide more detail once they are recorded. For local landlords and tenants, the trade offers another data point on pricing as Charlotte's office market continues to normalize from the pandemic era.
