Mainstreet Capital Partners
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Resource Square III
Charlotte, NC


Acquisition Date: December 2001
Project Size: 122,000 square feet
Acquisition Cost: $13.6 million
Acquisition Cost
per SF:
$111
Major Tenants: Allstate Insurance, Ryan Homes
Date Sold: March 2007
Buyer: Triple Net
Sales Price: $20.5 million
Sales Price per SF: $168
Investor IRR: 28%

Deal Highlights:

Mainstreet recognized that the seller was anxious for a year-end close on Resource Square Three and its sister building, Resource Square Four. The purchase price, which was a significant discount to replacement cost, reflected a cap rate of 10.5%. Mainstreet aggressively managed the lease rollover by executing a lease extension with one of the largest tenants, Allstate Insurance.

Resource Square Three is located in the 100-acre University Research Park. Allstate Insurance, Duke Energy, BellSouth, TIAA-CREF, Wachovia and EDS are some of the major tenants within the University Research Park, which is located in one of the fastest growing submarkets of Charlotte.


 
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