| 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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