Equus Capital Acquires 230 KSF Charlotte Office Asset
- Apr 27, 2017
HFF closed the sale and arranged $42.4 million in acquisition and improvement financing for the Rotunda Building, located at 4201 Congress St. in the SouthPark submarket of Charlotte, N.C.
Equus Capital Partners purchased the 230,790-square-foot, Class A office property and had HFF secure a floating-rate acquisition loan with Bank of America Merrill Lynch. HFF’s debt placement team representing Equus was led by Director Brent Bowman and Senior Managing Director Travis Anderson.
The 5.3-acre, four-story Rotunda Building offers a lobby with a two-story porte cochere with Italian marble, a conference room, the Village Tavern restaurant, a water fountain that spans the entire rear of the building, a two-floor parking deck and surface parking with 761 spaces. The 91 percent occupied asset features tenants such as JLL, Jeffries, First Bank, Capital South, Development Management and Michelin.
HFF marketed the property on behalf of the seller, a global asset manager. The investment sales team representing the seller was led by Senior Managing Director Ryan Clutter, Director Scot Humphrey and Associate Director Chris Lingerfelt.
”The Rotunda Building is a trophy asset located in Charlotte’s prestigious SouthPark submarket,” said Clutter, in prepared remarks. “Iconic assets of this nature continue to be sought after from investors seeking an attractive mix of stability and modest upside. We believe more core and core-plus office assets like Rotunda will come to market in Charlotte and the Carolina’s over the next 36 months as investor attention to these opportunities continues to be strong. The draw of institutional capital to the Carolina’s region is at an all-time high and we see this continuing for the foreseeable future.”
Image courtesy of Yardi Matrix