Saturday, April 29, 2017

HFF arranges sale of and $42.4 million financing for the Rotunda Building in Charlotte, NC


Rotunda Building, SouthPark Submarket, Charlotte, NC

 
Ryan Clutter
CHARLOTTE, NC  – Holliday Fenoglio Fowler, L.P. (“HFF”) announced it has closed the sale of and arranged $42.4 million in acquisition and improvement financing for the Rotunda Building, a 230,790-square-foot, premier, Class A, multi-tenant office building in the prestigious SouthPark submarket of Charlotte, North Carolina.

HFF marketed the property on behalf of the seller, a global asset manager.  Equus Capital Partners, Ltd. purchased the building.  Additionally, HFF worked on behalf of the new owner to place the floating-rate acquisition loan with Bank of America Merrill Lynch.

The Rotunda Building represents one of Charlotte’s trophy, iconic office buildings.  Completed in 1988, the four-story building features a two-floor parking deck and surface parking with a total of 761 dedicated parking spaces; lobby consisting of a two-story porte cochère with Italian marble; conference room; Village Tavern, a full-service restaurant; and a water fountain that spans the entire rear side of the building.

 The 91-percent-occupied property is home to a variety of tenants, including Jones Lang LaSalle, Jeffries, First Bank, Capital South, Development Management and Michelin. 

Scot Humphrey
Situated on 5.34 acres at 4201 Congress Street, the Rotunda Building is located at the intersection of Congress Street and Carnegie Boulevard directly across from the 1.6 million-square-foot SouthPark Mall, a prestigious regional retail destination.  

The building is in the heart of the SouthPark submarket, a mixed-use, urban environment with a live-work-play atmosphere five miles south of Charlotte’s Uptown area.

The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter, director Scot Humphrey and associate director Chris Lingerfelt.

HFF’s debt placement team representing the buyer was led by director Brent Bowman and senior managing director Travis Anderson.

 ”The Rotunda Building is a trophy asset located in Charlotte’s prestigious SouthPark submarket,” Clutter said.  “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 Carolinas over the next 36 months as investor attention to these opportunities continues to be strong.  The draw of institutional capital to the Carolinas region is at an all-time high and we see this continuing for the foreseeable future.” 

“The high-quality nature of Rotunda, a diversified tenant roster and its location within the booming SouthPark submarket attracted substantial lender interest from both life insurance companies and banks,” Bowman added.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com


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