Jones Lang LaSalle Incorporated : Sale of newly renovated Class A office in Charlotte closes
Jones Lang LaSalle Incorporated : Sale of newly renovated Class A office in Charlotte closes The office building is currently home to a diverse tenant base representing a variety of industries, including financial services, law, real estate, energy, software and more. In addition, the SouthPark submarket has become a live-work-play destination, with SouthPark Mall directly across the street tenants of the property are within walking distance to many of the areas dining, retail and entertainment amenities. Rotunda further benefits from SouthPark's high barriers to entry due to development restrictions and scarcity of unimproved sites limiting the potential for future office development in the area. The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Chris Lingerfelt, Senior Managing Director Ryan Clutter, Directors John Mikels and Daniel Flynn and Analyst Sarah Holloway. JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
Published : 2 years ago by MarketScreener in Finance Markets
CHARLOTTE, September 12, 2022 -JLL Capital Markets announced today that it has closed the sale of Rotunda, a newly renovated, Class A office building totaling 234,748 square feet in Charlotte, North Carolina.
JLL marketed the property on behalf of an affiliate of Equus Capital Partners. An Atlanta-based institutional real estate investment fund manager acquired the property.
Renovated in 2019, Rotunda features four stair towers, three elevator bays, recently renovated lobby, restrooms, common areas and a conference room. In addition, the property features a tenant amenity lounge, canteen and meeting space and a full-service restaurant, known as the Village Tavern, accompanied by an outdoor patio. The building offers two levels of underground parking totaling 649 spaces. The office building is currently home to a diverse tenant base representing a variety of industries, including financial services, law, real estate, energy, software and more.
Located at 4201 Congress St. in the SouthPark submarket, Rotunda benefits from convenient access to Interstates 77, 85 and 485, the areas primary transportation arteries. As a result, Rotunda has exceptional regional connectivity with easy access to Uptown Charlotte (6 miles), South End (5 miles) and the Charlotte Douglas International Airport (8 miles), three of the market's primary economic drivers. In addition, the SouthPark submarket has become a live-work-play destination, with SouthPark Mall directly across the street tenants of the property are within walking distance to many of the areas dining, retail and entertainment amenities.
Rotunda further benefits from SouthPark's high barriers to entry due to development restrictions and scarcity of unimproved sites limiting the potential for future office development in the area. As a result, there are just three developments in the pipeline.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Chris Lingerfelt, Senior Managing Director Ryan Clutter, Directors John Mikels and Daniel Flynn and Analyst Sarah Holloway.
"Despite the increasingly challenging environment for commercial real estate transactions given climbing interest rates, Rotunda received strong interest which is a testament to the quality and longer-term potential of the asset," commented Clutter.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Topics: North Carolina, Charlotte