Development

Two office buildings sold in Charlotte for more than $68 million

The Rotunda Building in SouthPark (foreground).
The Rotunda Building in SouthPark (foreground).

A pair of office buildings in Charlotte have been sold for a total of more than $68 million, according to property records and brokers in the deals.

▪ The Rotunda Building in SouthPark was sold for $60 million to Equus Capital Partners in a deal that closed this week. The seller was a company associated with Chicago-based Fifield Cos. The Rotunda Building, located at Barclay Downs Drive and Morrison Boulevard, totals 230,790 square feet and is 91 percent leased.

“The Rotunda Building is a trophy asset located in Charlotte’s prestigious SouthPark submarket. Iconic assets of this nature continue to be sought after from investors seeking an attractive mix of stability and modest upside,” said Ryan Clutter of HFF, which represented the seller.

▪ The Water Oak building was sold for $8.35 million, in a deal that closed earlier this year. Located at 8720 Red Oak Boulevard, west of Interstate 77 at Arrowood Road, the building was bought by Material Handling Industry, a trade group that leases space there. Robby Kirby of MPV represented the buyer in the transaction, and Adler Group, the seller, represented themselves. The 95,000 square-foot building is 87 percent leased.

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The Water Oak Building. Courtesy MPV Properties.

Ely Portillo: 704-358-5041, @ESPortillo

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