An Atlanta-based commercial real estate investment group just closed on its nearly $80 million purchase of a recently renovated office building in SouthPark.
The Brookdale Group acquired The Rotunda, at 4201 Congress St., from Equus Capital Partners for $79.9 million, according to a deed filed today with Mecklenburg County. Equus, based in the Philadelphia area, bought the property in 2017 for $60 million, according to previous CBJ reporting.
Chris Locatell, Equus senior vice president, said the 234,670-square-foot, Class A office building is about 77% leased, though several pending deals are expected to bring the total to about 84%. Current tenants include Hedrick Gardner, Jeffries Financial and Capitala Investment Advisors.
“We find it to be a great market to invest in and the prospects, long term, are favorable so we think the buyer will do well,” he said. “It’s the type of property we like to put our touch on and return for our investor.”
Though The Rotunda was built in 1988, Equus invested $4.5 million into renovations over the last several years.
Locatell said these upgrades made the property much more attractive to potential buyers. Renovations included upgrades to restrooms, the main building lobby and upper-floor elevator lobbies, elevator cab interiors, new portico lighting, cooling-tower replacement and new amenity spaces. Equus also made significant changes to the 4,500-square-foot outdoor patio overlooking Symphony Park.
“These upgrades were significant in a positive way and allowed the buyer to have a nice basis to add their own additional touches without having to back the truck up,” Locatell said.
Ryan Clutter and Chris Lingerfelt of JLL represented Equus in the transaction.
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