Adolfson & Peterson Buys Charlotte Location for $2.5M; Fifth Third Center Applauded for Energy Efficiency
By Eliza Theiss, Associate Editor
Minneapolis-based Adolfson & Peterson Construction (A&P) has announced its purchase of the Fowler Building, the company’s Charlotte location. A&P moved into the South Tryon Street building in March 2012, leasing 8,300 square feet of the property’s gross leasable area of 18,000 square feet.
Built in 1928, the property is located in the historic South End neighborhood conveniently close to Charlotte’s light rail system and Uptown—a definite advantage of the property. A&P will invest in the property’s vacant space to convert it into additional office space, which is needed due to its increasing employee roster. Such includes part of the third floor and basement area.
A tenant currently leasing 3,500 square feet on the third floor will continue to occupy its current space. The Charlotte Business Journal identifies the tenant as IT consulting firm Systemtec. A&P, represented by Josh Beaver of The Nichols Co., paid a reported $2.5 million for the Fowler building, purchasing it from Boulevard at 1447 South Tryon Street LLC—represented by Greg Pappanastos of Argos Real Estate Advisors.
In other news, Parmenter Realty Partners announced that Fifth Third Center, one of its Charlotte assets, has been named among the top three energy saving buildings in the “Over 500,000 Square Foot” category of the Smart Energy Now® Building Recognition Program. Smart Energy Now® is Duke Energy’s program dedicated to aid in lowering energy consumption in Charlotte’s Uptown office properties, with a focus on changing employee attitudes and habits in relation to energy consumption.
Located at 201 North Tryon St., Fifth Third Center is a LEED Silver and Energy Star-certified marquis trophy tower. The 30-story Class A office building features 654,533 square feet of office space, as well as an attached ten-story, 1,030-car parking garage. Parmenter Realty purchased the asset in mid-2012 from Parkway Properties in one of the year’s biggest deals in Charlotte, paying $245 million for the coveted asset (click here to read more about this transaction).
For further Charlotte market data click here.
Photo courtesy of Adolfson & Peterson Construction