Building Size: Rotunda: 236,000 Square Feet
BASF: 100,000 Square Feet
Date of Sale: 1995
Sale Price: Rotunda: $60,000,000
BASF: $14,000,000
Price/S.F.: Rotunda: $150
BASF: $140
Occupancy: Rotunda: 95%
BASF: vacant
Age: Rotunda: 1988
BASF: 1993
Seller: Rotunda: BCI
BASF: BASF Fibers
Purchaser: HC REIT
Transaction History:
In 1995, Lincoln Harris associates were retained on behalf of BCI to market the Rotunda Building. Based on our early marketing efforts, it was determined that the most advantageous route for the seller was to form a joint venture to defer taxation issues. A select group of investors were offered a 50% interest in the Rotunda Building, one of the premier office properties in Charlotte.
During the marketing period, BASF Fibers decided to sell their 100,000 square foot headquarters facility also located in SouthPark (now known as One Morrocroft Centre).
It was the team’s belief that there was now an opportunity, not only to achieve ownership’s initial goal, but to also acquire another significant asset in one Charlotte’s most dynamic submarkets and package it with the Rotunda. At this point we initiated discussions on behalf of our client with the owners of the BASF Building and contracted this project. After reassessing our potential joint venture partners, the proposal from SITQ, a Canadian pension fund, was selected which ultimately resulted in the formation of a private REIT, which acquired the Rotunda and BASF properties.
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