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CHARLOTTE, NC-The Rotunda office property shifts to a new portfolio after Rreef acquires the 228,672-sf office asset on behalf of an institutional client.

The four-story property sits at the intersection of Carnegie Boulevard and Barclay Downs Road. A Rreef spokeswoman tells GlobeSt.com the Rotunda was 95% occupied at closing; however, she declined to release the purchase price or the cap rate.

Ryan Clutter of CB Richard Ellis represented the seller, a private partnership.

The GVA Advantis Southeast Office Market Report for Mid-Year 2006 puts the overall vacancy rate in Charlotte at 12.1%, below the 14.5% registered at mid-year 2005. Rental rates, the report states, came in around $20 per sf for class A office space in the second quarter of 2006. “Charlotte activity levels have dropped slightly during the first six months of 2006, with moderate absorption leading to slight declines on overall vacancy,” GVA Advantis reports. The vacancy level is at its lowest since 2001, the report adds; however, with approximately 1.5 million sf slated to come online in 2007, the vacancy rate could inch back up into 13% range.

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