Adolfson & Peterson Construction (A&P), a Minneapolis-based general contractor offering construction management services, has purchased the Fowler Building for $2.5 million. A&P purchased the property from Boulevard at 1447 South Tryon Street, a limited liability company managed by Chris Branch, that previously acquired the building for $1.5 million in 2003. Josh Beaver of The Nichols Co. represented A&P, and Greg Pappanastos of Argos Real Estate Advisors represented the seller.
A&P moved its Charlotte operations into the building last year, leasing roughly 8,300 square feet of office space in the 18,000 square foot building. "We moved into the building a year ago and since then we have continued to hire team members and really needed the additional space," said John LaPenta, who heads the local office, in a release. "We hope that by purchasing the building, we show our commitment to the city and to being a North Carolina contractor."
According to a Charlotte Business Journal article, The firm is expanding to about 15,000 square feet and will take the vacant section of the third and basement levels in the building for additional space. IT consulting firm Systemtec will continue to lease about 3,000 square feet on the third floor.
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