Minneapolis-based construction company Adolfson & Peterson Inc. is moving its local operations to the Fowler Building in South End, where it will occupy about 8,300 square feet of office space. The company also has a three-year option to purchase the 18,000-square-foot building, located at 1447 S. Tryon St.
John LaPenta, who heads the Charlotte office for Adolfson, says the firm liked the building’s style and location. It is a three-story former warehouse built in 1928 and is adjacent to the Bland Street light-rail station.
Adolfson also needed additional space to accommodate its growth since opening its office here in 2008 with about three employees. The company, currently housed in about 3,500 square feet on Stuart Andrew Boulevard, has grown to more than 30 local employees.
It expects to relocate in early February.
Adolfson & Peterson entered into a joint venture with local contractor Cox & Schepp Inc. last year, but about two months ago, Adolfson purchased the joint venture. That made the Minneapolis firm the sole owner of projects such as the construction of the new Whole Foods in SouthPark and the second phase of the apartment complex at 1225 S. Church St.
“As the relationship grew, it was just more advantageous for both parties that we own 100% of the joint venture,” says LaPenta, senior vice president.
The Charlotte office is responsible for Adolfson’s Atlantic region. LaPenta says the office generated more than $57 million in revenue in 2011, with about half of that coming from business in the greater Charlotte market. He expects the office to deliver more than $100 million in revenue in 2012.
The Fowler Building was marketed for sale last year, with a listing price of $2.7 million.
Josh Beaver of The Nichols Co. represented Adolfson & Peterson, and Greg Pappanastos of Argos Real Estate Advisors represented the owner of the Fowler Building, a limited liability company managed by Chris Branch.