Dilweg Acquires Quadrangle II, III, IV, V in Chapel Hill
DURHAM, N.C. (Nov. 7, 2016) – Commercial real estate investment firm, The Dilweg Companies, announced today the acquisition of four Class A office buildings located in Chapel Hill.
Quadrangle II, III, IV and V total 264,410 square feet and are situated on 25.82 acres. They were built between 1988 and 1996. At the time of sale, the buildings were 91 percent leased. Major tenants include Rho, Cempra Pharmaceuticals, Intrahealth international and TMW Systems.
“The Class A office market is incredibly strong in Chapel Hill,” said Anthony Dilweg, CEO of the Dilweg Companies. “Quadrangle is well-located to capture the market’s future growth, and we look forward to enhancing these buildings.”
Dilweg plans to invest more than $2.5 million to improve the buildings’ operating systems, common areas and tenant amenities to ensure providing the “best in class” office experience for existing and future tenants.
The purchase of Quadrangle brings Dilweg’s Raleigh-Durham office portfolio to more than 1.4 million square feet and total Southeast holdings to nearly 5.7 million square feet. The firm also owns 4505 and 4515 Falls of Neuse, South Square I and II, University Tower, Capital Center and RDU Center III.
The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter, director Scot Humphrey and associate director Chris Lingerfelt.
About The Dilweg Companies
The Dilweg Companies is a full-service commercial real estate investment firm based in Durham, North Carolina. Since its launch in 1999, Dilweg has gained broad experience in the acquisition, development and operation of office, retail, warehouse/flex, multifamily and self-storage properties. Dilweg’s investors have sponsored over $1 billion in assets and more than 9.6 million square feet throughout North Carolina, South Carolina, Virginia and Georgia. For more information, please call (919) 402-9100 or go to www.dilweg.com.