Dilweg Purchases South Square I & II Office Buildings in South Durham
DURHAM, N.C. (Dec. 15, 2015) The Dilweg Companies, a commercial real estate investment and management firm based in Durham, has purchased South Square I and II in South Durham.
South Square I is a 3-story office building located at 3710 University Drive and South Square II is a 3-story office building located at 3708 Mayfair Street. The buildings total 120,301 square feet and were 47 percent occupied at the time of sale. The buildings’ major tenants include Yadkin Bank, aWhere and SHIFT NC.
“We believe in the strengthening fundamentals in the Durham market,” said Anthony Dilweg, CEO of the Dilweg Companies. “As one of the few big-block vacancies in South Durham, South Square I and II are well-located to capture the market’s future growth. We are thrilled about the opportunity to reposition these assets.”
Dilweg plans to invest more than $2.5 million to improve the buildings’ operating systems, common areas and tenant amenities to upgrade the property.
The purchase of South Square brings Dilweg’s Raleigh-Durham office portfolio to nearly 1.3 million square feet and total Southeast holdings to 5.6 million square feet. The firm also owns 4505 and 4515 Falls of Neuse, University Tower, Capital Center and RDU Center III.
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 $890 million in assets and more than 9 million square feet throughout North Carolina, South Carolina, Virginia and Georgia. For more information, please call (919) 313-3483 or go to www.dilweg.com.