Dilweg Sells SouthPark Center in Charlotte to CCP Commercial Real Estate
DURHAM, N.C. (March 04, 2016) – Commercial real estate investment firm, The Dilweg Companies, announced today the sale of One and Two SouthPark Center, two Class A office buildings located in Charlotte’s SouthPark submarket, to CCP Commercial Real Estate, a private real estate investment firm based in Virginia Beach, Va. Dilweg acquired the property in 2013 for $33.5 million.
One SouthPark Center, located at 6060 Piedmont Row Drive South was built in 1973 and renovated in 2008. The ten story building totals more than 147,000 square feet and is at 96% occupancy.
Two SouthPark Center, located at 6135 Park South Drive, was built in 1980 and renovated in 1992 and again in 2009. The five story office building contains more than 95,000 square feet and is approximately 95% occupied.
“The suburban Charlotte office investment market has been very strong lately, and we felt this was a good time to exit these stabilized buildings,” said Anthony Dilweg, CEO of the Dilweg Companies. “We added onsite amenities to both buildings, which helped drive building quality, subsequent leasing and realize significant returns for our investors.”
Dilweg also owns three other Charlotte office assets, Resource Square in the University/Northeast submarket, Park Abbey in the Park Road submarket and the Johnston Building in Uptown. The firm recently sold 121 West Trade, a 32-story class A office building in Uptown, in December.
“We are excited to expand our Southeast footprint with the acquisition of SouthPark Center,” said Jeremy McLendon, President of CCP Commercial Real Estate. “We believe in the strengthening fundamentals of Charlotte’s suburban office market, and we look forward to owning these assets.”
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 $935 million in assets and more than 9.3 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.
About CCP Commercial Real Estate: CCP Commercial Real Estate is a “best-in-class” real estate acquisition, development, and asset management firm based in Virginia Beach, Virginia. Our focus is on providing our investment clients with superior risk adjusted returns on institutional quality office and industrial properties located in our target markets throughout the Mid-Atlantic and Southeastern United States. We provide our tenants and our investors with superior customer service that values integrity, transparency, accountability, collaboration, and a passion for excellence. The principals of CCP have successfully navigated through several real estate cycles and have the skill sets to capitalize in the current market cycle. The company has a highly tenured team that is accessible to their investor clients 24/7. Experience and expertise allow them to make the right investment decisions that will provide solid returns on equity, capital preservation, and intermediate to long term capital appreciation. For more information, please call (757) 689-1822 or go to http://www.ccpllc.us.