Dilweg Acquires 12-Building Raleigh-RTP Portfolio for $89.5M
DURHAM, N.C. (Aug. 27, 2014) – The Dilweg Companies has acquired a twelve-building, 773,000 square-foot portfolio of office and flex properties in Raleigh, N.C. for $89.5 million. This acquisition brings Dilweg’s current Southeast portfolio to 4.7 million square feet.
The Raleigh-RTP portfolio includes Park Forty Plaza, RDU Center II and III, NorthPark I and II, five North Raleigh flex properties known as One North Commerce Center, and two Cary flex properties known as MacGregor Place.
“We are thrilled that our largest acquisition to date is in our backyard,” said Anthony Dilweg, CEO of the Dilweg Companies. “It is an exciting time for the Raleigh-Durham office market, as fundamentals continue to improve. This value-add portfolio fits well within our investment strategy, and we look forward to owning these assets.”
The office portion of the portfolio includes:
- Park Forty Plaza: 122,311 sf located at 1000 Park Forty Plaza Drive
- RDU Center II and III: 176,134 sf located at 3131 and 2121 RDU Center Drive
- NorthPark I and II: 94,123 sf located at 11635 and 11640 North Park Drive
The flex portion of the portfolio includes:
- One North Commerce Center: 292,388 sf located at 5200, 5220 and 5240 Greens Dairy Road, 5205 Capital Boulevard and 3645 Trust Drive
- MacGregor Place: 87,914 sf located at 114 and 118 MacKenan Drive
Representing the seller on the deal were Ryan Clutter, who led the transaction yet is no longer with CBRE, along with Ben Kilgore in CBRE’s Raleigh office and Patrick Gildea in CBRE’s Charlotte office.
About The Dilweg Companies: The Dilweg Companies is a full-service commercial real estate firm based in Durham, North Carolina. Since its launch in 1997, 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 $690 million in asset value and more than 7.3 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.