Dilweg Acquires 14-Building Office Park in Charlotte
DURHAM, N.C. (June 11, 2018) – Commercial real estate investment firm, The Dilweg Companies, announced today the acquisition of Vanguard Center, a 14-building office park in Charlotte, in two separate transactions.
Vanguard Center is a 14-building office park located just outside the SouthEnd submarket. The park consists of 563,504 square feet and was built between 1975 and 1997. Major tenants include MapAnything, National Welders, MI Homes, and Home Depot. The park was 65 percent leased at the time of sale.
“We see an opportunity to dramatically transform this value-add asset into a contemporary office campus,” said Anthony Dilweg, CEO of the Dilweg Companies. “Our team will rebrand the park and take advantage of the increasing demand for creative, modern office space in the Charlotte metro-area.”
Dilweg plans to invest significant capital to improve the park’s exterior, mechanical systems, common areas and tenant amenities and provide a modern “best in class” office experience for existing and future tenants. The firm has engaged architectural firm Perkins + Wil to assist with the renovations.
“Dilweg’s transformation of Vanguard Center will be comprehensive and instrumental in creating a new life for a well-known Charlotte commercial office park,” said Liz Richardson, Project Architect with Perkins + Wil. “Inspired by Charlotte’s well-loved and effortless urban fabric, the park will create a sense of community by delicately weaving together an experience from your morning coffee to an afternoon meeting and beyond.”
CBRE’s Patrick Gildea and Matt Smith represented the seller in the transaction. CBRE’s Joe Franco, Ralph Oldham, Stephanie Spivey, and Katherine Richey have been retained as the park’s exclusive leasing agents.
“This transaction is one of the first of what I believe will be many suburban office park trades in which the new owner intends to re-invent traditional 1980s and 1990s vintage product into a modern, exciting, and cohesive office destination,” said Patrick Gildea, Executive Vice President at CBRE.
The purchase of the 14-building office park brings Dilweg’s Charlotte office holdings to more than 1.7 million square feet and Southeast office holdings to more than 6.4 million square feet. Dilweg owns four other Charlotte office assets: First Citizens Bank Plaza and Johnston Building in Uptown, Resource Square in the University submarket, and Park Abbey in the Park Road submarket. The firm opened its Charlotte office in early 2017.
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 $1.74 billion in assets and more than 11.6 million square feet throughout North Carolina, Georgia, Florida and Tennessee. For more information, please call (919) 402-9100 or go to www.dilweg.com.