Dilweg Acquires Sarasota City Center in Florida
DURHAM, N.C. (April 11, 2017) – Commercial real estate investment firm, The Dilweg Companies, announced today the acquisition of Sarasota City Center in Downtown Sarasota, Florida.
Sarasota City Center is a two-tower Class A office building with 13 floors in the North tower and 3 floors in the South tower. Located in the center of Downtown Sarasota, the building totals 245,293 square feet and was built in 1989. Major tenants include Boar’s Head, Wells Fargo, Merrill Lynch and UBS. The building was 88 percent leased at the time of sale.
“We are excited to expand our Southeast footprint into Florida with the acquisition of Sarasota City Center,” said Anthony Dilweg, CEO of the Dilweg Companies. “We believe the building’s exceptional downtown location and stunning views of the Sarasota Bay will help it reach and maintain above-average occupancy during our hold period.”
Dilweg plans to invest more than $4 million to improve the building’s operating systems, common areas and tenant amenities and provide a “best in class” office experience for existing and future tenants.
“Central Florida is one of our target markets, and Sarasota City Center is hopefully our first of many acquisitions in the area,” said Zach Ashton, Managing Director of Acquisitions for the Dilweg Companies.
In addition to Sarasota City Center, Dilweg acquired First Citizens Bank Plaza in Charlotte, North Carolina as part of this transaction. First Citizens Bank Plaza consists of 476,393 square feet and was 29 percent leased at the time of sale. The purchase of Sarasota City Center and First Citizens Bank Plaza brings Dilweg’s Southeast holdings to more than 6 million square feet.
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 $1.1 billion in assets and more than 10.7 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.