Dilweg Sells Sarasota City Center
DURHAM, N.C. (February 28th, 2020) – Commercial real estate investment firm, The Dilweg Companies, announced today the sale of Sarasota City Center in Sarasota, Florida.
Sarasota City Center is a thirteen-story, 247,947 square foot Class A office building in the heart of downtown Sarasota. Fifty-five percent of the building is comprised of multinational Fortune 500 firms including the Boar’s Head headquarters, Wells Fargo Bank, Merrill Lynch, UBS, and RJ Reynolds.
The Property prominently fronts Main Street, an ideal location to walkable amenities and easy access from major highways. Onsite amenities include a café, full-service bank, and fitness center. The Dilweg Companies invested more than $4.6 million in capital improvements and secured additional leasing, bringing the property to 82 percent occupancy at the time of sale.
The Dilweg Companies originally purchased Sarasota City Center in 2017 as part of a portfolio from an affiliate of Osprey Holdings. It was Dilweg’s first acquisition in the Florida market, whose holdings have since grown to more than one million square feet in Florida, and nearly six million in the Southeast.
“Sarasota City Center was our first significant acquisition and disposition in Florida, making this roundtrip uniquely special,” said Anthony Dilweg, CEO of The Dilweg Companies. “We were able to add significant value and harvest that value at an optimal time for our private investors. We continue to hunt for opportunities that align well with our value creation strengths and look forward to our next one in the Tampa Bay / Sarasota metro area.”
Commercial real estate brokerage firm JLL represented The Dilweg Companies in the transaction.
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 visit www.dilweg.com.