Dilweg Sells Resource Square I, II & V in Charlotte
DURHAM, N.C. (Aug. 23, 2019) – Commercial real estate investment firm, The Dilweg Companies, announced today the sale of three Class A office buildings located in Charlotte’s University/Northeast submarket.
Resource Square I, II and V total 337,611 square feet and are situated on 30.8 acres. They were built between 1997 and 2001. At the time of sale, the buildings were 81 percent leased. Major tenants include IBM, Brooks Equipment Company, FiServ, and Huber Engineered Woods.
“The extension of the light rail to Northeast Charlotte brings renewed energy to the University submarket, increasing leasing activity at Resource Square,” said Anthony Dilweg, CEO of The Dilweg Companies. “During our ownership, we renovated the buildings and added onsite amenities, which should help establish a strong foundation for the continued success of this property for the next ownership group.”
Dilweg currently owns in excess of 1 million square feet in Charlotte and nearly 6 million square feet in the Southeast. Dilweg recently sold The Johnston Building, a historic 17-story asset in Uptown, in July.
CBRE’s Patrick Gildea, Matt Smith, Will Yowell, and Grayson Hawkins represented Dilweg in the transaction.
“Dilweg has poured a significant amount of work and capital expenditures into the property, which contributed to it being a very attractive investment opportunity,” said Patrick Gildea, executive vice president at CBRE. “The sale of Resource Square is evidence of the institutional appeal of the University submarket. With no new construction in the area, rental rates are expected to continue rising in the near future.”
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.