Dilweg Sells the Johnston Building in Uptown Charlotte
DURHAM, N.C. (July 16, 2019) – Commercial real estate investment firm, The Dilweg Companies, announced today the sale of the Johnston Building in Uptown Charlotte.
The Johnston Building is a 17-story office building located at 212 South Tryon Street in Uptown. The property totals 170,564 square feet and was 72 percent occupied at the time of sale. Notable tenants include Chopt Creative Salad, Montreat College and NTT Data Corporation. The Johnston Building was the tallest building in Charlotte when it was constructed in 1924. In 1992, the Charlotte Mecklenburg Historic Landmarks Commission designated the building a Charlotte Historical Landmark. The Dilweg Companies acquired the Johnston Building in 2015.
“The Uptown Charlotte office investment submarket has been extremely strong lately, and we felt this was a great time to exit this asset,” said Anthony Dilweg, CEO of the Dilweg Companies. “We added onsite amenities and new retail tenants to the building, which should help establish a strong foundation for the continued success of this CBD landmark property for the next ownership group.”
Dilweg currently owns in excess of 1.4 million square feet in Charlotte and more than 6 million square feet in the Southeast.
CBRE’s Patrick Gildea, Matt Smith, and Grayson Hawkins represented the seller in the transaction.
“The property is a gem in the Charlotte skyline and it offered investors an extremely rare CBD landmark investment opportunity with additional upside as it’s ideally positioned for lease up,” said Patrick Gildea, executive vice president at CBRE.
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.