Durham-based Dilweg Sells Capital Center & Somerset Portfolio
DURHAM, N.C. (January 7, 2020) – Commercial real estate investment firm, The Dilweg Companies, announced today the sale of Capital Center and Somerset in Raleigh.
“The Raleigh-Durham office investment market is very strong, and we felt this was a good time to exit these stabilized assets,” said Anthony Dilweg, CEO of the Dilweg Companies. “Our Asset Enhancement efforts have significantly increased leasing activity, which represents a notable win for this portfolio and our investors.”
Capital Center is a seven-story office building located in the flourishing West Raleigh office submarket. The building totals 161,698 square feet and was built in 1985. Major tenants include the anchor tenant Plexus, K4Connect, My Computer Career.com, and Certara USA. Capital Center was 93 percent leased at the time of sale.
Somerset includes two buildings located in the highly coveted Midtown submarket. Somerset Center is an 111,816 square foot, six-story office building built in 1984. Major tenants include KCI Technologies, CareServices, ICE of Carolinas, and Select Bank & Trust Company. The building was 100 percent leased at the time of sale.
The adjacent building, Somerset Place, is a four-story, 56,494 square foot, office building built in 1998. Major tenants include TowneBank Mortgage and Alphanumeric Systems. Somerset Place was 67 percent leased at the time of sale.
The JLL investment advisory team representing the seller consisted of Senior Managing Director Ryan Clutter, Managing Director Scot Humphrey, Senior Director Chris Lingerfelt, and Director Zack Drozda.
About 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.