Pope & Land and Dilweg Companies Sell Barrett Summit in Atlanta
DURHAM, N.C. (Aug. 11, 2016) – Pope & Land and The Dilweg Companies today announced the sale of Barrett Summit, a 15‐acre office park comprised of three fully leased office buildings located within the Barrett development in Kennesaw, GA. Initially developed and continually leased by Pope & Land, the 182,000 SF portfolio was converted into a venture with The Dilweg Companies in 2012.
“Barrett Summit was our first acquisition in Atlanta, and its disposition is now our second successful Atlanta exit,” said Anthony Dilweg, CEO of the Dilweg Companies. “Barrett Summit helped fuel our excitement about the Atlanta office market and confirmed our commitment to the area, as demonstrated by our recent acquisitions. We plan to expand our Atlanta portfolio over the next 24 months and likely, beyond.”
“As the original developers, we have been continuously involved with this asset for more than 15 years,” said Mason Zimmerman, Senior Vice President and Development Partner for Pope & Land. “We have had a great relationship with The Dilweg Companies and have been pleased with the performance of the asset over a long period of time.”
Dilweg and Zimmerman agree, “It was a great opportunity to work together on these buildings, adding value and realizing significant returns for our investors.”
The CBRE Institutional Properties team, which includes Justin Parsonnet, Executive Vice President Will Yowell, Vice Chairman, and Jay O’Meara, Executive Vice President, represented the Seller on the deal.
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 $975 million in assets and more than 9.3 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.
About Pope & Land
For more than 30 years, Pope & Land Enterprises, Inc. has provided a variety of commercial real estate services to create value for its clients and investors. From large, mixed-use land developments, to urban and suburban offices, to complex redevelopment opportunities, Pope & Land has consistently created, managed and enhanced value in commercial real estate. For more information, please call (770) 980-0808 or go to www.popeandland.com.