Dilweg Expands Florida Footprint with $53M Concourse Center Buy
The purchase of Concourse Center brings Dilweg’s Florida office holdings to nearly 1.2 million square feet and its Southeast office holdings to nearly 6.5 million square feet.
TAMPA—A fund managed by New York City-based DRA Advisors LLC has sold the four-building Concourse Center here to The Dilweg Companies of Durham, NC.
The 294,621-square-foot office park traded for $53.3 million, according to documents filed with the Hillsborough County Clerk of the Circuit Court. The Cushman & Wakefield Capital Markets team of Mike Davis, Rick Brugge and Rick Colon negotiated the sale on behalf of the DRA Advisors fund.
Concourse Center consists of four, three-story buildings ranging in size from 73,180 square feet to 74,533 square feet. The assets were developed between 1982 and 1984 on an approximately 12.5-acre campus at 3501, 3503, 3505 and 3507 East Frontage Road and were 90% leased at the time of the sale.
“Concourse Center provided investors with an exceptional value-add opportunity featuring stable in-place cash flow, significant upside potential, a diverse mix of strong tenants and a superior infill location with an unrivaled amenity base,” says C&W’s Davis.
Concourse Center is located within Tampa’s Westshore Business District between Interstate 275 and the Tampa International Airport. The property features prominent frontage along Memorial Highway and offers access to Tampa’s major transportation routes, including the Veterans Expressway, Interstate 275 and both the Howard Frankland Bridge and the Courtney Campbell Causeway, which link Tampa with Pinellas County.
“Quality, well-located, suburban office projects like Concourse Center are attracting yield-oriented equity investors,” Brugge notes. “The significant discount to replacement cost and gap between in-place rents and replacement rents presents a unique opportunity for these investors to enjoy solid cash flow with upside over time. Concourse Center is exceptionally well located within the Westshore office market and fits this profile perfectly.”
Dilweg reports it plans to invest more than $4 million to improve the buildings’ operating systems, common areas and tenant amenities and provide a “best in class” office experience for existing and future tenants.
“We are very excited to expand our Tampa office footprint with the acquisition of Concourse Center,” says Anthony Dilweg, CEO of The Dilweg Companies. “We believe in the strengthening fundamentals of the Tampa metro and look forward to repositioning these assets.”
The purchase of Concourse Center brings Dilweg’s Florida office holdings to nearly 1.2 million square feet and its Southeast office holdings to nearly 6.5 million square feet.
Dilweg, which opened its Florida office in 2017, also owns six other Florida office assets: Sarasota City Center in Downtown Sarasota, Lakeview at Hidden River and Tampa Oaks One in Northeast Tampa, Westlake Corporate Center I and II in Northwest Tampa, Orion Center in Rocky Point and 9000 Town Center in Lakewood Ranch.