North Carolina-based firm to unveil creative new repositioning for 11-building park
IRVING, TX, March 21, 2022 /PRNewswire/ — Dilwega leading real estate investment company with 5.5M square feet of assets under management in the Southeast, announces its first acquisition in Texas, increasing its range through the Sunbelt. Dilweg acquired 11 buildings commonly referred to as Royal Tech Business Park in Irving, TX, which it is considering renaming Royal Tech Commons as part of an overall creative repositioning strategy. Located in the center of Irving, TXbetween dallas and fort worthRoyal Tech Commons consists of 11 one-story buildings totaling approximately 622,000 square feet, which include offices, laboratories and warehouses, as well as a vacant 9.2-acre parcel of land adjacent to I-635.
“Dilweg believes in the future that single story office space will play out in our industry and continues to be aggressive in pursuing these opportunities,” said Blake UnderwoodManaging Director Acquisitions at Dilweg. “Specifically, Royal Tech Commons offers an intriguing scale that will allow Dilweg to influence and produce a unique and creative ecosystem for growing and maturing businesses in the Dallas-Fort Worth market with amenities within walking distance and exceptional access to DFW International Airport and I-635.”
Royal Tech Commons is located in Irving prestigious community of Las Colinas. The property features plentiful surface parking and customizable suites ranging from 1,000 to 75,000 square feet. Additionally, Royal Tech Commons has direct access to the Dart bus service. Current notable tenants include Wells Fargo Bank, TekSystems Global Services, Coinmach Service Corp and Whataburger Restaurant Corp.
As part of the planned repositioning of the property, Dilweg plans to implement numerous capital improvements as part of a strategic rebranding campaign which will include new outdoor amenity spaces, modern building signage, a contemporary orientation throughout, new landscaping, roof replacements, HVAC upgrades and parking lot improvements.
JLLit’s Chris Wright and russ johnson represent Dilweg for future leasing efforts. CBRE Randy Baird, Patrick Benoist, Jonathan Bryan, Jared Chua, Michael Deweyand Russell Ingrum represented the seller.
“We are delighted to partner with Dilweg as they enter the DFW market and work to create improved environments that meet the needs of today’s tenants. With this newly acquired portfolio, we are confident that the team Dilweg will provide valuable space that will help future tenants find success and attract top talent.” – russ johnsonJLL.
Dilweg is the expert, strategic commercial real estate investment firm that consistently generates risk-adjusted returns for investors by resourcefully uncovering unique opportunities and intensely focused on results-focused execution. With offices in Durham, Atlanta, Charlotteand Tampa, Dilweg is a full-service real estate organization, whose mission is to deliver long-term value to its investors, tenants and the community. Since its inception in 1999, the company has acquired over $1.34 billion in asset value and over 11.1 million square feet throughout the South. Over the past few years, the company has shed many of the non-strategic assets and has focused the majority of acquisitions on Class A office properties, primarily in the Atlanta, Charlotte, Nashville, Tampa, dallasand the Raleigh-Durham subways. In the process, the company has established itself as a high-quality, value-added, opportunistic middle-market investor and trader ($15 million for $100 million) office assets.
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