A Fund Managed by DRA Advisors LLC sold the Four-Building Office Campus to The Dilweg Companies
TAMPA, FL, May 7, 2019 — Cushman & Wakefield has arranged the sale of Concourse Center, a four-building, 294,621-square-foot office park in Tampa’s Westshore Business District.
The Cushman & Wakefield Capital Markets team of Mike Davis, Rick Brugge and Rick Colon negotiated the sale on behalf of a fund managed by New York-based DRA Advisors LLC. The Dilweg Companies, of Durham, NC, acquired the buildings.
Concourse Center is a value-add office park comprising four, three-story buildings ranging in size from 73,180 to 74,533 square feet. The assets were developed between 1982 and 1984 on a ±12.48-acre campus at 3501, 3503, 3505 and 3507 East Frontage Road.
Buildings at Concourse Center reside in a park-like setting offering fountain views and ample green space. The property features on-site management, high-speed fiber access and a café. The assets are supported by two structured parking garages and surface parking.
Concourse Center is located within Tampa’s premier Westshore Business District between Interstate 275 and the Tampa International Airport. The property features prominent frontage along Memorial Highway and offers exceptional 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.
Concourse Center was 90% leased at the time of 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,” said Davis.
Added Brugge, “Quality, well-located, suburban office projects like Concourse Center are attracting yield-oriented equity investors. 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.”
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Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.