Property

First Citizens Bank Plaza & Sarasota City Center Charlotte, NC & Sarasota, FL

Property
Type
Office
Investment Type
Property
Asset Profile
Value Add
Min. Investment
$50K
Estimated Hold
4Y
Target Return (IRR)
20.1%
Target Annual Cash
-
Target Equity Multiple
1.99x
 

Offered By

The Dilweg Companies Elite Sponsor

Durham, NC

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Assets Under
Management

Currently
$775MM
Exited
$665MM
Portfolio LTV
70%
Historical
Realized Returns

Total IRR
27%
Equity Multiple
1.8x
Annual Cash
N/R
Years Of
Experience

As Principals
30+ years
In Business
18 years
Size
52 Staff
* All information is reported by The Dilweg Companies as of 5/3/2017.
 

About this Property

First Citizens Bank Plaza and Sarasota City Center represent a diverse range of two value-add office assets comprising 721,686 total sf. While both properties are located in the downtown central business districts of their major markets (Charlotte, NC and Sarasota, FL), they each include a wide assortment of leasing stability and capital needs. The Dilweg Companies, LLC is raising additional equity to meet anticipated future project costs. Based on the base case underwriting, the opportunity is expected to yield a 23.8% gross levered internal rate of return and a 2.3x levered multiple of cost over a 4 year hold period.

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Key Points

  • Opportunity to enhance occupancy and net operating income for two Class A office properties well located in downtown urban markets.
  • By coupling the properties into a single investment opportunity, the relative stability of Sarasota City Center helps to support First Citizens Bank Plaza during its period of lease-up.
  • The Company believes there is a material opportunity to reposition First Citizens Bank Plaza, in whole or in part, as “creative office space,” meaning space that that has a more contemporary, millennial feel. Uptown Charlotte has virtually no Class-A creative office space, and after interviewing a large number of prominent brokers, TDC believes there would be a great demand if such a product was provided.
  • With its low occupancy rate of 25%, First Citizens Bank Plaza in particular is one of the few buildings within the Uptown Charlotte submarket which can accommodate tenants seeking large blocks of space.
 

Financials

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Location Details

Charlotte, NC & Sarasota, FL

First Citizens Bank Plaza is located in Charlotte, NC which has approximately 47M square feet of total office space, of which nearly 31M is Class-A. Within the Charlotte market, the downtown business district, commonly referred to as “Uptown,” is the single largest submarket with approximately 17M square feet, 12M of which is Class-A. The submarket is dominated by approximately 27 high rise buildings (greater than 10 stories) which make up approximately 15.5M of the 17M SF office market.

Sarasota City center is located in Sarasota, FL. Sarasota has approximately 13.5 million SF of office space, of which roughly 5.5 million is Class A. Within the Sarasota market, the central business district, referred to as “Downtown,” is the one of the largest submarkets in the city with approximately 2.5 million SF, 1.7 million of which is Class A. The inventory of office buildings in the submarket is a mixture of low, mid, and high rise buildings. High rise (greater than 10 stories) Class A buildings account for 1.1M SF.

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Documents

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Frequently Asked Questions

Below are some of the most frequently asked questions about this offering.

The first projected distribution is scheduled for April 2021.

Distributions are scheduled to go out on a quarterly basis.

No, this offering is only available to US residents.

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