Dilweg Cos. Snaps Up Tampa Office Portfolio

By Timea Papp

HFF sold a Class A suburban office portfolio comprising seven buildings in the Tampa, Fla., area for $101 million. The buyer, Dilweg Cos., worked with HFF to secure $67.8 million in financing. The sellers, Osprey East LLC and Osprey S.A. Ltd, also worked with HFF, partnering with the company’s investment sales team to seal the deal.

On behalf of Dilweg Cos., HFF arranged a floating-rate mortgage, originated by Benefit Street Partners Realty Trust. Senior managing directors Hermen Rodriguez and Ryan Clutter led HFF’s advisory team, alongside Director Ike Ojala and Associate Directors Chris Lingerfelt and Tracey Goo, while Senior Managing Director Travis Anderson and Director Brent Bowman led debt placement, representing the buyer/borrower.

The properties included in the portfolio are:

• Tampa Oaks One at 12802 Tampa Oaks Blvd.
• Lakeview at Hidden River at 8875 Hidden River Parkway
• Palm Court at Hidden River at 8600 Hidden River Parkway
• WestLake Corporate Center I and II at 9119 and 9009 Corporate Lake Drive
• Orion Center at 3001 N. Rocky Point Drive East
• 9000 Town Center Parkway in the Lakewood Ranch submarket

Completed between 1987 and 2000, the 698,100-square-foot portfolio is currently 74 percent leased to a variety of tenants, with no single tenant occupying more than 11 percent of rentable space. The acquisition of the Tampa-area portfolio follows the Dilweg Cos.’s recent expansion in Florida by purchasing the Class A, 245,293-square-foot Sarasota City Center in April.

“With this purchase, Dilweg is acquiring a high-quality office portfolio in the dynamic greater Tampa market,” said Rodriguez, in prepared remarks. “Given the strong rent growth and solid fundamentals in the broader Southeast, the region continues to be very favorable to investors,” added Clutter.

Images courtesy of Yardi Matrix