Dilweg Expands Footprint into Texas with Purchase of Royal Tech Business Park

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Mar 21, 2022, 12:05 ET

North Carolina-Based Firm to Unveil New Creative Reposition for the 11-Building Park

IRVING, Texas, March 21, 2022 /PRNewswire/ -- Dilweg, a leading real estate investment firm with 5.5M square feet of assets under management in the Southeast, announces its first acquisition in Texas, increasing its reach across the Sunbelt. Dilweg has acquired 11 buildings commonly known as Royal Tech Business Park in Irving, Texas, which it plans to rename Royal Tech Commons as part of an overall creative repositioning strategy. Centrally located in Irving, TX, between Dallas and Fort Worth, Royal Tech Commons consists of 11 single-story buildings totaling approximately 622,000 SF, which feature office, lab, and warehouse space plus a 9.2 acre vacant land parcel adjacent to I-635.

"Dilweg believes in the future that single-story office space will play in our industry and continues to be aggressive in pursuing these opportunities," said Blake Underwood, Managing Director of Acquisitions for Dilweg. "Specifically, Royal Tech Commons offers intriguing scale that will allow Dilweg to influence and produce a unique and creative ecosystem for growing and maturing companies in the Dallas-Fort Worth market with walkable amenities and outstanding access to DFW International Airport and I-635."

Royal Tech Commons sits within Irving's prestigious Las Colinas community. The property has abundant surface parking and customizable suites ranging from 1,000 to 75,000 square feet. In addition, Royal Tech Commons has direct access to Dart's bus route service. Current notable tenants include Wells Fargo Bank, TekSystems Global Services, Coinmach Service Corp, and Whataburger Restaurant Corp.

As part of the repositioning planned for the property, Dilweg plans to implement numerous capital improvements as part of a strategic rebranding campaign that will include new outdoor amenity spaces, modern building signage, contemporary wayfinding throughout, new landscaping, roof replacements, HVAC improvements, and parking lot upgrades.

JLL's Chris Wright and Russ Johnson represent Dilweg for future leasing efforts. CBRE's Randy Baird, Patrick Benoist, Jonathan Bryan, Jared Chua, Michael Dewey, and Russell Ingrum represented the seller.

"We are thrilled to partner with Dilweg as they enter the DFW market and work to create enhanced environments that meet the needs of today's tenants. With this newly acquired portfolio, we are confident that the Dilweg team will provide valuable spaces that will help future tenants find success and attract top talent." – Russ Johnson, JLL.

About Dilweg
Dilweg is the expert, strategic commercial real estate investment firm that consistently generates risk-adjusted returns for investors by resourcefully uncovering unique opportunities and intently focusing on result-centric execution. With offices in Durham, Atlanta, Charlotte, and 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 beginnings in 1999, the firm has acquired more than $1.34 billion in asset value and more than 11.1 million square feet throughout the South. In recent years, the firm shed many of the non-strategic assets and concentrated the majority of acquisitions on Class-A office buildings, primarily in the Atlanta, Charlotte, Nashville, Tampa, Dallas, and Raleigh-Durham metros. In the process, the firm established itself as a high-quality investor and operator of opportunistic and value-added, middle-market ($15 million to $100 million) office assets.