North Carolina-based real estate firm Dilweg announced on Monday that it closed on the acquisition of Royal Tech Business Park, a 12-building, 700,000-square foot single-story office portfolio located in the Irving submarket of Las Colinas, according to a news release.
Royal Tech Business Park is located on 9.2 acres and is currently 66% leased. Dilweg put together the transaction with the assistance of its capital advisor, Atlanta-based Patterson Real Estate Advisory Group, which arranged preferred equity financing with Charlotte-based SilverCap Partners for the property.
According to the release, Dilweg plans to reposition the existing buildings into creative office assets by implementing a capital improvement plan that utilizes much of the existing buildings’ features and incorporates significant interior and exterior improvements that will transform the property.
Read the full story at Dallas Business Journal.