Dilweg Cos. Sells Lakewood Ranch Office Property for $20.3M
LAKEWOOD RANCH, FLA. — The Dilweg Cos. has sold 9000 Town Center Parkway, a 101,312-square-foot, Class-A office building located in Lakewood Ranch. The price was $20.3 million. The buyers were MHCommercial Real Estate Fund LLC, a Florida-based discretionary private real estate fund, and Contrarian Capital Management LLC, a Connecticut-based hedge fund. Rick Brugge, Mike Davis, Rick Colon and Dominic Montazemi of Cushman & Wakefield represented the Dilweg Cos. in the transaction with support from Zach Eicholtz and Brooke Tulley of Cushman & Wakefield. ServisFirst Bank provided $12.5 million financing for the transaction, under the direction of Mario Bringas of SW Florida.
Built in 1998, the 9000 Town Center is a two-story building that originally was developed as a single-tenant, build-to-suit property solely occupied by TriNet USA Inc. The property is located east of Interstate 75 on 11.3 acres within the master-planned community of Lakewood Ranch, which is a community on 50 square miles with 18,000 residential and commercial properties. The 75 percent-occupied office property is the fourth acquisition for MHC, and the building currently has approximately 25,000 square feet of space open for leasing.
NAI/Merin Hunter Codman will provide property management with leasing services provided for the new ownership by Steve Horn and Melissa Harris of Ian Black Real Estate Inc. NAI/Merin Hunter Codman is a West Palm Beach, Fla.-based commercial real estate firm.