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Tampa Bay Area
Business Observer Friday, Jul. 7, 2017 1 year ago

Dilweg gets discount on Osprey assets

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Dilweg Cos. spent more than $135 million to acquire a portfolio of office buildings this spring from Osprey Real Estate and affiliates, but in at least two cases, the North Carolina-based investment firm negotiated significant discounts.
by: Kevin McQuaid Commercial Real Estate Editor

Dilweg Cos. spent more than $135 million to acquire a portfolio of office buildings this spring from Osprey Real Estate and affiliates, but in at least two cases, the North Carolina-based investment firm negotiated significant discounts.

At Tampa Oaks One, at 12802 Tampa Oaks Blvd., for instance, Dilweg's $20.15 million deal was 44% less than what Osprey paid in July 2006, according to Hillsborough County property records.

And at WestLake Corporate Center I and II, at 9009-9119 Corporate Lake Drive, also in Tampa, Dilweg's $26.5 million purchase price was one-fifth less than the amount paid in May 2006.

Other assets in the portfolio sold for similar amounts to what Osprey had paid. Dilweg also spent $12 million more for the 13-story Sarasota City Center, in downtown Sarasota, than Osprey had a decade earlier, records show.

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