Trinity Partners announces the sale of 1406 Winnifred Street
CHARLOTTE, North Carolina – October 12, 2021 – 1406 Winnifred Street, a 25,544 SF, mixed-use retail property located in the South End submarket in Charlotte, North Carolina, has officially sold to an entity affiliated with Delray Ventures, Trinity Partners is pleased to announce. Dunn Mileham and David Morris of Trinity Partners handled the transaction on behalf of the seller, an affiliate of Dilweg, a leading Southeast real estate investment firm headquartered in Durham, North Carolina.
At the time of the sale, the building was 50% occupied by three tenants and sits on two parcels totaling 1.502 acres. The Property is zoned Transit Oriented Development – Urban Center, and is located in the heart of South End, across from The RailYard office building and Centro RailYard apartments.
“Dilweg’s success at 1406 Winnifred offers a prime example of how a value-driven philosophy coupled with a strategic, well-executed investment plan creates a platform for strong performance,” said Zach Ashton, Managing Director at Dilweg. “Along with the dramatic growth that South End has experienced, the asset’s strategic location coupled with increasing scarcity and competition for sites positioned the investment as a classic covered land play.”
“Investor interest in the properties was very strong given the attractive combination of location, size, zoning, proximity to commuter rail, and demographics. Winnifred represented a singular opportunity to acquire a trophy-quality development property in one of the nation’s most desirable real estate markets.” said David Morris, Director of Investment Sales and was keen to identify the vibrancy and changing landscape in South End earlier than many. Dunn and I were encouraged by the depth of the buyer pool and the continued commitment to Charlotte the investment community demonstrated.”
ABOUT THE DILWEG COMPANIES
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 Southeast. 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 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.
ABOUT DELRAY VENTURES
Delray Ventures, LLC is a privately held company whose mission is to create a high value experience for customers and investment partners by acquiring and developing land for multifamily & mixed-use projects in strategically selected Southeastern markets.
ABOUT TRINITY PARTNERS
Trinity Partners is a full-service commercial real estate firm serving corporate users and institutional owners throughout the United States, with ten service lines ranging from landlord and tenant representation to property management and investment sales. They are known for their entrepreneurial spirit, best-in-class performance, and respected team of commercial real estate professionals, who are directly responsible for the company’s success and collaborative culture. The firm currently leases and/or manages over 22 million square feet of office, industrial, mixed-use, and retail space across the region through their four offices in Charlotte and Raleigh, North Carolina, and Columbia and Greenville, South Carolina.
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