DURNHAM, NC—An affiliate of Investcorp has acquired Keystone Park, a 285,874-square-foot, three-building portfolio, for $48.4 million. American Real Estate Partners sold the office asset.
Cassidy Turley’s Paul Collins, Bill Collins, Drew Flood, Jud Ryan, James Cassidy, and David Finger represented the seller. Built between 1998 and 2001, these class A buildings feature lobbies with granite and stone finishes, and extensive landscaping.
“One building is five stories, one is three stories, and one is two stories, so you have a mixture of product type with a very diverse tenant rent roll,” Ryan tells GlobeSt.com. “The largest tenants are NIH and law firms Moore & Van Allen and K&L Gates. There’s a good mix of government, high-end law firms, healthcare, research, technology, and financial services industries.”
Keystone Park is located just west of the I-40/540 intersection, fronting on Davis Drive and is adjacent to the Research Triangle Park campus. The recently-completed Triangle Expressway runs north to south along the west side of Keystone Park. The portfolio, which is 94% leased, includes 23 tenants.
“The attraction was the cash flow, a class A high quality product, a diversified rent roll and quality tenancy,” Ryan says. “On top of that it’s a location that’s significantly improved with the recent completion of the new Triangle Expressway. There are two exits that border these two properties off of the expressway.”
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