WASHINGTON, DC - Cassidy Turley announced today that it arranged the sale of Keystone Park, a 285,874 square foot, three building portfolio in Durham, NC to an affiliate of Investcorp for $48.4 million. The Seller, American Real Estate Partners, was represented by Paul Collins, Bill Collins, Drew Flood, Jud Ryan, James Cassidy and David Finger.
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. Additionally, the recently completed Triangle Expressway runs north to south along the west side of Keystone Park. The portfolio, which is 94 percent leased, includes 23 tenants in the healthcare, research, technology and financial services industries. Built between 1998 and 2001, these class A buildings feature lobbies with granite and stone finishes, and extensive landscaping.
About American Real Estate Partners
American Real Estate Partners is a fully integrated, privately held, real estate investment company focusing on commercial real estate assets and real estate financial instruments in the major markets along the Eastern Seaboard of the United States.
American Real Estate Partners currently own & operate, with their institutional capital partners, a total of approximately 4.2 million square-feet of class A office and flex assets in some of the top tier markets of the Northeast, including Washington, D.C., Northern Virginia, Suburban Maryland, and Raleigh-Durham. Please visit www.americanrepartners.com for more information.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,600 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.