Federal Capital Partners, a privately held real estate investment company based in Chevy Chase, MD, continued to acquire property in the Triangle region. This week it purchased the 10-story Erwin Square Plaza in Durham, NC, from SCI Real Estate Investments for $37.5 million, or about $157 per square foot.
The 10-story, 238,792-square-foot office tower at 2200 W. Main St. in Durham is flanked by a pair of two-story retail and office wings. The building is currently 96.2% occupied, mostly by Duke University and Duke University Health System-related companies and organizations.
Ben Kilgore of CBRE Raleigh represented both sides of the deal.
Federal Capital Partners manages $769 million of discretionary capital and is currently investing a $529 million commingled, discretionary fund that closed in 2012.
The investment firm is actively buying debt and equity in commercial and residential real estate throughout the Mid-Atlantic region, including Washington DC, Maryland, Pennsylvania, Virginia, Delaware, West Virginia, New Jersey and the Carolinas. The firm has been particularly busy in the region of late, and now has a controlling interest or has provided financing for nearly 2,000 apartment units and more than 350,000 square feet of commercial space in the Triangle area, including the West Village lofts in downtown Durham.
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