Business

January 24, 2014

Mexican investor pays $37.5 million for Cary office complex

A Mexican investment firm has acquired the three-building Crescent Green office complex in Cary for $37.5 million, according to property records.

A Mexican investment firm has acquired the three-building Crescent Green office complex in Cary for $37.5 million, according to property records.

Grupo Haddad bought the buildings from the private equity firm KBS Realty Advisors of Newport Beach, Calif. KBS paid Cary-based Capital Associates $48.14 million to acquire the buildings in 2007.

The complex sits on neary 25 acres within the The Crescent, a 138-acre development that includes office, retail and residential.

The three office buildings – 1100, 1200 and 1300 Crescent Green Drive – contain nearly 250,000 square feet of space.

KBS has been an active investor in the Triangle. In February 2013, the firm acquired the CapTrust building at Raleigh’s North Hills for $98.4 million. KBS also owns the 127,000-square-foot Colonnade One office building on Six Forks Road in North Raleigh.

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