A Houston-based investor has bought Erwin Square Plaza for $57.25 million, according to property records.
FCP spend $4.2 million making capital improvements to the tower. Duke University and companies related to the university’s health system lease the majority of space in Erwin Square. The university renewed its lease for 188,000 square feet in October.
FCP has been one of the most active investors in the Triangle in recent years. Earlier this week it acquired the Dillon Supply Co. property in downtown Raleigh where Kane Realty plans to build a 17-story tower.
FCP, which is Kane Realty’s capital partner in the deal, paid $13.875 million for the 2.5-acre site.