Erwin Square Plaza in Durham sells for $57.25M

A Houston-based investor has bought Erwin Square Plaza for $57.25 million, according to property records.

Lionstone Investments acquired the 237,792-square-foot building from Federal Capital Partners. Chevy Chase, Md.-based FCP paid $37.5 million for the property in May 2013.

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.

David Bracken: 919-829-4548, @brackendavid