PrintKeystone Park Office Portfolio Sale
Triangle Business Journal - June 1, 2007
Photo by Steve Wilson
Pat Gavaghan, Keystone Corp.
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§ Description: Keystone Corp. of Durham sold its three office properties at 430 Davis Dr., 530 Davis Dr., and 630 Davis Dr. to America's Capital Partners of Miami. The deal equals out to about $154 a square foot. The buildings have a combined 287,600 square feet of space and were built between 2000 and 2001.
§ Date closed: April 2007
§ Heavy Hitter: Pat Gavaghan - President; Keystone Corp.
§ Who was the one person without whom the deal could not have gone through? Pat Gavaghan.
§ What impact will the deal have on life in the Triangle? None
§ What were some sticking points in the negotiation process and how did you work the parties through them? Communication
§ Was there a turning point when you knew the deal would happen? When the buyer offered enough money
§ Who were you competing against? No competition
§ Other brokers involved: Ben Kilgore, Jeff Glenn and Jim Poole of CB Richard Ellis in Raleigh; Douglas Fleit representing the buyer.
Personal
§ How long have you been involved in the commercial real estate industry? 28 Years
§ Favorite part of your job: Deal making
§ First job: Associate director for the North Carolina State Wolfpack Club in charge of fundraising
§ First commercial real estate job: Keystone Corp.
§ Education: BS in parks & recreation from N.C. State University
§ Hometown: Philadelphia
§ Current residence: Raleigh
§ Family: Wife: Anne, Daughters: Julie and Debbie
§ Hobbies: Traveling, golf, Scuba diving
§ Most memorable personal event in the past 12 months: Granddaughter born, named Sydney
§ Heavy Hitter: Ben Kilgore - CB Richard Ellis (see profile, page 20)
§ Who was the one person without whom the deal could not have gone through? Jim Little and Edwin Pugh of Keystone Corp.
§ What impact will the deal have on life in the Triangle? Keystone area will become more of a live, work and play location.
§ What were some sticking points in the negotiation process and how did you work the parties through them? Buyers had debt capacity in place and handled the deal in very professional manner.
§ Was there a turning point when you knew the deal would happen? End of due diligence.