Grubb Properties-Rubenstein Partners JV Sells Two-Building Newcastle North in Imperial Center
After acquiring and successfully repositioning the former GlaxoSmithKline facility at 1015 and 1035 Swabia Court in Raleigh's Imperial Center business park, a joint venture between Charlotte-based Grubb Properties and real estate fund manager Rubenstein Partners has sold one of the buildings to Capital Square Holdings, a real estate investment and advisory firm based in Glen Allen, VA.
The sale, which closed on March 5, 2014, involved Newcastle North, a 112,340-square-foot laboratory and office building located at 1035 Swabia Court near the intersection of I-40 and I-540. The building is fully leased to Reichhold Industries, a major manufacturer of unsaturated polyester resins and supplier of coating resins, and serves as the firm's headquarters and technology center.
Grubb and Rubenstein bought the two-building complex in September of 2012. At that time, the vacant buildings comprised two of the largest blocks of contiguous single-story commercial space available in the I-40 corridor. After completing a renovation, the buildings were renamed Newcastle North and South and reintroduced to the market.
Scot Humphrey, Chris Norvell and Bill Simerville of Cushman & Wakefield | Thalhimer’s Capital Markets Group, along with Samir Idris with C&W’s Atlanta office, marketed the property and handled sale negotiations on behalf of the sellers.
The second building, Newcastle South located at 1015 Swabia Court, consists of 86,895 square feet of office space, and is currently available for lease. Grubb and Rubenstein are marketing the available space to large tenants seeking 50,000 square feet or more.