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GRUBB PROPERTIES ANNOUNCES SALE OF STERLING REGENCY OFFICE PROPERTY IN CARY CHARLOTTE, NC – November 8, 2006 –Grubb Properties and Transwestern Investment Company today announced the sale of the Sterling Regency office buildings in Cary, North Carolina for $53.3 million. The purchase agreement includes the 122,000 square foot Sterling Regency 9000, the 250,000 square foot Sterling Regency 11000, and nine acres of adjoining property suitable for development. The buyer, Intercontinental Real Estate Corporation, a national real estate investment, management and development firm headquartered in Boston, Massachusetts, made the acquisition on behalf of its fund Intercontinental Real Estate Investment Fund III, LLC. Grubb Properties and Transwestern had been investment partners in the property since 2004 when they jointly purchased the land and buildings for $36.9 million. Previously, Grubb had managed and leased both buildings and held various ownership interests in them since 1996, when it first purchased the 11000 building, renovated it from a vacant single-tenant property, and earned the Triangle Business Journal’s “1997 Redevelopment of the Year” award. At closing, the combined office space was 86 percent leased. The properties will be renamed after a 120 day transition period. About Grubb Properties Grubb Properties was founded in 1963 in Lexington, NC. After an initial focus on building, financing and selling affordable homes to low-income families, the company has grown to become one of North Carolina’s premier real estate firms with integrated expertise in residential, commercial and mixed-use development, acquisition, financing, construction, property management, sales and leasing. Grubb Properties now has approximately 100 employees and oversees an owned, managed and/or leased portfolio of roughly 2,000 apartment homes and one million square feet of office and retail space. The company is headquartered in Charlotte and maintains regional offices in Cary and Lexington, North Carolina. For additional information about Grubb Properties, visit www.grubbproperties.com. About Transwestern Founded in 1996, Chicago-based Transwestern Investment Company is a principal investment firm specializing in commercial real estate. The firm has invested in over 400 properties totaling $7.6 billion throughout the United States through its sponsored investment fund vehicles. The current equity portfolio includes 55 office, 5 industrial, and 8 retail properties totaling 18.5 million square feet, as well as 11 multifamily assets with 4,300 units. Additionally, in the mezzanine investment area, Transwestern has made 67 loans totaling over 700 million in investments with 45 realizations to date. The firm’s mezzanine investing is currently being done through Transwestern Mezzanine Realty Partners II, a $300 million institutional fund. ### Posted: November 14, 2006 - News | More News |