Grubb Properties and Rubenstein Partners Announce Sale of Newcastle North Building in Imperial Center

Grubb Properties and Rubenstein Partners Announce Sale of Newcastle North Building in Imperial Center

Media contact: Lili Curtis / / 704-971-4884

Durham, NC (March 12, 2014) - Grubb Properties and Rubenstein Partners announced today the sale of Newcastle North, a 112,340 square foot laboratory and office building located at 1035 Swabia Court within the prestigious Imperial Center campus in Raleigh located at the intersection of I-40 and I-540.

Originally acquired from GlaxoSmithKline in September of 2012, the joint venture partnership of Charlotte based Grubb Properties, and Philadelphia based real estate fund manager Rubenstein Partners teamed up to acquire the two-building portfolio representing two of the largest blocks of contiguous single-story commercial space available in the I-40 corridor of the Raleigh-Durham market. After completing an intensive capital improvement program, the buildings were renamed Newcastle North and South and reintroduced to the market.

Within its first year of ownership the ownership leased the Newcastle North building in its entirety to Reichhold Industries, one of the world's largest manufacturers of unsaturated polyester resins and a leading supplier of coating resins, to occupy as its world headquarters and technology center.

On March 5, 2014 Grubb Properties and Rubenstein Partners sold the 100% occupied property to Capital Square Holdings, a real estate investment and advisory firm based in Glen Allen, VA.

Scot Humphrey, Chris Norvell, SIOR and Bill Simerville of Cushman & Wakefield | Thalhimer’s Capital Markets Group, along with Samir Idris with C&W’s Atlanta office, handled the negotiations on behalf of the seller. The second building, Newcastle South located at 1015 Swabia Court, is 86,895 square feet of office space, and is currently available for lease with the ownership seeking a 50,000+ square foot user or similar headquarters tenant. About Grubb Properties Grubb Properties, founded in 1963, has 50 years of experience in real estate investment, management and development of various property types including retail, office, apartment, condominium, and mixed-use properties throughout the Southeast.

Grubb Properties is a vertically integrated real estate operating company with office in Charlotte, Raleigh and Lexington, N.C. Over the last 25 years, Grubb has completed over $2 billion investment transactions including seven private equity real estate funds. Properties have encompassed over 4.4 million commercial square feet and over 15,000 residential units in both acquisition and development programs.

About Rubenstein Partners Rubenstein Partners, founded in 2005, is a private real estate investment management and advisory firm focused on directing and managing value-added office real estate investments, primarily in the eastern U.S. On behalf of its investors, Rubenstein has invested in more than 8.5 million square feet of office real estate assets located in New England, metro New York, the mid-Atlantic, Midwest and Southeast. For more information, visit

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