Rubenstein Partners and Grubb Properties have sold the Newcastle South building in Durham’s Imperial Center for $14.75 million.
The buyer was Drawbridge Realty, a real estate investment firm based in San Francisco. Grubb will continue to manage the building.
The property is the third in the Triangle that Rubenstein and Grubb have successfully repositioned and sold in recent years. In each case Rubenstein and Grubb made significant investments to the properties to make them more attractive to potential tenants.
Rubenstein and Grubb acquired the 86,895-square-foot Newcastle South building as well as the Newcastle North office building in the Imperial Center for $4 million from GlaxoSmithKline in October 2012.
After leasing Newcastle North to Reichhold Industries, they sold it to Capital Square Holdings. With the sale of Newcastle South, Rubenstein and Grubb no longer jointly own any properties in the Triangle.
The joint venture’s biggest success was its acquisition of the former Sony Ericsson corporate campus in Research Triangle Park. Rubenstein and Grubb paid $26 million for the campus and later sold it for $127 million after leasing it to Lenovo.
Grubb continues to manage the campus.