Rubenstein Partners, Grubb Properties Sell Office Property in Research Triangle for $14.8M

DURHAM, N.C. — Rubenstein Partners LP and Grubb Properties have sold Newcastle South, an 86,895-square-foot office asset located at 1015 Swabia Court Road in the Imperial Center business park in Durham’s Research Triangle submarket. Drawbridge Realty, a San Francisco-based real estate investment firm, purchased the asset for $14.8 million. In December 2014, the sellers net-leased the entire property to Nimble Storage, a tech company based in Northern California. Prior to the lease, Rubenstein and Grubb renovated and rebranded the property with a new landscaped courtyard, roof and HVAC equipment. Ben Kilgore and Jeff Glenn of CBRE|Raleigh represented the sellers in the transaction.