Grubb Properties Acquires Two Mixed-Use Buildings, Parking Deck in Downtown Chapel Hill for $23.5M

CHAPEL HILL, N.C. — Grubb Properties has acquired a mixed-use property spanning two buildings in downtown Chapel Hill for $23.5 million. Grubb Properties is planning a $12 million renovation to transform the connected buildings into an entrepreneurial hub to attract companies with modern amenities and access to technology. The buildings, located at 137 E. Franklin St. and 136 E. Rosemary St., were 30 percent leased at the time of sale. The buildings span 118,517 square feet of commercial space and include an adjacent 276-stall parking deck. The two buildings and parking deck span one city block and are situated within an opportunity zone directly across from the University of North Carolina at Chapel Hill. A timeline for the renovations was not disclosed. Dunn Mileham, David Morris and Mark Alviano of Trinity Partners represented the undisclosed seller in the transaction.