RALEIGH, N.C. — Grubb Properties, a Charlotte-based commercial real estate company, and Rubenstein Partners, a Philadelphia-based real estate fund manager, have sold Newcastle North, an 112,340-square-foot laboratory and office building at the Imperial Center Campus in Raleigh. The two-building portfolio was sold for $14.5 million to Capital Square Holdings, a real estate investment and advisory firm based in Glen Allen, Va. The building, located at 1035 Swabia Court at the intersection of I-40 and I-540, was originally acquired in September 2012 from GlaxoSmithKline. The building was fully leased to Reichhold Industries within its first year of ownership. Scot Humphrey, Chris Norvell and Bill Simerville of Cushman & Wakefield | Thalhimer’s capital markets group, along with Samir Idris of Cushman & Wakefield’s Atlanta office, handled the negotiations on behalf of the seller. The building was 100 percent leased at the time of sale. The second building, Newcastle South at 1015 Swabia Court, features 86,895-square-feet of office space.
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