News
Gone Fishin' (For Value-Add Deals)
October 31, 2012
| Opportunity is where you find it, when it comes to value-add. But it helps if you have a like-minded partner to help look, explains Grubb Properties' Sam Crutchfield (below with his daughter, on a recent expedition for actual fish; value-add deals are strictly freshwater). | ||
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| Charlotte-based Grubb recently teamed up with Philadelphia-based Rubenstein Partners to acquire two buildings in Durham, 1015 and 1035 Swabia Court, 85k SF and 108k SF respectively. The partners didn't specify a price, but characterized it as ?well below replacement cost.? Now comes the fun: capital improvements on the vintage '80s structures (i.e., get rid of all those Tears for Fearsposters), and an aggressive lease-up. Grubb Properties will oversee leasing at the 1015 building, while hiring Cassidy Turley's lab and life science experts to market the 1035 building, a mix of office and lab space. | ||
