Rubenstein, Grubb make handsome profit from Durham’s Newcastle building sale

It’s been only a year and a half since GlaxoSmithKline unloaded two of its former laboratory office buildings at Imperial Center in Durham to a real estate investor group for $4 million.

Now, the investor group that bought the buildings has sold one of them for $15 million, according to Durham County records. The building is occupied by Reichhold Industries.

Swabia Investors LLC, a joint venture partnership between Grubb Properties of Charlotte and Rubenstein Partners of Philadelphia, has sold the 112,340-square-foot Newcastle North building to Capital Square Holdings of Glen Allen, Va.

The building is 100 percent leased to Reichhold Industries, which recently relocated its world headquarters from Research Triangle Park to the Newcastle North building on Swabia Court.

Swabia Investors still owns the vacant 86,895-square-foot Newcastle South building next door.

Scot HumphreyChris Norvell and Bill Simerville of Cushman & Wakefield/Thalhimer’s Capital Markets Group, along with Samir Idris with Cushman & Wakefield’s Atlanta office, handled the negotiations on behalf of the seller.