Ascentris and Grubb Ventures Partner in Raleigh, NC; Break Ground on a 38% Preleased Class A Office Building
Raleigh, NC (February 7, 2019) – Ascentris, a Denver-based real estate private equity firm, announced today that it has partnered with Raleigh-based Grubb Ventures to acquire an existing Class A office building and to develop a second one within the Glenwood Place redevelopment located in Raleigh, NC.
Glenwood Place is a forty-acre, phased redevelopment that currently consists of 3700 Glenwood, a 111,710 square foot multitenant office building constructed in 2007, seven two-story office buildings totaling 225,000 square feet, Sojourn Glenwood Place Apartments with retail, and the 3800 Glenwood land parcel. Strategically located inside the I-440 beltline along Glenwood Avenue, Glenwood Place is adjacent to Raleigh’s most sought-after residential neighborhoods while also providing convenient access to downtown Raleigh, the Raleigh-Durham International Airport, and the retail located at Crabtree Valley Mall and North Hills.
Ascentris and Grubb will partner on 3700 Glenwood, currently 100% leased, and 3800 Glenwood, an under construction 115,164 square foot Class A office building with retail that is already 38% preleased. 3800 Glenwood is scheduled to deliver in early 2020 and the property is targeting LEED certification. Tenants in both buildings will enjoy access to 12,100 square feet of ground-floor retail, a 2,400 square foot fitness center and outdoor gathering spaces.
“We are thrilled to partner with Grubb Ventures on both buildings. Glenwood Place is consistent with Ascentris’ strategy of targeting high-quality, well-located suburban office properties and we have been very impressed with Grubb’s vision for and commitment to Glenwood Place,” said Ascentris Managing Director and partner Tricia Noble.
3700 Glenwood currently commands the highest office rents along the Glenwood Avenue corridor while maintaining nearly 100% occupancy since completion. When coupled with 3800 Glenwood next door, the two buildings will frame the entrance to Glenwood Place and continue the evolution of the office park into a pedestrian friendly, mixed-use environment for Triangle residents and workers alike.
Grubb will provide construction management, property management and leasing services for both properties. Duda Paine will provide architectural services and Brasfield & Gorrie will serve as the general contractor for the development of 3800 Glenwood. Pinnacle Financial Partners has provided the construction financing for 3800 Glenwood while PNC provided acquisition financing for 3700 Glenwood.
About Grubb Ventures
Grubb Ventures is a Raleigh-based owner, operator, and developer of real estate primarily within the Triangle region of North Carolina. Founded in 2002, the company has acquired and developed assets totaling over $500 million utilizing acute local knowledge and contacts within the community. The Grubb Ventures team has a proven track record as a best-in-class sponsor of award winning residential, commercial, and retail properties. Additional information can be found at www.grubbventures.com