David Rubenstein’s Rubenstein Partners has closed a number of very successful real estate deals recently around the US. Together with Grubb Properties the firm closed a $127M Sale of Lenovo Enterprise Campus in North Carolina to 90 North Real Estate Partners.
The investors paid only $26 million for a 450, 000 square foot office park in the research Triangle region of North Carolina.
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“We’re extremely pleased to announce this sale as the conclusion to a very successful value-added office investment, ” said David Rubenstein, Founder and Senior Managing Partner of Rubenstein Partners, L.P., a vertically integrated real estate investment manager based in Philadelphia and specializing in office investments in the Eastern United States. “Despite the perceived risk of acquiring vacant suburban assets, there are ways to be successful in this segment. If you thoughtfully analyze the metro region, choose the right submarkets and properties, and position yourself to deliver value to tenants in the form of quality space for a compelling rental rate due to your acquisition basis, you can capture demand from major users and add tremendous value.”
Meanwhile Rubenstein partners in a joint venture with Elm Plum LLC and Parkway Corp have acquired to Philadelphia buildings at 312 Elm St. and 312 Plum St.
According to Cinncinati.com 312 Elm has almost 379, 000 square feet of space over 26 floors and is about 85 percent leased and the nearly 230, 000 square foot, 15 floor 312 Plum building is about 82 percent leased.
The market value of 312 Elm and nearby land is nearly $46.5 million and the market value of 312 Plum is more than $20.7 million.
“These properties represent everything we typically look for in an investment and align perfectly with our overall acquisition strategy, ” said Brandon Huffman, Midwest regional director for Rubenstein Partners. “Downtown Cincinnati is in the midst of a significant revitalization spurred by several large corporate relocations and an accelerating residential boom, particularly in the immediate vicinity of 312 Elm Street and 312 Plum Street.
“The buildings are competitively advantaged in terms of their central location and extensive parking and are well-positioned to capitalize on the market’s continued momentum.”