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Jan. 15, 2014

Grubb Properties Acquires Beckanna on Glenwood Multi-Family Community in Raleigh

by Adriana Pop, Associate Editor

An affiliate of Grubb Properties of Charlotte has recently purchased the 254-unit Beckanna on Glenwood apartment complex in Raleigh. According to the Triangle Business Journal, an affiliate of Trade Street Residential of Aventura, Fla. sold the 1960s-era property at 3939 Glenwood Avenue for $8.8 million, or $34,646 per unit.

In 2011, Trade Street acquired the Beckanna community from Bell Partners of Greensboro for $9.35 million.  

Grubb plans to change the name of the three-building complex to Sterling Glenwood and bring significant improvements to the property’s amenities, including the pool, fitness center, clubhouse area and courtyard area.

“This is a property we hope to own for a very long time,” Grubb executive Todd Williams told the newspaper.

Other residential assets Grubb Properties owns and manages in the Triangle include the Glen Lennox community in Chapel Hill, as well as the Sterling Forest Apartments and Sterling Town Center Apartments, both of which are located in Raleigh.

The company is also planning a spring construction start for The Link at Glenwood South, a 204-unit Link-branded apartment community in downtown Raleigh.

In other news, Wexford Science & Technology, which is part of the San Diego-based real estate investment trust BioMed Realty, has acquired the 360,000-square-foot Chesterfield Building at 701 W. Main St. in downtown Durham for $7.5 million.     

Once part of the Liggett & Myers Tobacco Company complex, the seven-story structure is one of the last remaining historic warehouses available for redevelopment in this part of the city.

With its latest acquisition, BioMed’s portfolio in North Carolina has grown to more than 1.2 million square feet of space. Other properties the company owns in the Triangle include the Patriot Science Center in Durham, the 3500 Paramount Parkway building in Morrisville and the 3000 Weston Parkway building in Cary.

“As a developer of research-based communities for prominent research universities and their health systems around the country, we consider the Durham market, and the Chesterfield Building, an ideal location to continue Wexford Science & Technology’s expansion,” Daniel C. Cramer, Wexford Science & Technology’s senior vice president of development, said in a news release. 

Photo credits: www.beckanna.com

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