Grubb Properties Acquires Development Site In Financial District For $89.2M

Grubb Properties has acquired a development site at 8 Carlisle Street in the Financial District of an undisclosed city. The property is a development site with plans to build a rental tower with an affordable component, as well as retail space. The sale, which took place on September 10, 2021, involved a joint venture between Grubb Properties and the seller, Pink Stone Capital Group. The transaction was facilitated by Richard Ohebshalom from Grubb Properties and Clay Grubb. The sale price for the property was $89,200,000.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $89,200,000
• Address: 8 Carlisle Street
• Market: Financial District
• Buyer: Grubb Properties
• Seller: Pink Stone Capital Group

The joint venture between Grubb Properties and Pink Stone Capital Group aims to develop a rental tower with an affordable component. The project will also include retail space. Further details about the transaction, such as square footage and loan amounts, were not provided in the available information.