Development

Grubb Properties buys Park Road-area office building for $8.2 million

Charlotte-based Grubb Properties has purchased an office building just off Park Road for almost $8.2 million, broker Colliers International said Thursday.

Grubb, led by CEO Clay Grubb, bought the office building at 1515 Mockingbird Lane from Massachusetts-based Franklin Street Properties. Colliers broker Adam Russ represented the seller.

The 109,674-square-foot building is 86 percent leased, Colliers said.

“We are pleased to close this deal with a buyer like Grubb Properties who clearly is bullish on the Park Road submarket,” said Russ, in a statement.

Grubb Properties bought the adjoining property, an office building on a 6-acre parcel, last year for $9.7 million. The company now owns about 10.5 acres at the southeast corner of Park Road and Abbey Place.

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Twitter: @ESPortillo

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