Grubb Ventures embarks on a series of long-term land-banking commercial property deals in Raleigh NC, as part of a plan to revitalize a dormant area just blocks away from downtown.
Initially, it left a lot of people in town puzzled when Gordon Grubb bought the old Winn Dixie warehouse building on Whitaker Mill Road in Raleigh for $10 million.
What was Grubb’s plan behind this sizeable buy? If he just wanted to play in the warehouse space, he could find several other properties across town — at a much cheaper rate. Then, early this year, Grubb doubled down – dropping another $10 million to buy the former Peden Steel 19-acre warehouse campus across Atlantic Avenue.