Berkadia Closes $10.75M Sale of 181-Unit Multifamily Property in Huntsville

HUNTSVILLE, ALA. — Berkadia, an investment sales and advisory firm, has finalized the sale of Belmont Hill Apartments, a 181-unit apartment complex located at 240 Martin Road in Huntsville. David Wilson of Berkadia represented the seller, Boston-based Stratford Management Co., in the transaction. HKSK, a Brooklyn-based corporation, purchased the property, which was 82 percent occupied at the time of sale.

March 22, 2017

Bayer Properties Completes $70M Restoration of Mixed-Use Property in Birmingham

BIRMINGHAM, ALA. — Bayer Properties has completed its 24-month, $70 million restoration of The Pizitz, a mixed-use property located at 120 19th St. in downtown Birmingham. The building now features 143 one- and two-bedroom apartments, a 13-vendor food court, two full-service restaurants, two 100-seat theaters and 13,000 square feet of co-working space. Prior to the restoration, The Pizitz, which was originally built in the 1920s to house a department store, had been closed for 28 years...

March 17, 2017

CBRE Arranges $131.6M Sale of Office Campus in Birmingham

BIRMINGHAM, ALA. — CBRE has brokered the $131.6 million sale of 3535 Colonnade, a 669,438-square-foot, Class A office campus in Birmingham. Griffin Capital Corp. purchased the property from Zurich Alternative Asset Management. Southern Co. Services Inc. fully leased the office campus in 2016 on a long-term basis with plans to take occupancy in 2019. Guy Ponticiello, Bruce Westwood-Booth, Jeff Shell, Maury Vanden Eykel and Kyle Sals of CBRE’s Chicago office represented Zurich in the..

March 10, 2017

GCP Inks Four Leases Totaling 833,927 SF with Automotive Suppliers in Alabama

BIRMINGHAM AND HUNTSVILLE, ALA. — Birmingham-based GCP has closed four separate lease deals totaling 833,927 square feet with automotive suppliers in Birmingham and Huntsville. The landlord has signed Mercedes-Benz U.S. International Inc. to a 225,496-square-foot lease for parts storage at Shelby Commerce Park, a 1.5 million-square-foot industrial park in Birmingham’s Shelby County submarket. The lease brings the project to full occupancy. Two of Mercedes-Benz’s vendor companies, Antolin..

March 8, 2017

EdR Purchases Student Housing Community Near Auburn University

AUBURN, ALA. — EdR has acquired 319 Bragg, a 305-bed student housing community located within walking distance of the Auburn University campus in Auburn. Built in 2014, the property offers two-, three-, four- and five-bedroom units. Community amenities include a study lounge with individual study rooms, 24-hour fitness center, resort-style pool with cabanas, dog park and access gates. Ryan Lang of ARA Newmark’s Student Housing Group represented the seller, Barrett Development Group, in the..

March 1, 2017

The Shopping Center Group Arranges Leases for Academy Sports, PetSmart in Northwest Alabama

FLORENCE, ALA. — The Shopping Center Group has arranged leases for Academy Sports + Outdoors and PetSmart this fall at Florence Square in Florence. The 63,000-square-foot Academy Sports and 18,500-square-foot PetSmart will replace a former Kmart at the property this fall. Other tenants at Florence Square include T.J. Maxx, Essex Bargain Hunt, Tuesday Morning, The UPS Store, Cici’s Pizza and H&R Block. Outparcel tenants include Wells Fargo and Bojangles. The owner, a joint venture between..

February 23, 2017

White-Spunner, Poarch Band of Creek Indians to Deliver First Phase of $500M Resort in Alabama

FOLEY, ALA. — White-Spunner Construction (WSC) and the Poarch Band of Creek Indians are underway on OWA, a $500 million entertainment and retail district in Foley, a town in south Alabama near the Gulf of Mexico. WSC is constructing 154,000 square feet of retail and dining space for the $240 million first phase of OWA, which is set to open this summer. Phase I of OWA will also feature a themed amusement park and a 150-room Marriott TownePlace Suites hotel. Future phases call for a water..

February 23, 2017

Hilton Opens New Homewood Suites by Hilton Hotel in Downtown Birmingham

BIRMINGHAM, ALA. — Hilton Worldwide has opened the new 105-room Homewood Suites by Hilton Birmingham Downtown near University of Alabama at Birmingham and Five Points South District. Wyatt Construction recently completed the hotel on behalf of the owner, AUM Enterprise Inc. Located at 1016 20th St. in downtown Birmingham, the hotel features studio and one-bedroom suites with kitchens and separate living and sleeping areas. Amenities include an indoor swimming pool, fitness center, game room,..

February 20, 2017

Colliers Brokers $12M Sale of Hoover Retail Property Leased to Field & Stream

HOOVER, ALA. — Colliers International has negotiated the $12 million of a 50,000-square-foot store along Interstate 495 in Hoover leased to Field & Stream, an outdoor gear retailer brand owned by Dick’s Sporting Goods. A private buyer purchased the asset from an undisclosed seller. Tony D’Ambrosio and Joe Montgomery of Colliers’ Southeast Retail Investment team represented the seller in the transaction.

February 17, 2017

Colliers Brokers $14.4M Sale of Shopping Center in Auburn

AUBURN, ALA. — Colliers International has brokered the $14.4 million sale of The Crossroads of Opelika, a 33,378-square-foot shopping center located at 2025 Interstate Drive in Auburn. The property’s tenant roster includes Chipotle Mexican Grill, Aspen Dental, Mattress Firm and AT&T. Bond Street Advisors Inc. purchased the center for more than $430 per square foot. Josh Randolph of Colliers International’s Birmingham office represented the undisclosed seller in the transaction.

February 10, 2017