ORANGE BEACH, ALA. — Hotel Equities has opened Island House Hotel Orange Beach — a DoubleTree by Hilton hotel, located at 26650 Perdido Beach Blvd. in Orange Beach. The Atlanta-based company completed a multimillion-dollar renovation prior to opening. The 10-story, 161-room hotel features 6,000 square feet of meeting, ballroom and banquet space and is located on a private beach on Alabama’s Gulf Coast.
MOBILE, ALA. — Cushman & Wakefield has brokered the sale of Mobile Midtown, a multifamily portfolio in Mobile. The portfolio consists of three properties — Bel Air, Estates at Lafayette Square and Pine Bend & The Hamptons — totaling 1,329 units. Cushman & Wakefield’s Jimmy Adams represented the seller, Toronto-based Morguard North America Residential REIT, in the sale to New York-based Lightstone. The sales price was not disclosed.
Urban submarkets have largely carried the Birmingham multifamily market’s recovery. However, going forward investors will look to capitalize on greater yields in suburban submarkets. Despite rising rents, absorption continues to climb and concessions are falling off. Greater absorption metrics will be a recurring theme this year as rising construction costs and tightening access to capital constrain new development. Supportive Economy Birmingham’s economy added 8,000 net jobs..
When comparing Birmingham’s industrial market to other major cities in the Southeast, “The Tortoise and the Hare” comes to mind. Birmingham has had slow and steady progress — not to say that our sister cities have periods of laziness and napping. Birmingham’s current pace of activity is more the norm and thankfully the trends remain positive with 2016’s transaction numbers actually tilting in the direction of a “hare-like” pace. Occupancy rates for the 15..
BIRMINGHAM, ALA. — Kirco and its construction management affiliate Kirco Manix, in partnership with Phoenix Senior Living and EDT Inc., has broken ground on The Bluffs at Greystone, a 132-unit senior housing community in Birmingham. The community will provide both independent and assisted living and will be designed to include memory care units in the future. Slated to open in July 2018, the property will feature an indoor pool, wellness center, dining, beauty salon, yoga studio and..
For the first time in quite a while, the Birmingham office market has experienced a rejuvenation and resurgence, catered around growth, a diversification of the tenant base and an effort to attract and retain bright young minds. Like many markets nationally, the city’s focus on urban renewal has made downtown Birmingham an attractive place to live, work and play, and thus will help companies attract talent to the market. Birmingham has entered a new era of industry and residential growth..
DECATUR, ALA. — Trillium Capital Resources has arranged a $6.5 million Freddie Mac loan for the refinancing of Summer Key Apartments, a 188-unit multifamily community in Decatur. Trillium arranged the 10-year, non-recourse loan with a fixed interest rate 198 basis points over the 10-year Treasury yield. The loan features a 70 percent loan-to-value ratio.
The Birmingham retail market had an explosive 2016. Several large projects were announced or completed, while traditional indicators of market health also showed promising signs of growth. TopGolf will soon be coming to the Uptown District, while Regions Field, home of the Birmingham Barons minor league baseball team, continues to attract surrounding development. Breweries remain a mainstay in Birmingham’s social scene, and they have demonstrated a capability to revive entire..
HUNTSVILLE, ALA. — The Hollingsworth Cos. has broken ground on a 252,000-square-foot industrial facility within SouthPoint Industrial Park in Huntsville. The property will be SouthPoint’s fifth building, and Hollingsworth plans to commence construction on a sixth this summer. Situated along Interstates 65 and 565, the new property will feature 32-foot clear heights and 14 loading docks. Hollingsworth has completed a few industrial projects in the Southeast recently, including a..
HUNTSVILLE, ALA. — Dallas-based Venture Commercial Real Estate has arranged a 20,000-square-foot lease for Northern Tool + Equipment in Huntsville. The new store will be located at 7262 Governors West along Interstate 565. Clay Mote of Venture Commercial is the master broker for Northern Tool in all markets across the U.S. and represented the tenant in lease negotiations. Kathy Dennis of The Shopping Center Group’s Birmingham office represented the landlord, Sen LLC.