REBusinessOnline

Birmingham Industrial Market Poised for New Projects with Record Low Vacancy

The surge in demand for Birmingham’s industrial real estate over the last few years has resulted in the highest occupancy rates in over 20 years. Alabama’s level of business friendliness has created a strong economy and high level of job growth since the end of the Great Recession. Manufacturing is a key driver of job growth. Overall vacancy rates in Birmingham’s multi-tenant industrial market have fallen to around 7 percent, which is an all-time low. Average rental rates have crept up to …

CBRE Brokers Sale of 900-Bed Student Housing Community Near Auburn University

AUBURN, ALA. — CBRE has arranged the sale of The Connection at Auburn, a 900-bed student housing community located near Auburn University. The property comprises 13 three-story buildings offering two-, three- and four-bedroom units. Shared amenities include a 24-hour fitness center, swimming pools, heated spa, game room, picnic areas, sand volleyball court, computer lounge, clubroom, private study areas and a lighted basketball court. BCEG International Investment-US purchased the community …

Berkadia Arranges Sales of Two Apartment Complexes in Alabama Totaling $39.5M

BIRMINGHAM AND PHENIX CITY, ALA. — Berkadia has arranged the sales of two apartment complexes totaling $39.5 million in Alabama: The Park at Alloa in Birmingham and Steeple Crest in Phenix City. Peak Capital Partners acquired The Park at Alloa, a 270-unit complex in Birmingham’s Avondale Entertainment District, from Blue Magma Residential for $21 million. The Park at Alloa offers one-, two- and three-bedroom floor plans. Communal amenities include a breakfast bar, business center, car care …

Zarzour to Construct $17M Medical Office Building in Saraland, Alabama

SARALAND, ALA. — Zarzour Cos. has announced plans to construct a 55,000-square-foot, build-to-suit medical office building in Saraland. Zarzour will begin construction in January 2020, with plans to complete the project in January 2021. Alabama Orthopedic Clinic and Saraland Physical Therapy will anchor the building, which will be located near Industrial Parkway and I-65, nine miles north of downtown Mobile. Development is estimated to cost $17

Newmark Knight Frank Arranges $73M Sale of Multifamily Portfolio in Metro Birmingham

HOOVER, ALA. — Newmark Knight Frank (NKF) has arranged the $73 million sale of two multifamily properties in Hoover: The Falls of Hoover and Woods of Hoover. Together, the properties total 696 units and were 94 percent occupied at the time of sale. The two communities offer one- through three-bedroom floor plans. The Falls of Hoover and Woods of Hoover were built in three phases between 1996 and 2002. Communal amenities include three swimming pools, fitness centers, clubhouses, a playground, …

BCDC, Adevco Start Construction of Two Extra Space Storage Locations Totaling 1,512 Units

BIRMINGHAM, ALA. AND COLUMBUS, GA. — BCDC and Adevco have broken ground on two Extra Space Storage facilities, one in Birmingham and one in Columbus. The property in Birmingham will feature 732 climate-controlled units across 100,050 square feet. The building will be located at 2864 Acton Road, eight miles south of downtown Birmingham. Great Southern Bank provided construction financing for the three-story building, which is scheduled for delivery in September 2020. The Extra Space in …

Eyzenberg & Co. Arranges $22.8M Refinancing for Apartment Development in Huntsville

HUNTSVILLE, ALA. — Eyzenberg & Co. has arranged a $22.8 million refinancing for Virtuoso Living, a master-planned, 398-unit apartment development in Huntsville. The loan was arranged on behalf of developer JCF Residences LLC to refinance the construction loan for Phase I of the community’s development. Phase I includes 178 single-story units spanning 35 acres. The units are designed to look like single-family homes, giving renters their own front and side door, yard, mailbox, patio, …

Berkadia Originates $17M Loan for Magnolia Preserve Apartments in Southern Alabama

DOTHAN, ALA. — Berkadia has originated a $17 million Fannie Mae refinancing loan for Magnolia Preserve, a 173-unit multifamily community in Dothan. The 10-year loan features a 3.7 percent fixed interest rate, 30-year amortization schedule, 75 percent loan-to-value ratio and four years of interest-only payments. Josh Finley of Berkadia originated the loan on behalf of Georgia-based Henssler Capital. Magnolia Preserve offers one-, two- and three-bedroom floor plans. Communal amenities include a …

CHC Hotel Capital Arranges $11.9M Acquisition Financing for Hotel in Hoover, Alabama

HOOVER, ALA. — CHC Hotel Capital has arranged an $11.9 million acquisition loan for Residence Inn in Hoover. Local hotelier Chiman Patel in partnership with Kana Hotels purchased the 118-room property. Kana will manage the hotel. An undisclosed national lender provided the 10-year loan with a fixed 3.8 percent interest rate and a 30-year amortization schedule. Blackstone sold the asset, which is located about 10 miles south of downtown

Cushman & Wakefield Arranges $27.5M Sale of Multifamily Community in Huntsville

HUNTSVILLE, ALA. — Cushman & Wakefield has arranged the $27.5 million sale of Fern Parc, a 343-unit multifamily community in Huntsville. Wicker Park Capital Management LLC acquired the property for $80,029 per unit. Fern Parc is located at 4100 Memorial Parkway SW, five miles south of downtown Huntsville, and offers one- and two-bedroom floor plans. Communal amenities include a swimming pool, kiddie pool, bark park, fitness center, cabanas, business center, playground and pet care …

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