REBusinessOnline

Southpace Properties to Develop $11M Mixed-Use Building in Birmingham

BIRMINGHAM, ALA. — Southpace Properties will develop Macaroni Lofts, a mixed-use building in Birmingham’s Parkside District that will include 35 residential units and 6,000 square feet of retail space. Birmingham Business Journal reports the project will cost $11 million to complete. The residential units will span in size from 347 square feet to 1,750 square feet. Situated at the corner of 4th Avenue and 14 Street, Macaroni Lofts is a redevelopment of the former Birmingham Macaroni Co. …

Daniel Corp. Breaks Ground on 228-Unit Multifamily Project in Birmingham

BIRMINGHAM, ALA. — Daniel Corp. has broken ground on a five-story, 228-unit apartment project with ground-level retail space in Birmingham’s Parkside District. The property will be situated across the street from Regions Field, home of Minor League Baseball’s Birmingham Barons. The yet-to-be-named community will offer studio, one- and two-bedroom floor plans along with communal amenities including a saltwater swimming pool, fitness center and a sky club on the fifth floor with views of …

Birmingham Retail Market Sees Strong Backfilling Activity, Infill Developments

Birmingham’s retail market continued to see positive growth in 2018, and it’s safe to argue this is largely due to a significant amount of retail space being backfilled with entertainment, discount, medical and first-to-market tenants that otherwise may not have been able to enter the market. Dave & Buster’s backfilling a Forever 21 space at the Riverchase Galleria, Urban Air leasing a former hhgregg box in Trussville, Ollie’s acquiring the former Toys ‘R’ Us box in Hoover and …

Ben E. Keith Foods to Develop 425,000 SF Distribution Center in Southern Alabama

NEW BROCKTON, ALA. — Ben E. Keith Foods will develop a new 425,000-square-foot distribution center in New Brockton. The facility will be designed to accommodate future expansion up to 1 million square feet. The project will create 80 jobs for the next five years in addition to the more than 230 individuals the company already employs through its distribution center and manufacturing facility in neighboring Elba, Ala. Construction for the project is expected to begin by December 2019 with a …

Relocations, Expansions Push Birmingham Office Market to a Tipping Point

Birmingham is a unique market for Class A office space. Last year had its fair share of notable transactions (both sales and leases), but overall a few key transactions from previous years pushed absorption in the negative figures. The most significant deal that is still impacting our market was a tenant relocation into the Red Roofs Colonnade (Colonnade North and South) located at the interchange of Highway 280 and Interstate 459, the heart of the 280/459 office submarket. Southern Co. …

Central Birmingham’s Multifamily Development Pipeline Set to Expand Significantly

Contrary to some Southeast markets’ recent shift in focus to the suburbs, construction in Central Birmingham continues to boom with activity. The Central Birmingham cluster — encompassing the CBD, Southside, Parkside District, University of Alabama Birmingham (UAB) and Lakeview neighborhoods — has established itself as a strong-performing submarket with 3,800 multifamily units total, according to CoStar. The growing number of desirable amenities such as parks, restaurants, museums and …

Auto Manufacturing Drives High Occupancy For Birmingham’s Industrial Sector

Birmingham’s investor-controlled, multi-tenant warehouse market remains at or near record occupancy levels — 95 percent for bulk warehouse and 90.4 percent for office/warehouse. The 32-foot clear heights, Class A bulk market is even tighter at nearly 100 percent. Landlords are well into a cycle of market catch-up, rent growth and capital reinvestment. A growing list of tenants, reading the tea leaves, have gone long when appropriate. But what about new construction? A local developer …

Joint Venture Breaks Ground on 268-Unit Multifamily Project in Birmingham

BIRMINGHAM, ALA. — A joint venture between Novare Group, Prestwick Cos. and Batson-Cook Development Co. (BCDC) has broken ground on Foundry Yards, a 268-unit multifamily project in Birmingham’s Parkside District. Foundry Yards will offer studio, one- and two-bedroom floor plans across two buildings. Community amenities will include an outdoor kitchen, grilling areas, bocce ball court, dog park, swimming pool, 24-hour fitness center, club room and coworking space. The two buildings will be …

Joint Venture Sells Shopping Center in Huntsville for $27M

HUNTSVILLE, ALA. — A joint venture between MGold Properties and Mishorim Real Estate Investments has sold University Place, a 169,585-square-foot retail center in Huntsville, for $27 million. University Place was fully leased at the time of the sale to tenants including Cheddar's Scratch Kitchen, Armed Forces Career Center, Zaxby’s, Panda Express, Red Wing Shoes, Republic Finance, T-Mobile and Subway. The property sits on 17.2 acres at 6125 University Drive along U.S. Highway 72, about six …

Cushman & Wakefield Arranges $93.5M Sale of Apartment Portfolio in Birmingham

BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $93.5 million sale of a three-property, 1,816-unit apartment portfolio in Birmingham. The three properties included in the sale are The Park at Buckingham, The Park at Callington and Carlyle. The Park at Buckingham was built in 1972 and offers 583 units. Amenities include tennis courts, a sand volleyball court, two swimming pools with sun decks and a theater room. The Park at Callington and Carlyle were built in 1978 and 1973, …

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