MCCALLA, ALA. — Graham & Co. has negotiated the $13 million sale of a 111,983-square-foot distribution and manufacturing facility located in McCalla, about 20 miles southwest of Birmingham. The building, which is fully leased to auto supplier MOBIS, features 30-foot ceiling heights, 21 dock-high doors, ESFR sprinklers and a 130-foot truck court. Sonny Culp of Graham & Co., along with Doug Longyear of Cushman & Wakefield, brokered the transaction. PMUDO Alabama LLC purchased the facility from the developer, an entity doing business as AMR REIT Prestige Industrial II LLC. Built in 2022, the property is situated on 11 acres within Jefferson Metropolitan Industrial Park off I-20.
COLLIERVILLE, TENN. — JLL Capital Markets has brokered the $12 million sale of Collierville Crossing, a 94,331-square-foot shopping center located in Collierville, roughly 30 miles outside of Memphis. Academy Sports + Outdoors anchors the property, which was built in 2004. Other tenants at the center include La Hacienda, Sakura Japanese Restaurant, America’s Best Contacts and Eyeglasses, Sports Clips and Direct General Insurance. Desco Group and Affinius Capital sold the property to an entity doing business as RCG-Collierville VII LLC. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the sellers in the transaction.
BOYNTON BEACH, FLA. — Venture One Real Estate has acquired an industrial portfolio in South Florida through its acquisition fund, VK Industrial VI LP, which is cosponsored by Kovitz Investment Group. The portfolio comprises 197,600 square feet across three buildings located at 1200, 1210 and 1220 S.W. 35th Ave. in Boynton Beach. The properties were constructed between 2000 and 2019 and feature 30- to 35-foot clear heights, ESFR sprinkler systems and dock-high and drive-in loading positions. Tenant spaces within the buildings range from 9,000 to 44,000 square feet. Mike Davis, Dominic Montazemi and Greg Miller of Cushman & Wakefield represented the undisclosed seller in the transaction. The sales price was not disclosed. Christopher Thomson, Matthew McAllister and Eric Cantor of Cushman & Wakefield will market the property for lease on behalf of the buyer.
By Henry Graham of Graham & Co. As a reminder to those who may have missed my colleague Sonny Culp’s article from last year, 2021 and 2022 saw the delivery of more than 10 sizable build-to-suits to the Birmingham/Central Alabama region. Such rapid growth in the industrial sector grabbed the attention of larger industrial developers that have generally allowed Birmingham to fly under the radar. Case-in-point, in the years from 2008 through 2016, the greater Birmingham metropolitan area was essentially devoid of any speculative industrial development. Instead, the pipeline of industrial projects was centered around owner-occupied spaces and the occasional build-to-suit related to the automotive sector or light manufacturing. On the tailwinds of the recent build-to-suit frenzy and COVID-fueled supply demands, Birmingham experienced a flurry of speculative activity in 2022 and 2023 as regional and even national developers like Scannell Properties tested the waters alongside Alabama-based industrial developers. Along a half-mile stretch of Daniel Payne Industrial Boulevard that sits just north of the central business district (CBD) and not far from the intersection of I-65 and I-20/59, four Class A spec buildings came up in rapid succession totaling 737,000 square feet. Two of those buildings are now fully leased …
OXNARD, CALIF. — PSRS has arranged $54 million in financing for the acquisition of Esplanade Shopping Center, a grocery-anchored shopping center in Oxnard, approximately 70 miles west of Los Angeles. Kostas Kavayiotidis, Mike Davis and Matthew Farzinpour of PSRS provided the undisclosed borrower with a seven-year loan, including four years of interest-only payments. A life insurance company provided the financing. Walmart, The Home Depot, TJ Maxx, Nordstrom Rack, Bob’s Discount Furniture, Dick’s Sporting Goods, In-N-Out Burger, Chipotle Mexican Grill and BJ’s Restaurant are tenants at the 357,000-square-foot open-air shopping center.
PARK CITY, UTAH — Driftwood Capital has secured $33 million in refinancing for the Sheraton Park City, a hotel at 1895 Sidewinder Drive in Park City, a resort destination renowned for its ski slopes east of Salt Lake City. Michael Weinberg, Scott Wadler, Alec Fox and Edmund Aramayo of Berkadia arranged the five-year, fixed-rate CMBS loan through Goldman Sachs Bank USA. Originally constructed for the 2002 Winter Olympics, Sheraton Park City features 200 guest rooms, an indoor atrium pool with hot tub and sauna, a game room, coffee shop and Timbers Restaurant & Bar with outside covered patio and fire pits. The hotel also offers more than 12,000 square feet of meeting and event space with indoor and outdoor options and shuttle services to historic Main Street and area ski resorts.
PHOENIX — CSLC Housing Acquisitions has purchased Arcadia Gardens, a multifamily property in Phoenix. An entity controlled by Phoenix-based Rincon Partners sold the asset for $14.7 million. Originally built in 1969 as a hotel, the 76-unit property was readapted to multifamily use in 2016 and is currently 95 percent leased. Arcadia Gardens features a new resort-style swimming pool, outdoor fire pit, barbecue area, fitness center, two-story clubhouse, event and business center, Wi-Fi café/bar, pet park, putting green, gated entry, covered parking and modern laundry facilities. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix handled the transaction.
GREELEY, COLO. — MedProperties Realty Advisors LLC has acquired a rehab hospital located at 6810 W. 10th St. in Greeley, approximately 50 miles north of Denver. Terms of the acquisition were not released. PAM Health occupies the 51,500-square-foot building, which was completed earlier this year, features 42 in-patient rooms. Capital One and Siemens Financial Services provided debt for the transaction.
SIOUX FALLS, S.D. — U-Haul has broken ground on a 1,400-unit self-storage facility located at 3500 Powder House Road in Sioux Falls. Named U-Haul Moving & Storage of Veterans Parkway, the development is slated for completion in early 2025. The eight-acre property will include two three-story buildings with 700 units each. Customers will have 24-hour access, and units will include high-end security features. Plans call for a separate warehouse to hold 1,250 mobile storage containers. Customers will also have access to moving trucks, trailers, boxes and packing supplies, professional hitch installation and towing equipment.
MINNEAPOLIS — Marcus & Millichap has brokered the sale of a 29-unit apartment building in Minneapolis for $3.8 million. Located at 3116 Girard Ave., the property features 20 covered parking stalls and five surface parking stalls. More than half of the units have been renovated. Abe Roberts and Michael Jacobs of Marcus & Millichap procured the buyer. Seller information was not provided.