By Chapman Brown of Marcus & Millichap Once renowned for its industrial prowess, Birmingham is experiencing a dynamic retail renaissance fueled by a convergence of local economic growth, strategic development initiatives and shifting consumer behaviors. As major retail projects come to fruition and submarkets heat up with investment activity, the city is poised for a transformative period that promises to redefine its retail landscape. Birmingham’s retail sector is intricately linked to broader economic trends both locally and nationally. Factors such as population growth, employment rates and disposable income levels significantly influence consumer spending habits and retail demand within the city. Additionally, the rise of e-commerce and changing demographics are prompting retailers and developers to adapt and innovate to stay competitive. These factors, combined with a diverse array of buyers and sellers, are driving retail investment activity. Institutional investors, private equity firms and real estate developers are among the key buyers, attracted by the city’s strong fundamentals and growth prospects. On the selling side, property owners and developers are seizing opportunities to unlock value and redeploy capital into new ventures. Several major retail projects are currently underway, poised to leave a lasting impact on the market. One notable project is The …
NASHVILLE, TENN. — Naftali Credit Partners and J.P. Morgan have provided $120 million in financing for 1111 Church Street, a recently developed multifamily and retail project in Nashville. New York City-based Tidal Real Estate Partners is the borrower. The five-year financing comprises a senior loan from J.P. Morgan and a mezzanine loan from Naftali, which will be used to refinance an existing construction loan and provide bridge financing to a sale or permanent financing. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Michael Diaz and Michael Ianno of Walker & Dunlop arranged the financing on behalf of the borrower. Located in the North Gulch neighborhood, the property features 380 multifamily units in studio, one- and two-bedroom layouts, in addition to 52,000 square feet of amenities, 45,000 square feet of retail space and dedicated parking. Amenities include an outdoor pool, fitness center, pickleball court and golf simulators, and a recently opened Puttshack.
CHATTANOOGA, TENN. — Developer 3H Group has broken ground on a new, 123-room Hyatt-branded hotel in Chattanooga. Dubbed the Caption by Hyatt Chattanooga, the property is being developed under a franchise agreement between 3H and Hyatt Hotels Corp. The Caption brand reflects Hyatt’s aim for the hotel to cater to “sociable travelers who want to work, eat, or socialize in communal spaces that encourage meaningful conversations.” Upon completion, the hotel will feature a 24-hour market, workspaces, a rooftop bar, meeting space and food-and-beverage concept Talk Shop. This will mark the second Caption by Hyatt hotel in Tennessee. A construction timeline for Caption by Hyatt Chattanooga was not disclosed.
KISSIMMEE, FLA. — JLL Capital Markets has arranged a $47.1 million loan for the refinancing of The Crosslands, a 529,212-square-foot power retail center located at 1100 W. Osceola Parkway in Kissimmee, roughly 20 miles outside Orlando. The borrower is a joint venture between Hampshire Cos., Federated Hermes and O’Connor Capital Partners. Jon Mikula, Michael Klein, Brian Gaswirth, Michael Kavaler and Val McWilliams of JLL secured the three-year loan through TD Bank on behalf of the borrower. The Fresh Market, Burlington, Academy Sports + Outdoors, Hobby Lobby, Marshalls/HomeGoods and Ross Dress for Less anchor the property, which was developed between 2014 and 2016 and fully leased at the time of financing.
JACKSONVILLE, FLA. — Cushman & Wakefield has brokered the $19.2 million sale of Greystone at Town Center, an office park located at 10550 Deerwood Park Blvd. in Jacksonville. Developed in 1999, the property totals 212,240 square feet across five buildings. Woodside Capital Partners acquired the development. Karl Johnston and Traci Jenks of Cushman & Wakefield represented the undisclosed seller in the transaction.
ANTIOCH, TENN. — FCP has acquired Hickory Lake Apartments, a 322-unit multifamily community located at 3940 Apache Trail in Antioch, roughly 11 miles outside Nashville. The property features units in one-, two- and three-bedroom layouts. Amenities at the community include two swimming pools, a playground and grill and picnic areas. FCP assumed a HUD loan as part of the acquisition. Zac Wracher of The Kirkland Co. represented the undisclosed seller in the transaction. The sales price was also not disclosed.
MOORPARK, CALIF. — Decron Properties has completed the disposition of Ranch at Moorpark, an apartment community in Moorpark, approximately 50 miles west of Los Angeles. AEW Capital Management purchased the asset for $133.2 million. Located at 51 Majestic Court, Ranch at Moorpark features 376 apartments, a rental office, fitness center, yoga/spin studio, resident clubhouse with chef’s kitchen, children’s play area, dog park, pool, poolside barbecue and dining areas, fire pits and seating areas.
ViaWest, Clarion Partners Start Construction of 340,000 SF Central Commerce Center in Salt Lake City
SALT LAKE CITY — ViaWest Group and Clarion Partners have broken ground on Central Commerce Center, an industrial project in Salt Lake City. Big D Construction is serving as general contractor for the project. Spanning 25.1 acres, Central Commerce Center will feature two LEED-certified industrial buildings offering a total of 340,000 square feet of space. Rusty Bollow and Bobby Stevens of Colliers will oversee the property marketing and leasing of the facility.
PROVO, UTAH — Target has signed a deal to occupy 135,000 square feet of retail space at Provo Towne Centre in Provo. Brixton Capital is currently remodeling the shopping center. The Target will include CVS/pharmacy, Starbucks Coffee, Ulta Beauty, Target Optical and an adult beverage department. Greely, Colo.-based Roche Construction Mountain West is the general contractor for Target, while Big D Construction Mountain West is the general contractor for Provo Towne Centre.
SEATTLE — BH Properties has acquired the historic Olympic Block building, a creative office and mixed-use property in Seattle’s Pioneer Square neighborhood. Terms of the transaction were not released. BH Properties’ Pacific Northwest regional operations will move into the 74,660-square-foot building at 101 Yesler Way. Olympic Block comprises the historic six-story Lippy Building, originally built in 1902, and the nine-story addition that was added in 1986.