Wednesday, June 18, 2025
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AcquisitionsAlabamaRetailSoutheast

Legacy Realty Negotiates Sale of 132,737 SF Shopping Center in Enterprise, Alabama

by John Nelson

ENTERPRISE, ALA. — Legacy Realty Group has negotiated the sale of Westgate Shopping Center, a 132,737-square-foot shopping center located in Enterprise, roughly 30 miles east of Dothan. Piggly Wiggly anchors the center, which features a mix of additional tenants including Petsense, H&R Block, Rituals Salon & Day Spa, Rent-A-Center, Metro by T- Mobile, Beef ‘O’ Brady’s and Yancey Parker’s. Built in 1966, the property is situated on 6.4 acres, according to LoopNet. Jacob Baruch, Daniel Baruch and Ari Warshaw of Legacy Realty Group Advisors represented the buyer in the transaction. Pat Leggett of Century 21 Regency Realty represented the seller.

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AlabamaDevelopmentSelf-StorageSoutheast

The Storage Center Opens 850-Unit Self-Storage Facility in Huntsville, Alabama

by John Nelson

HUNTSVILLE, ALA. — The Storage Center has opened a new 850-unit self-storage facility located at 3910 Cypressbrook Drive NW in Huntsville. The three-story, 106,600-square-foot property is situated within Cummings Research Park, which is near Redstone Arsenal and University of Alabama in Huntsville (UAH). Storage unit sizes at the climate-controlled facility range from 5- by 5-foot lockers to 10- by 30-foot units. The property features covered loading bays, 24-hour digital video surveillance, online rental and reservation options, onsite management and an onsite rental center selling boxes, locks and packing supplies.

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AlabamaIndustrialLoansSoutheast

Newmark Arranges $53.5M Refinancing for Blue Origin-Occupied Industrial Facility in Huntsville

by John Nelson

HUNTSVILLE, ALA. — Newmark has arranged a $53.5 million loan for the refinancing of an approximately 650,000-square-foot industrial property along I-565 and adjacent to Huntsville International Airport. The borrower is White Plains, N.Y.-based Reich Brothers. Blue Origin, an astronautics company founded by Amazon founder Jeff Bezos, fully occupies the facility. The property serves as one of the BE-4 engine testing and manufacturing facilities for Blue Origin. Christopher Kramer, Chris Lozinak and Jordan Roeschlaub of Newmark arranged the financing through Loancore.

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Marvel-City-Business-Park
AcquisitionsAlabamaIndustrialSoutheastTop Stories

Range Light Investment Acquires Mall at Westlake in Suburban Birmingham, Plans Industrial Redevelopment

by Abby Cox

BESSEMER, ALA. — Range Light Investment Partners has acquired the former Mall at Westlake, a 323,000-square-foot shopping and dining destination located southwest of Birmingham in Bessemer, Ala. The Ohio-based investment firm plans to redevelop the property into an industrial flex complex that will be known as Marvel City Business Park. The former mall, which originally opened in 1969, permanently closed 40 years later in 2009 after retail activity migrated elsewhere, according to Range Light, leaving the property available for alternative purposes. “Shopping malls built from the 1960s through the 1990s were the distribution centers of that era,” says Pat Foran, founder of Range Light Investment Partners. “All of the features that made them great malls years ago are the same features light industrial and flex tenants are looking for today.” “There are many more tenants looking for 30,000 to 50,000 square feet than 300,000 to 500,000 square feet in the Birmingham area, and there are virtually no options for them,” adds Foran. “Marvel City Business Park will cater to those smaller bay-sized tenants that don’t need 36-foot-high ceilings and want more affordable rent than what the newer big box developments demand.” Situated on a 40-acre site at the intersection of interstates …

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AcquisitionsAlabamaRestaurantRetailSoutheast

RealSource Facilitates $3M Sale of New Restaurant in Gadsden, Alabama Leased to Starbucks

by John Nelson

GADSDEN, ALA. — RealSource Group has facilitated the $3 million sale of a newly built restaurant located at 720 Gilbert Ferry Road SE in Gadsden, about 60 miles northeast of Birmingham. Starbucks Coffee occupies the 2,500-square-foot building, which features a drive-thru and outdoor patio seating, on a 10-year initial lease with 10 percent rent increases every five years. The restaurant was built last year on a 1.2-acre site near I-59 and I-759. Austin Blodgett and Jonathan Schiffer of RealSource, along with ParaSell Inc., represented both the Ohio-based private investor and the Tampa-based private developer in the transaction. Both parties requested anonymity.

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AcquisitionsAlabamaSoutheastStudent Housing

Core Spaces Acquires 501-Bed Student Housing Community Near Auburn University

by John Nelson

AUBURN, ALA. — Core Spaces has acquired The Union at Auburn, a 501-bed property located near the Auburn University campus in Alabama. The Chicago-based student housing owner-operator purchased the community from Boston-based WFI for an undisclosed price. Newmark brokered the acquisition. Shared amenities at The Union at Auburn include a clubhouse; two-story fitness center with a Barre, Yoga and TRX studio and on-demand fitness classes; cyber café and business center; rideshare lounge; resort-style swimming pool; outdoor kitchen and entertainment area; dog park; and study rooms.

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AlabamaDevelopmentRestaurantRetailSoutheast

Partnership Begins Redevelopment of Old Cloverdale Village Retail Center in Montgomery, Alabama

by John Nelson

MONTGOMERY, ALA. — A partnership between Birmingham, Ala.-based The FiveStone Group, Bayer Ventures and New York City-based D&A Cos. is underway on the redevelopment of Old Cloverdale Village, an 11,000-square-foot retail property located in Montgomery’s Old Cloverdale District. The project team comprises CCR Architecture & Interiors, Pilgreen and Bostick Engineering Inc. and Prier Construction. The partnership also includes Fresh Hospitality and Charles Morgan. The historic Old Cloverdale Village is home to various locally owned restaurants, pubs, specialty shops and art galleries, as well as an independent arts cinema and a volunteer community theater. Southern restaurant concept Big Bad Breakfast is the first confirmed tenant at the property. Three additional suites are still available for lease. Along with the building’s restoration, the City of Montgomery and the project’s development team are collaborating on an improvement plan for existing infrastructure surrounding the property, including updated exterior lighting, landscaping and the addition of sidewalks. The redevelopment project is scheduled to be fully complete in the fourth quarter.

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AlabamaLeasing ActivityRetailSoutheast

First National Realty Signs OneLife Fitness to Anchor Shopping Center in Bessemer, Alabama

by John Nelson

BESSEMER, ALA. — First National Realty Partners (FNRP) has signed a lease with OneLife Fitness to bring Tannehill Promenade, a 347,151-square-foot shopping center located at 4889 Promenade Parkway in Bessemer, to 98 percent occupancy. OneLife Fitness will occupy the former 57,455-square-foot JC Penney space — which has been vacant at the shopping center since 2017. The regional fitness operator offers group fitness classes, personal training, spa-like recovery areas and upscale gym equipment. The new club is slated to open in December, marking the brand’s first location in the Birmingham market. Earlier this year, FNRP also signed a lease with Aqua Dermatology for over 2,300 square feet at Tannehill Promenade. Other tenants at the property include Publix, Target, Ross Dress for Less, T.J. Maxx and Burlington.

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AlabamaDevelopmentIndustrialSoutheast

Farpoint Signs Automotive Supplier to 168,000 SF Industrial Lease at REAL Park in Tuskegee, Alabama

by John Nelson

TUSKEGEE, ALA. — Farpoint Development has signed Samkwang Co. to a full-building lease at Building 100, a 168,000-square-foot industrial facility located within the Regional East Alabama Logistics (REAL) Park in Tuskegee. The South Korea-based tenant is a manufacturer and supplier to automotive giants such as Kia and Hyundai, which operate plants in both directions of REAL Park via I-85. Samkwang also manufactures electronics products for companies including Samsung. Situated off exit 42 on I-85 in east Alabama’s Macon County, Building 100 is the first facility within Farpoint’s 700-acre logistics park, which will span 7 million square feet of Class A industrial space upon completion. The Chicago-based developer delivered the facility in May 2023. Opportunity Alabama (OPAL) assisted in the landmark deal with Samkwang, which is expected to create hundreds of jobs in the region. William Wilson of Jim Wilson & Associates arranged the lease transaction.

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AcquisitionsAlabamaSoutheastStudent Housing

Tailwind Group Acquires 576-Bed Student Housing Community Near Auburn University

by John Nelson

AUBURN, ALA. — Tailwind Group has acquired The Beacon, a 576-bed student housing community located near the Auburn University campus in Alabama. Ryan Lang of Newmark brokered the acquisition of the property from an undisclosed seller. The sales price was not released. The garden-style community offers 180 units in two-, three- and four-bedroom configurations with bed-to-bath parity. Shared amenities include shuttle service to campus, a pet park, swimming pool, sundeck, outdoor grill station, 24-hour fitness center, outdoor fireplace, sand volleyball court, computer lab, study room, coffee bar and a package room. The new ownership plans to renovate the community this fall, with updates planned for the clubhouse as well as shared amenity spaces and the property’s exterior. The community will also be rebranded The Quarters Auburn.

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