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Alabama

AcquisitionsAlabamaMultifamilySoutheast

Oakley Group Buys Flats at East Bay Apartments in Fairhope, Alabama for $49.8M

by John Nelson

FAIRHOPE, ALA. — Birmingham, Ala.-based Oakley Group has acquired Flats at East Bay in Fairhope for $49.8 million. Stoa Group was the seller. Craig Hey of Cushman & Wakefield arranged the sale. Oakley has appointed Arlington Properties to manage the 240-unit community, which is located at 9376 Twin Beech Road on the eastern shoreline of Mobile Bay, about 26 miles south of Mobile. Flats at East Bay was completed in 2024 and features 10 three-story buildings with one-, two- and three-bedroom units and amenities such as a resort-style pool with cabanas, a fitness center, dog park, walking trails, grills, coworking space with conference rooms, fire pit and electric vehicle charging stations.

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Flints-Crossing
AcquisitionsAlabamaRetailSoutheast

Matthews Arranges Sale of 97,668 SF Flint’s Crossing Shopping Center in Auburn, Alabama

by Abby Cox

AUBURN, ALA. — Matthews Real Estate Investment Services has arranged the sale of Flint’s Crossing, a 97,668-square-foot neighborhood shopping center situated three miles from Auburn University. HomeGoods and Michaels anchor the fully leased center. Other tenants include Panera Bread, The UPS Store, Subway, CiCi’s Pizza, Plato’s Closet, Kumon and uBreakiFix. In addition to the 22,850-square-foot HomeGoods store, which operates at the property on a new 10-year lease, Flint’s Crossing has introduced roughly 15,115 square feet of new tenants since 2022. Kyle Stonis, Pierce Mayson and Boris Shilkrot of Matthews represented the repeat seller, an entity doing business as RECS Flint’s Crossing LLC, in the transaction. The buyer and sales price were not disclosed.

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AlabamaLoansRetailSoutheast

Burton, Peaceable Street Capital Close $123M Recapitalization of Alabama Shopping Center Portfolio

by John Nelson

MOBILE, ALA. — Mobile-based Burton Property Group and Peaceable Street Capital have closed the $123 million recapitalization of a four-property shopping center portfolio in Alabama. The properties include Riviera Square and Foley Square in Foley, Jubilee Square in Daphne and Westwood Plaza in Mobile. The 785,000-square-foot portfolio was 98 percent leased at the time of the recapitalization, details of which were not disclosed. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL arranged the financing on behalf of Burton Property Group, which will use its newfound capital flexibility on its mixed-use projects including the 1,300-acre South Alabama Logistics Park and River Walk Plaza, both in Mobile.

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AcquisitionsAlabamaRetailSoutheast

Marcus & Millichap Brokers $2.4M Sale of Shopping Center in Talladega, Alabama

by John Nelson

TALLADEGA, ALA. — Marcus & Millichap has brokered the $2.4 million sale of Talladega Shopping Center, a 47,437-square-foot shopping center located at 803 Battle St. E in Talladega, an eastern suburb of Birmingham. Citi Trends and Standard Furniture, both of which have occupied the site for more than a decade, are the property’s anchor tenants. Additional tenants include Regional Finance and AT&T, which occupies a newly developed outparcel. The center was originally built in 1981 on 3.6 acres and was 88 percent leased at the time of sale. Eric Abbott and Zachary Taylor of Marcus & Millichap represented the seller in the transaction. Eddie Greenhalgh serves as Marcus & Millichap’s broker of record in Alabama.

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AlabamaDevelopmentGeorgiaIndustrialKentuckySouth CarolinaSoutheastTennesseeTop Stories

GE Appliances Unveils $3B Investment to Expand U.S. Manufacturing Across Five States

by Kristin Harlow

LOUISVILLE, KY. — GE Appliances, a Haier company, has unveiled plans to invest more than $3 billion in its U.S. operations over the next five years. The company plans to expand its air conditioning and water heating portfolio, increase production output across all product lines and further modernize its 11 U.S. manufacturing plants with new automation and capital equipment. The first phase of investments will begin at GE Appliances plants in Kentucky, Alabama, Georgia, Tennessee and South Carolina. Upon completion of the plan, Louisville-based GE Appliances will have invested $6.5 billion across its U.S. manufacturing plants and nationwide distribution network since 2016, which is the year that the company was sold by General Electric (NYSE: GE) to Haier. The new $3 billion announcement marks the second-largest investment in the company’s history. The GE Appliances plant in Camden, S.C., currently produces gas water heaters. With the new investment, electric and hybrid water heater manufacturing will be added, doubling the plant’s output and employment once the project is complete. The first phase will be implemented by early 2026. In December, GE Appliances will add two new models of air conditioners to its air and water product portfolio at its Selmer, Tenn., plant. …

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Market Lofts on Third
AlabamaLoansMultifamilySoutheast

Northmarq Arranges $19.6M Refinancing of Market Lofts on Third Apartments in Birmingham

by Abby Cox

BIRMINGHAM, ALA. — Northmarq has arranged a $19.6 million loan for the refinancing of Market Lofts on Third, a 192-unit multifamily complex located at 2225 3rd Ave. N in Birmingham. Jesse Lemos and William Rhett of Northmarq’s Nashville Debt and Equity team arranged the 10-year Fannie Mae loan on behalf of the borrower, an entity doing business as EPT Holdings LLC. The loan features five years of interest-only payments. Originally known as Birmingham’s Municipal Market, the property has also served as a home for an automobile equipment company, bowling alley and office space. Market Lofts on Third was renovated in 2023 as a mixed-use development and now offers 140,000 square feet of living space, as well as 8,000 square feet of space dedicated for commercial use. The complex features studio, one- and two-bedroom floorplans up to 973 square feet in size, according to Apartments.com. Amenities include a rooftop deck with downtown views, a courtyard gathering space and fire pit, fitness center, laundry center, off-street parking, residential lounge, coffee bar, billiards, pet park with shampoo station and 24-hour emergency maintenance, as well as “wash, dry and fold” laundry services. Market Lofts on Third also offers furnished apartment options available through the CORT Furnishing rental …

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TA Travel Center
AlabamaDevelopmentLoansRetailSoutheast

Forman Capital Provides $20M Construction Loan for Redevelopment, Completion of Retail Travel Center Near Mobile, Alabama

by Abby Cox

ROBERTSDALE, ALA. — Forman Capital has provided a $20 million construction bridge loan to LV Petroleum, the largest owner and operator of TA Travel Center franchises in the United States, for the redevelopment and completion of a retail travel plaza at 27801 County Road 64 in Robertsdale. Formerly the Oasis Travel Center, the property has already been converted into a TA Travel Center with all facilities operating, except for diesel fuel sales. Situated about 27 miles east of Mobile, the 51-acre site features 26,797 square feet of retail space, including Subway and Sbarro restaurants, eight gas pumps, five diesel pumps, four diesel emission fluid pumps and parking for 100 vehicles and 220 semi-trucks. Brett Forman, Ben Jacobson, Scott Mehlman, Ty Regnier and Cam Fleury of Forman Capital internally represented the firm in the transaction. LV Petroleum operates more than 40 convenience stores and travel centers throughout the country.   

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AcquisitionsAlabamaRetailSoutheast

MPT Brokers $5.7M Sale of Publix-Anchored Shopping Center in Gulf Shores, Alabama

by John Nelson

GULF SHORES, ALA. — Locally based Merrill P. Thomas Co. (MPT) has brokered the $5.7 million sale of Paradise Isle Shopping Center, a 47,520-square-foot shopping center located in Gulf Shores. Publix anchors the property, which is situated on 4.6 acres near the Florida border. Other tenants include AutoZone, Resale Heaven, Nail Boutique & Spa and the Gulf Shores Methodist Church. Pratt Thomas of MPT represented the seller, Gulf Shore Methodist Church, in the transaction. Nathan Handmacher of Zarzour Cos. LLC represented the buyer on an internal basis.

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AlabamaDevelopmentLeasing ActivityRetailSoutheast

Willow Capital Adds Target, Academy Sports to Shopping Center Roster in Albertville, Alabama

by John Nelson

ALBERTVILLE, ALA. — Willow Capital Partners has landed anchor tenants to join Sand Mountain Marketplace, a 250,000-square-foot shopping center under construction at 10722 U.S. Route 431 in Albertville, about 47 miles south of Huntsville. The 30-acre property will be anchored by the first ground-up Target in Alabama since 2007, according to JLL’s Hugo Isom, who is handling the leasing assignment at Sand Mountain Marketplace with colleague Clint Isom. Other tenants that have signed on at the center include Academy Sports + Outdoors, Burlington and HomeGoods. There is 20,000 square feet of inline shop space available for lease, as well as three outparcels. Willow Capital Partners plans to deliver the development in spring 2027.

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AcquisitionsAlabamaHospitalityLoansSoutheast

Cronheim Hotel Capital Arranges $13.3M Acquisition Loan for Hampton Inn Hotel in Prattville, Alabama

by John Nelson

PRATTVILLE, ALA. — Cronheim Hotel Capital has arranged a $13.3 million acquisition loan for Hampton Inn & Suites, a hotel located at 2590 Cobbs Ford Road in Prattville, a northern suburb of Montgomery, Ala. The new owner plans to fully renovate the hotel. Cronheim arranged the financing on behalf of the undisclosed borrower through a regional bank. The five-year loan features 18 months of interest-only payments and no prepayment penalty for the full term. The Hampton Inn & Suites Prattville has 101 rooms and suites, as well as an outdoor pool, fitness center, meeting rooms and complimentary breakfast, according to the property website.

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