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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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AlabamaMarket ReportsOfficeSoutheastSoutheast Market Reports

Birmingham’s Office Market: Steady, Resilient and Ready for What’s Next

by John Nelson

Birmingham’s office market is holding its own with overall market occupancy at 82.6 percent as of fourth-quarter 2024. We saw a slower second half of the year, but that is to be expected during a presidential election year when companies often hit pause on significant real estate decisions.  During the fourth quarter, Birmingham’s multi-tenant office market recorded negative absorption of 67,739 square feet, but that was a notable improvement from the negative 268,061 square feet recorded the previous quarter.  Leasing activity for the quarter came in at 180,849 square feet, bringing the year-to-date total to just over 562,000 square feet — about 22 percent below the previous year’s pace. While definitely a slowdown, this performance is nothing out of step with the broader national trends. Signs of positive momentum The good news? Since the start of 2025, activity has picked up across the board. Tenants are back in the market touring space and rethinking their long-term office needs. Some are expanding, some are rightsizing to space that better fits how they work today and others are updating their office protocols to bring employees back in more regularly — all of which is driving movement in the market.  In addition, several …

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AlabamaHealthcareLoansSoutheast

First Citizens Bank Provides $53.5M Loan to Refinance Medical Office Facility in Birmingham

by John Nelson

BIRMINGHAM, ALA. — First Citizens Bank’s healthcare finance division, First Citizens Healthcare Finance, has provided a $53.5 million loan to refinance Grandview Physicians Plaza II, a 140,000-square-foot medical office facility located in Birmingham. The borrower was an affiliate of Rethink Healthcare Real Estate. Constructed in 2022, Grandview Physicians Plaza II is situated within the Grandview Medical Center Campus that occupies Affinity Hospital and Grandview Plaza I. Grandview Plaza II completes the primary medical campus for Grandview Health, which has signed a long-term anchor tenant lease for physician offices and hospital services. First Citizens Healthcare Finance also provided takeout financing for Grandview Physicians Plaza I in 2024.

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AlabamaMarket ReportsRestaurantRetailSoutheastSoutheast Market Reports

Birmingham Retail Market: Stability Amid Changing Dynamics

by John Nelson

Birmingham’s retail market continues to demonstrate resilience despite national economic challenges. With a vacancy rate of 3.8 percent — slightly below the national average of 4.1 percent — and rental rates holding steady at $13.13 per square foot, the city remains an attractive destination for both investors and tenants.  However, rising interest rates have slowed development and softened transaction volumes, reshaping the investment landscape. Macroeconomic trends  The intersection of economic pressures and shifting consumer habits is redefining Birmingham’s retail landscape. Across the nation, big-box retailer bankruptcies have contributed to negative net absorption of 346,200 square feet over the past year, and Birmingham has felt similar effects. The closure of Conn’s HomePlus, among other retailers, has contributed to this contraction. Despite these challenges, suburban retail demand remains robust. Homewood, Hoover and Alabaster are experiencing continued growth, and Crestwood Festival Shopping Center has added new tenants like Fun City Adventure and Armor Gym occupying 100,000 square feet. These trends highlight the increasing popularity of experiential retail, as consumers gravitate toward destinations that offer more than just traditional shopping. Development slows New retail construction has slowed significantly, with only 130,000 square feet delivered in the past year — well below historical averages. However, …

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AlabamaDevelopmentHospitalitySoutheast

Choice Hotels Opens 98-Room Everhome Suites Hotel in Huntsville, Alabama

by John Nelson

HUNTSVILLE, ALA. — Choice Hotels Internationals Inc. has opened a new Everhome Suites Hotel in Huntsville. The project team includes architect Woolpert and general contractor Integrated Construction. An entity doing business as EHS Huntsville LLC was the developer. Located at 5581 Holmes Ave., Everhome Suites Huntsville offers access to the University of Alabama in Huntsville, the U.S. Space & Rocket Center and the city’s medical district. The hotel features 98 rooms, including amenities such as fully equipped kitchens, spa-style bathrooms, weekly housekeeping services, a multipurpose lobby, an outdoor communal space with barbeque grills, firepits and green spaces, 24/7 fitness center and 24/7 laundry facilities. Additionally, the hotel offers a 24/7 self-serve Homebase Market with food, beverages and groceries. Everhome Suites Huntsville is one of three Everhome Suites opened by Choice Hotels recently, with other locations in Chandler, Ariz., and Temecula, Calif. Everhome Suites is on track to have 25 hotels open by the end of the year, with 20 currently under construction and more than 65 hotels in the development pipeline.

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