REBusinessOnline

JRW Realty Arranges Sale of Publix-Anchored Shopping Center in Decatur, Alabama

DECATUR, ALA. — JRW Realty has arranged the sale of Point Mallard Centre, a grocery-anchored shopping center in Decatur. Situated near I-65, the property features a 45,600-square-foot Publix store and 16,800 square feet of small shop, restaurants and healthcare tenants. The buyer is an unnamed institutional investor that is actively acquiring net-leased and value-add properties. The seller and sales price were not

Tauro Capital Advisors Arranges $149.7M Bridge Loan for 24-Store Walgreens Portfolio

LOS ANGELES — Los Angeles-based Tauro Capital Advisors, on behalf of borrower IBF Properties, has facilitated a $149.7 million, one-year, floating-rate bridge loan for a 24-property Walgreens portfolio.The stores are located in nine states across the United States, primarily in Tennessee, Wisconsin and Alabama. The borrower is purchasing retail assets occupied by investment-grade tenants and plans to create a REIT to hold and operate the portfolio of income-producing real estate.Matt …

GCP, Highline Purchase 404,000 SF Industrial Park Near Birmingham

ALABASTER, ALA. — Growth Capital Partners (GCP) and Highline Real Estate Partners have acquired Shelby West, a 404,000-square-foot industrial park in suburban Birmingham. The property represents the third investment for the GCP-Highline investment platform, which also includes strategic equity placements from the McWane Family and other third-party investors.The facilities at Shelby West include a 250,000-square-foot building at 175 Airview Lane and a 154,000-square-foot property at 1840 …

Birmingham Landlords Prepare as Workforce Transitions Back to the Office

While the Birmingham market never fluctuates too heavily in either direction, it typically remains relatively stable compared to national trends. Such has been the case with the effects of COVID-19.Birmingham is well-positioned for a return to the office, thanks in large part to our economy’s heavy makeup of local and regional businesses. Most smaller businesses have been in the office for some time, while large national enterprises still wrestle with what normal operations will look …

UAB, Hoar Construction Top Out $76M Science and Engineering Complex in Birmingham

BIRMINGHAM, ALA. — Hoar Construction has topped out Phase I of the new Science and Engineering Complex at the University of Alabama at Birmingham (UAB). The $76 million, 138,842-square-foot development represents Phase I of a three-part project that aims to consolidate all the basic science undergraduate and graduate studies into one complex. Construction of Phase I began in February 2021 and is expected to be completed in the spring of 2023.The first phase of the concrete structure …

Birmingham is Poised to Stake its Claim as a Burgeoning Retail Destination

Like many of the markets within the Sun Belt, Birmingham’s economy remained relatively resilient through the emergence of the COVID-19 pandemic. Despite its share of small business and restaurant closures, leasing activity is back to par, and owners continue to see steadily rising rental rates — up 3.1 percent over the last 12 months — as tenant demand continues to be robust.Retail absorption over the last 12 months is a healthy 400,000 square feet compared to -510,000 square feet a …

Marcus & Millichap Brokers $19M Sale of Apartment Portfolio in Auburn, Alabama

AUBURN, ALA. — Marcus & Millichap has brokered the sale of the Auburn Summit Portfolio, three apartment communities with a total of 187 units in Auburn. Josh Jacobs, Andrew Jacobs, Matthew Prozzillo and Benjamin Skinner of Marcus & Millichap represented the undisclosed seller and procured the Utah-based buyer in the transaction. The sales price was $19 million, or about $101,500 per unit.The Auburn Summit Portfolio includes the following:• The Summit at Glenn is a 72-unit …

Birmingham’s Multifamily Market is Making a Splash as In-Migration Soars

The Sun Belt is experiencing unprecedented growth with in-migration trends setting the stage for further expansion and bolstering in-place multifamily product. This includes Birmingham, which has weathered COVID-19 well not only from an employment perspective, but from a rent growth perspective too. The latter is not sustainable without the former, and local capital investments point to more tailwinds.[caption id="attachment_315295" align="alignright" width="100"] Craig Hey, Cushman & …

I-85 Corridor Markets See Explosion of Industrial Development, But InterFace Panelists Wonder if Housing Will Follow

CHARLOTTE, N.C. — During the closing panel at France Media’s InterFace I-85 Industrial Corridor conference, brokers from the major markets along the 666-mile interstate gave updates about developments and opportunities in their territories.Brockton Hall, vice president of Colliers’ Upstate South Carolina office, said that the Greenville-Spartanburg industrial market in South Carolina had 16 million square feet of industrial space under construction, which represents an inventory …

Carter Multifamily Acquires Four-Property Apartment Portfolio in Mobile for $121M

MOBILE, ALA. — Carter Multifamily has acquired a four-property apartment portfolio in Mobile for $121 million. The seller was not disclosed. The portfolio had a total of 876 units.The four properties include Arbor Gates (184 units), The Gates at Jubilee (248 units), Lenox Gates (228 units) and Regency Gates (216 units). Built between 1992 and 1999, the properties had overall occupancies ranging from 92 percent to 96 percent at the time of sale.Carter Multifamily intends to execute a …




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