REBusinessOnline

Franklin Street Arranges $16M Sale of Shopping Center in Gulf Shores, Alabama

GULF SHORES, ALA. — Franklin Street has arranged the sale of Pelican Place at Craft Farms, a 220,372-square-foot shopping center in Gulf Shores. Bryan Belk and John Tennant of Franklin Street’s Atlanta-based Retail Investment Sales Team represented the seller, an affiliate of RCG Ventures, in the transaction. Atlanta-based Octave Holdings purchased the property for $16 million.Pelican Place at Craft Farms was 82.9 percent leased at the time of sale to tenants such as CMX Cinemas movie …

Easterly Government Properties to Acquire 10-Property VA Portfolio for $635.6M

WASHINGTON, D.C. — Easterly Government Properties Inc. (NYSE: DEA) has entered into an agreement to acquire a 1.2 million-square-foot, 10-property portfolio of facilities leased to the Department of Veterans Affairs (VA) for $635.6 million. The properties will be purchased in a joint venture with an undisclosed global investor, with Easterly retaining a 53 percent stake in the portfolio. Two of the properties are open, while the other eight are currently under …

Berkadia Provides $24.6M Refinancing for Multifamily Property in Saraland, Alabama

SARALAND, ALA. — Berkadia has provided $24.6 million in permanent refinancing for Olde Oak Apartments, a garden-style multifamily property in Saraland. Pat Garlich of Berkadia originated the seven-year Freddie Mac loan on behalf of the borrower, Missouri-based Maxus Realty Trust Inc.Olde Oak Apartments features one- and two-bedroom floor plans with in-unit washers and dryers and air conditioning. Community amenities include a swimming pool, fitness center, business center, clubhouse, dog …

JLL Arranges Sale of Publix-Anchored Retail Center in Metro Huntsville for $19.2M

MADISON, ALA. — JLL Capital Markets has arranged the $19.2 million sale of Madison Commons, a 75,340-square-foot shopping center in Madison.JRW Realty represented the buyer, ExchangeRight. Brad Peterson, Whitaker Leonhardt, Jim Hamilton, Brad Buchanan, Andrew Michols and Michael Brewster of JLL represented the seller, Michael Collard Properties.Completed in 2018, Publix anchors the property, which is currently 92 percent occupied. Other national and regional tenants include Easy Vet …

Dwight Capital Funds $29M Loan for Monte Sano Terrace Apartments in Huntsville

HUNTSVILLE, ALA. — Dwight Capital has provided a $29 million loan for Monte Sano Terrace, a 324-unit apartment complex located in Huntsville. The property includes 23 garden and townhome-style buildings, as well as a clubhouse and leasing office.Located on over 25 acres at 125 Ridgegate Place, Monte Sano Terrace is situated about 2.3 miles from downtown Huntsville. Built in 1988, the community was 96 percent occupied at the time of the transaction. Community amenities feature a fitness …

JLL Arranges $26.6M Sale of Two Retail Centers in Birmingham and Huntsville

BIRMINGHAM AND HUNTSVILLE, ALA. — JLL Capital Markets has arranged the sale of Crossings of Hoover and Strong Station, two retail centers totaling 133,705 square feet in Birmingham and Huntsville, respectively. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the Brentwood, Tenn.-based seller, GBT Realty Corp., in the transaction. Warner Robins, Ga.-based Livingston Properties acquired both properties for a total of $26.6 million.Built in 2015, Crossings of Hoover is a …

Berkadia Secures $51M Refinancing Loan for Office Portfolio in Huntsville

HUNTSVILLE, ALA. — Berkadia has secured a $51 million refinancing loan for a 670,890-square-foot office and flex portfolio in Huntsville. The three-property portfolio, which includes Perimeter Center, Progress Center and 110 Wynn, sits approximately six miles from downtown Huntsville and was 91 percent leased at the time of financing.Located at 1500 and 1525 Perimeter Parkway, Perimeter Center includes two mid-rise buildings built in 1987 and 1989. The buildings total 234,146 square feet …

SRS Arranges $4.7M Sale of Conn’s HomePlus-Occupied Retail Property in Montgomery

MONTGOMERY, ALA. — SRS Real Estate Partners’ National Net Lease Group has arranged the $4.7 million sale of a 43,441-square-foot, single-tenant retail property occupied by Conn’s HomePlus in Montgomery. Conn’s Inc., a Texas-based furniture, mattress, electronics and appliance retailer, has eight years left on its lease at the Montgomery location.Located at 2424 Eastern Blvd., the store was built in 1997 and renovated in 2019. The property is situated on 5.3 acres within the …

Marcus & Millichap Brokers Sale of 460-Unit Self-Storage Facility in Athens, Alabama

ATHENS, ALA. — Marcus & Millichap has brokered the sale of a 460-unit self-storage facility located in Athens. The sales price was not disclosed.The storage facility is located approximately 25 miles from Huntsville. The facility features 356 climate-controlled units and 104 non-climate-controlled units. The 60,234-square-foot facility was recently delivered and is not open for public use as of this writing.Gabriel Coe, Brett Hatcher and Eddie Greenhalgh of Marcus & Millichap …

Nicol Investment Starts Construction of $200M Upland Park Mixed-Use Project in Huntsville, Alabama

HUNTSVILLE, ALA. — Nicol Investment Co. has started construction of Upland Park, a $200 million mixed-use project in Huntsville. The 60-acre project will include multifamily and senior living residences, restaurants, retail, office, entertainment and green space.Located on Enterprise Way at Cummings Research Park, Upland Park will be anchored by HQ, a creative office and retail project being co-developed with Nashville-based Vintage South.The master plan includes The Kelvin, a …

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