Alabama

Doster Completes Construction of 290-Unit Dempsey Apartments in Madison, Alabama

by Hayden Spiess October 31, 2023

MADISON, ALA. — Doster Construction Co. has completed the construction of The Dempsey Apartments, a 290-unit multifamily community in Madison. In addition to studio, one- and two-bedroom apartments, the property features 483 surface parking spaces, 25 detached garages and 5,000 square feet of retail space. Amenities at the community include a swimming pool, coworking lounge, fitness center, dog park and a clubroom. Located at 375 Lime Quarry Road, Dempsey Apartments is adjacent to the 563-acre Town Madison mixed-use community. Doster completed the construction on behalf of the developer, Novare Group.

October 31, 2023

Alabama Leasing Activity Restaurant Retail Southeast

Voodoo Brewing to Open Brewery at Eastern Shore Centre in Spanish Fort, Alabama

by John Nelson October 18, 2023

SPANISH FORT, ALA. — Voodoo Brewing Co., an independent brewer based in Meadville, Pa., has signed a lease to join the tenant roster at Eastern Shore Centre, a 560,350-square-foot regional shopping center located at 30500 Highway 181 in Spanish Fort. Joseph AmecAngelo and Patti AmecAngelo of CBRE’s New Jersey office represented Voodoo Brewing in the lease deal. Shannon Tyndall of CBRE’s Birmingham office represented both the tenant and the undisclosed landlord. Situated about nine miles east of Mobile, Ala., Eastern Shore Centre’s tenant roster includes Belk, Dillards and Mountain High Outfitters. The new 5,035-square-foot brewery will be Voodoo’s first in Alabama. The company operates 12 breweries in six states that include both corporate and franchised locations. Voodoo Brewing plans to open more in the coming years in Pennsylvania, South Carolina, Texas and Nevada as part of its U.S. expansion plan announced in early 2022.

October 18, 2023

Acquisitions Alabama Retail Southeast

Dorsey Development Purchases 59,822 SF Island Road Shopping Center in Theodore, Alabama

by John Nelson October 3, 2023

THEODORE, ALA. — Dorsey Development, an entity owned and operated by G. Paul Dorsey III, has purchased Island Road Shopping Center at 5827 Highway 90 W in Theodore. Winn-Dixie anchors the property, which totals 59,822 square feet. Other tenants at the center include Pizza Hut, Subway, Buddy’s Home Furnishings and Premier Nails. The seller and sales price were not disclosed.

October 3, 2023

Acquisitions Alabama Retail Southeast

JLL Arranges Sale of 280 Station Shopping Center in Birmingham

by John Nelson September 22, 2023

BIRMINGHAM, ALA. — JLL has arranged the sale of 280 Station, a 24,760-square-foot shopping center located in Birmingham. Tenants at the property, which was 91 percent leased at the time of sale, include Oasis Nails & Spa, Eyemart Express, Subway, Bedzzz Express, Isbell’s Jewelry, Budget Car Rental, Tint World, State Farm Insurance, Dunkin’ and Tao Massage. Jim Hamilton, Brad Buchanan and Anton Serafini of JLL represented the seller and procured the buyer, a real estate fund advised by Crow Holdings Capital. The seller and sales price were not disclosed.

September 22, 2023

Alabama Development Southeast Student Housing

Capstone, Boaz Ventures to Break Ground on $60M Student Housing Property Near University of Alabama Huntsville

by John Nelson September 14, 2023

HUNTSVILLE, ALA. — Capstone Development Partners and Boaz Ventures plan to break ground on a $60 million student housing property adjacent to University of Alabama Huntsville (UAH) in October. Located at 4315 Holmes Ave. NW near the UAH Campus Recreation Center, the community, dubbed Nexus on Holmes, will be a four-story, 249-unit property with a mix of one-, two- and four-bedroom apartments. Capstone and Boaz are envisioning the 239,000-square-foot residential property to house undergraduate and graduate students, as well as UAH staff. Amenities will include two courtyards, an outdoor pool, grilling area, community kitchen, TV lounge, multi-purpose room and quiet study lounges. The design-build team includes general contractor Fite Building Co. and architect Williams Blackstock Architects. The project is situated within a designated opportunity zone, and OPAL Investments (a for-profit subsidiary of Opportunity Alabama) is the lead equity investor. Capstone and Boaz plan to open Nexus on Holmes in summer 2025.

September 14, 2023

Acquisitions Alabama Life Sciences Southeast

Stirling Arranges Sale of 30,000 SF Life Sciences Facility in Birmingham

by John Nelson September 13, 2023

BIRMINGHAM, ALA. — Stirling has arranged the sale of a 30,000-square-foot life sciences facility located at 100 Lucerne Lane in Birmingham. The property, which features office, wet lab and warehouse space, is situated on 5.7 acres within Oxmoor South Industrial Park. The buyer, Birmingham Water Works, is planning to make capital improvements at the property, which will be used for the organization’s new EnviroLab facility. The company oversees the water supply for more than 770,000 people in Birmingham and the surrounding counties. Juhmad Hollis and Melissa Warren of Stirling represented the buyer in the transaction. The seller and sales price were not disclosed.

September 13, 2023

Acquisitions Alabama Leasing Activity Office Southeast

Marcus & Millichap Brokers $4.9M Sale-Leaseback of Office Building in Metro Birmingham

by John Nelson September 6, 2023

HOOVER, ALA. — Marcus & Millichap has brokered the $4.9 million sale-leaseback of 5 Inverness Center Parkway, a 15,851-square-foot office building in Hoover. Built in 2005, the three-story office building was fully leased at the time of sale to eQRP Inc., a self-directed 401k company. The property features common areas, conference rooms, a fitness center and a podcast studio. The tenant, an entity doing business as Fuden LLC, sold the property to Wakefield Enterprises LLC and leased the property back. Brian Higdon and Nick Neuroth of Marcus & Millichap’s Birmingham office represented the seller in the transaction.

September 6, 2023

Acquisitions Alabama Development Mixed-Use Multifamily Southeast

IMS Development Acquires 130 Acres in Huntsville, Plans Mixed-Use Campus With 800 Residences

by John Nelson August 30, 2023

HUNTSVILLE, ALA. — Tuscaloosa, Ala.-based IMS Development has purchased 130 acres on the north side of Huntsville from the University of Alabama in Huntsville Foundation. The site is located at the corner of State Routes 255 and 53 and Blake Bottom Road. The buyer plans to build a mixed-use campus on the site dubbed North Valley, which will comprise 800 residences and 20 acres of commercial space. IMS Development says potential uses for the commercial component could include big-box retailers, hotels, restaurants, convenience stores and entertainment venues. Eric St. John of Crunkleton Commercial Real Estate assisted IMS in the land acquisition. The construction timeline was not released.

August 30, 2023

Alabama Industrial Leasing Activity Southeast

Farpoint Signs Trendco USA to 168,000 SF Industrial Lease at REAL Park in Tuskegee, Alabama

by John Nelson August 18, 2023

TUSKEGEE, ALA. — Farpoint Development has signed Trendco USA 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 Columbia, S.C.-based tenant plans to invest $43 million to launch its manufacturing operation at the site, where it will initially produce nitrile medical gloves before expanding production into other personal protective equipment (PPE) such as masks and gowns. Situated off exit 42 on I-85 in Macon County, Building 100 is the first facility within Farpoint’s 638-acre logistics park, which will span 6.2 million square feet upon completion. The Chicago-based developer delivered the facility in May.

August 18, 2023

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges Sale of 147-Unit Multifamily Community in Tuscaloosa, Alabama

by John Nelson August 18, 2023

TUSCALOOSA, ALA. — Cushman & Wakefield has arranged the sale of The Gates at South Bend, a 147-unit multifamily community located in Tuscaloosa. Built in 1980, the property underwent significant renovations between 2017 and 2022. Ben Thomas and Parker Caldwell of Cushman & Wakefield represented the seller, an entity doing business as WGO LLC, in the transaction. ARC Multifamily Group acquired the property for an undisclosed price. Situated about three miles south of the University of Alabama, The Gates at South Bend features two- and three-bedroom townhomes.

August 18, 2023

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