Alabama

Marcus & Millichap Brokers Sale of 3,369-Unit Self-Storage Portfolio in the Southeast

by John Nelson January 30, 2023

COLUMBUS, OHIO — Marcus & Millichap has arranged the sale of a self-storage portfolio comprising 10 Boardwalk Storage facilities located in Alabama, Georgia and Tennessee. The properties total 3,369 units across 569,530 square feet. Gabriel Coe, Nathan Coe and Brett Hatcher of Marcus & Millichap arranged the sale on behalf of the undisclosed seller and procured the buyer, which was also not disclosed. At the time of sale, the portfolio, which includes a mix of climate-controlled and non-climate-controlled units, was 64 percent leased. The Alabama property is located in the city of Opelika, with the Georgia properties located in Dahlonega, Clermont, Loganville, Perry and Jasper. In Tennessee, the facilities are situated in Ooltewah, Chattanooga and Soddy-Daisy. Marcus & Millichap’s brokers of record in Alabama, Georgia and Tennessee are Eddie Greenhalgh, John Leonard and Jody McKibben, respectively.

January 30, 2023

Acquisitions Alabama Arkansas Georgia Kentucky Oklahoma Retail Southeast Tennessee

Matthews Arranges $16.1M Portfolio Sale of Eight Stores Leased to Family Dollar-Dollar Tree

by John Nelson January 25, 2023

NASHVILLE, TENN. — Nashville-based Matthews Real Estate Investment Services has arranged the $16.1 million portfolio sale of eight stores leased to the combo Family Dollar-Dollar Tree discount retail concept. The stores are located in Blountsville and Clayton, Ala.; Pauls Valley, Warner and Maud, Okla.; Edison, Ga.; Lincoln, Ark.; and Coldiron, Ky. Josh Bishop of Matthews represented the seller, an unnamed developer that built the stores. The undisclosed institutional buyer purchased the assets at a cap rate of 6.4 percent.

January 25, 2023

Acquisitions Alabama Retail Southeast

Berkeley Capital Advisors Brokers $61M Sale of Shoppes at EastChase Shopping Center in Montgomery

by John Nelson January 11, 2023

MONTGOMERY, ALA. — Berkeley Capital Advisors has brokered the $61 million sale of Shoppes at EastChase, a 388,700-square-foot shopping center located at 7274 Eastchase Parkway in Montgomery. Alex McDonald, Alex Quarrier and Rob Carter of Berkeley Capital represented the seller, an undisclosed institutional investor, in the transaction. The buyer was 5Rivers CRE, a shopping center owner and manager based in Houston. Built in phases in 2002 and 2010, Shoppes at EastChase was 93 percent leased at the time of sale to tenants such as Books-A-Million, Bonefish Grill, Moe’s Southwest Grill, DSW, H&M, Men’s Wearhouse, Sunglass Hut and a freestanding Starbucks Coffee. Trek, Sephora, Aldi, Ashley HomeStore Outlet, Dollar Tree, Lululemon Pop Up, Nothing Bundt Cakes and Aerie have all recently signed new leases, and Zales has signed a letter of intent. The anchor tenants and shops at Shoppes at EastChase have an average operating history at the center of 11 years, according to Berkeley Capital. The property is shadow-anchored by Dillard’s, Kohl’s, Target, Costco and Hobby Lobby. The center is situated on a 60-acre along I-85, about 10 miles east of downtown Montgomery. According to Berkeley Capital, it is the second most-trafficked power retail center in Alabama.

January 11, 2023

Alabama Loans Retail Southeast

Northmarq Arranges $22.5M Refinancing of Shopping Center in Huntsville

by John Nelson January 9, 2023

HUNTSVILLE, ALA. — Northmarq has arranged a $22.5 million refinancing loan for Village on Whitesburg, a 118,356-square-foot shopping center located at 4800 Whitesburg Drive SE in Huntsville. Randy Wolfe of Northmarq’s Atlanta office secured the permanent, fixed-rate loan, which features a seven-year term and 25-year amortization schedule, through an unnamed regional bank. The borrower was also not disclosed. The Fresh Market anchors Village on Whitesburg, and other tenants include AT&T, Bonefish Grill, Drake’s, Nadeau, Panera Bread and Learning Express.

January 9, 2023

Acquisitions Alabama Retail Southeast

First National Realty Partners Buys 304,935 SF Shopping Center in Cullman, Alabama

by John Nelson January 4, 2023

CULLMAN, ALA. — First National Realty Partners (FNRP) has purchased Cullman Shopping Center, a 304,935-square-foot retail development located in Cullman, an east Alabama city equidistant between Huntsville and Birmingham. Kyle Stonis of SRS Real Estate Partners represented the undisclosed seller in the transaction. The sales price was also not disclosed. Cullman Shopping Center’s tenant roster includes Publix, Belk, Dick’s Sporting Goods, Ross Dress for Less, Ulta Beauty, Five Below and PetSmart, among others. Red Bank, N.J.-based FNRP entered the Alabama market in 2022 and now owns four shopping centers in the Yellowhammer State, including Brook Highland Plaza and Inverness Corners in Birmingham and Tannehill Promenade in Bessemer.

January 4, 2023

Alabama Development Multifamily Southeast

Gateway Ventures, McShane Deliver 343-Unit Apartment Community in Huntsville

by John Nelson December 23, 2022

HUNTSVILLE, ALA. — McShane Construction Co. has completed the construction of Laurel at Dry Creek, a 343-unit apartment community in Huntsville. The developer is Gateway Ventures Real Estate. Sitting on 20 acres, the property comprises 16 apartment and townhome buildings housing units in one-, two- and three-bedroom layouts. Designed by Dynamik Design, Laurel at Dry Creek features 7,000 square feet of amenity space, including a fitness center, pool, fire pit, pickleball courts, hammock garden, car wash, dog park and pet-grooming station. The community was 85 percent leased at the time of delivery.

December 23, 2022

Alabama Development Multifamily Southeast

RCP Cos. to Develop $108M Wellory Living Apartments at MidCity Campus in Huntsville

by John Nelson December 20, 2022

HUNTSVILLE, ALA. — RCP Cos. plans to develop Wellory Living, a new 328-unit multifamily development coming to the developer’s MidCity District in Huntsville. The $108 million property is designed to achieve “net-zero energy status” and a reduced carbon footprint by utilizing solar PV panels, smart thermostats and a reflective roof, among other features. RCP has partnered with Grounded Capital Partners on the project. Situated on 4.2 acres at the corner of Old Monrovia Road and Stax Street, Wellory Living will span six stories and feature 13,582 square feet of ground-floor retail space, coworking spaces, a rooftop lounge and an outdoor terrace. The project team includes debt lender Pinnacle Financial Partners, architect Lord Aeck Sargent and general contractor ARCO Murray. RCP plans to break ground on Wellory Living this winter and deliver the property by summer 2025.

December 20, 2022

Acquisitions Alabama Industrial Southeast

Phoenix Investors Acquires 3 MSF Former Goodyear Industrial Campus in Gadsden, Alabama

by John Nelson December 14, 2022

GADSDEN, ALA. — An affiliate of Phoenix Investors has purchased an approximately 3 million-square-foot industrial campus located at 1000 Goodyear Ave. in Gadsden, which is roughly midway between Birmingham and Chattanooga along I-59. Global tire manufacturer Goodyear was the former occupant of the property, which is currently vacant. Adam Wolinetz of CBRE arranged an undisclosed amount of acquisition financing through International Bank of Commerce on behalf of Phoenix Investors. The seller and sales price were not disclosed. Renovated in 2015, the 156-acre park features 30 dock doors and clear heights of up to 30 feet, as well as ample car and trailer parking, rail access and proximity to I-759 and I-59. Phoenix Investors plans to make numerous capital and cosmetic improvements to repurpose the park and boost tenancy. The Milwaukee-based owner says the available space is easily divisible for multi-tenant occupancy and will be marketed in the near future for lease.

December 14, 2022

Acquisitions Alabama Retail Southeast

Legacy Realty Brokers $7.4M Sale of Hillcrest Marketplace Shopping Center in Mobile

by John Nelson December 8, 2022

MOBILE, ALA. — Legacy Realty Group Advisors has brokered the $7.4 million sale of Hillcrest Marketplace, a 76,000-square-foot shopping center located at 6300 Grelot Road in Mobile. The property was 95 percent leased at the time of sale to tenants including anchor Winn-Dixie. Jacob Baruch and Max Yardeni of Legacy Realty represented both the buyer and seller in the transaction. Both parties requested anonymity.

December 8, 2022

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $35.6M Sale of Astoria Apartments in Mobile, Alabama

by John Nelson November 30, 2022

MOBILE, ALA. — Cushman & Wakefield has arranged the sale of Astoria, a 252-unit multifamily community in Mobile. Carter Multifamily purchased the community from Saxony Capital Management for $35.6 million. Andrew Brown and Ben Thomas of Cushman & Wakefield represented the seller in the transaction. Built in 2001, Astoria’s amenities include a resident lounge with billiards, foosball and a coffee bar; a remodeled clubhouse and wellness center; valet trash removal; and a saltwater swimming pool with an outdoor kitchen area. Carter Multifamily plans to make interior renovations to Astoria during its ownership period, according to Cushman & Wakefield.

November 30, 2022

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