Alabama

WFI Receives $37.5M Refinancing for Student Housing Community Near Auburn University

by John Nelson May 18, 2023

AUBURN, ALA. — WFI has received a $37.5 million loan for the refinancing of The Union at Auburn, a 501-bed student housing community serving students attending Auburn University in Alabama. The property is located at 900 W. Glenn Ave. and offers two-, three-, four-, five- and six-bedroom units. Tremont Realty Capital provided the financing through Seven Hills Realty Trust, a mortgage REIT managed by the company. The loan is structured with a 30-month initial term and the option for one 12-month extension. Shared amenities include a “state-of-the-art” clubhouse; two-story fitness center, including space for barre, yoga and TRX; business center; 19 study rooms; resort-style swimming pool with an outdoor jumbotron, kitchen and entertainment area; outdoor terrace; dog park; and a self-service bike shop.

May 18, 2023

Alabama Development Industrial Southeast

Farpoint, Doster Construction Deliver Building 100 at REAL Park in Tuskegee, Alabama

by John Nelson May 10, 2023

TUSKEGEE, ALA. — Farpoint Development, along with general contractor Doster Construction Co., has delivered Building 100 at Regional East Alabama Logistics (REAL) Park in Tuskegee. Situated within the 638-acre site in Macon County, the 169,000-square-foot speculative facility is the first building within the 6.2 million-square-foot, multi-phase REAL Park. Situated off exit 42 on I-85 roughly 10 miles south of Auburn University, the building represents the only Class A manufacturing or distribution facility within a 40-mile radius, according to Farpoint. Project partners include construction lender Regions Bank and government entities Opportunity Alabama and Macon County Economic Development Authority. Once complete, REAL Park is expected to create $450 million of total economic output in the east Alabama region. Farpoint is currently marketing Building 100 for lease. The developer is based in Chicago and has a regional office in Asheville, N.C.

May 10, 2023

Alabama Development Loans Multifamily Southeast

3650 REIT Provides $49.5M Construction Loan for Multifamily Development in Madison, Alabama

by John Nelson May 8, 2023

MADISON, ALA. — 3650 REIT has provided a $49.5 million loan for the construction of The Gabriel, a multifamily community in Madison. Marc Tropp of Eastern Union Funding arranged the financing on behalf of the borrower, Hillcrest Acquisitions LLC. Located at 1542 Balch Road, The Gabriel will feature 288 units across 10 three-story buildings. Amenities at the community will include a swimming pool, cabanas, grilling/picnic areas, fitness center, playground, dog park, pet spa, car care center and electric vehicle charging stations. Construction, which broke ground in the third quarter of 2022, is scheduled for completion in July 2024.

May 8, 2023

Acquisitions Alabama Retail Southeast

Albanese Cormier Acquires 430,792 SF Shopping Center in Huntsville

by John Nelson May 8, 2023

HUNTSVILLE, ALA. — AlbaneseCormier (AC) has acquired Valley Bend at Jones Farm, a 430,792-square-foot shopping center located in Huntsville. Tenants at the property include HomeGoods, Dick’s Sporting Goods, Hobby Lobby, Marshalls and PetSmart. A separately owned SuperTarget and 10 outparcels are also located at the center, which spans 57.8 acres and attracts 6 million annual visitors. The seller and sales price were not disclosed.

May 8, 2023

Alabama Civic Development Restaurant Southeast Student Housing

RISE, Jacksonville State University Break Ground on 513-Bed Residence Hall Project in Alabama

by John Nelson April 26, 2023

JACKSONVILLE, ALA. — public-private partnership between RISE: A Real Estate Co. and Jacksonville State University has broken ground on North Village Residence Hall. Located on the university’s campus in Alabama, the 513-bed community will offer suites that include two double-occupancy bedrooms and two bathrooms. The development team for the project includes architect Niles Bolton & Associates and general contractor Choate Construction. Jacksonville State is also currently developing a new dining hall, which will replace the current main cafeteria on campus, and the Loring and Debbie White Football Complex. The Jax State Dining Hall will be operated by Sodexo and will feature a traditional food line with several concept stations and seating. The dining hall’s development team includes general contractor Brasfield & Gorrie, Williams Blackstock Architects and Kemp Management Services. The football complex will replace the existing field house at the university’s stadium and will offer modern art training facilities for student athletes; coaching offices and meeting rooms; a hall of fame honoring the history of the university’s football program; and new suites to enhance the game day experience for fans. The general contractor for that project is also Brasfield & Gorrie, the architect is Goodwyn Mills Cawood and the program manager …

April 26, 2023

Acquisitions Alabama Self-Storage Southeast

Argus Brokers $1.9M Sale of Self-Storage Facility in Elberta, Alabama

by John Nelson April 20, 2023

ELBERTA, ALA. — Argus Self Storage Advisors has brokered the $1.9 million sale of a self-storage facility located on a 16.1-acre site in Elberta. The facility comprises 98 climate-controlled units totaling 11,250 rentable square feet and 37 boat and RV parking spaces spanning 19,800 rentable square feet. Texas-based A-Affordable Boat & RV Storage purchased the property from undisclosed sellers. Stuart LaGroue Sr. and Bill Barnhill of Argus represented the sellers in the transaction.

April 20, 2023

Alabama Market Reports Multifamily Southeast Southeast Market Reports

Birmingham’s Multifamily Market Is Battling Uncertainty, Still Poised for Growth

by John Nelson April 10, 2023

When we wrote about the Birmingham multifamily market last year, the main trends were job growth and in-migration to not only the Birmingham market, but the Sun Belt as a whole. The growth was described as “unprecedented,” which it certainly was, and investor optimism could not have been higher as cap rates plummeted and property performance continued to thrive. Since then, the 10-year Treasury yield has risen nearly 200 basis points, inflation experienced nearly 6.5 percent growth last year and there was a more cautious optimism going into the fourth quarter of 2022. But what if we are not hitting a stopping point, rather moving back into a cycle of normalcy? Amongst the many major indicators for 2023, the common theme appears to be uncertainty. Many notable factors such as debt and rising insurance costs have been a sounding board for this skepticism in the market. 2021 and 2022 proved to be nothing short of record-breaking in the multifamily sector. For Birmingham, our outlook is that the solid foundation it has built over the past few years, and the post-pandemic recovery boom it experienced, will show that the city is still poised for growth and has been fortunate to not …

April 10, 2023

Alabama Loans Multifamily Southeast

Berkadia Arranges $37M Refinancing for Ascent at Jones Valley Apartments in Huntsville, Alabama

by John Nelson April 7, 2023

HUNTSVILLE, ALA. — Berkadia has arranged $37 million in refinancing for Ascent at Jones Valley, a 431-unit multifamily community located at 1225 Willowbrook Drive SE in Huntsville. Built in 1978, the property features one-, two- and three-bedroom apartments and townhomes ranging in size from 705 to 1,470 square feet. Amenities at the community include two swimming pools, a fitness center, coffee and tea bar, pet park and play area, playground, business center, tennis/pickleball court and grilling and picnic areas. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia South Florida arranged the Fannie Mae financing on behalf of the borrower, Savannah, Ga.-based Wicker Park Capital Management. The loan carries a fixed interest rate, a five-year term and partial interest-only payments.

April 7, 2023

Acquisitions Alabama Retail Southeast

SRS Brokers Sale of 57,850 SF Five Points Shopping Center in Tuscaloosa, Alabama

by John Nelson April 4, 2023

TUSCALOOSA, ALA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Five Points Shopping Center, a 57,850-square-foot retail center located at 4205 University Blvd. E in Tuscaloosa. The Winn-Dixie-anchored center is situated about three miles from the University of Alabama. Other tenants include new junior anchor Dollar Tree, as well as AT&T, State Farm Insurance and H&R Block. Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller, an entity doing business as H&R Tuscaloosa LLC, in the transaction. The buyer, an entity doing business as Five Points SC LLC, purchased Five Points for an undisclosed price.

April 4, 2023

Alabama Industrial Market Reports Southeast Southeast Market Reports

Spec Industrial Space Takes Over Birmingham Pipeline as Build-to-Suits Dry Up

by John Nelson April 3, 2023

Before we look at the current happenings in the Birmingham industrial market, it is worth glancing into the rearview mirror of the last 24 months or so. 2021 and 2022 saw the delivery of 10 notable industrial build-to-suit projects. Some were announced in 2020 before pricing surges. The last delivery of these projects was completed in fourth-quarter 2022, an automotive project on the west side for Lear Automotive Seating oriented toward Mercedes-Benz. This unprecedented streak of projects totaled 3.3 million square feet. In addition to Lear, tenants included: Lowes, Mercedes-Benz, Motion Industries, TSF Sportswear, Samuel, Son & Co., Amazon (two) and FedEx Ground. Interestingly, two of these facilities are now available for sublease and were never occupied by the tenant. And as of this writing, there is not a single industrial build-to-suit announced or under construction. What did follow the noted build-to-suit wave were six speculative (or partial speculative) projects. The first one delivered — the first phase of Crossroads Commerce Center in the Central submarket — spanned 186,000 square feet, and the twin second phase was recently completed. The two phases are now 75 percent occupied, demonstrating market demand shown in other Southeastern markets in mid-2022 and prior. In …

April 3, 2023

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