Alabama

Northmarq Secures $14M Loan for Madison Plaza Shopping Center in Huntsville

by John Nelson March 8, 2023

HUNTSVILLE, ALA. — Northmarq has secured a $14 million loan for Madison Plaza, a 153,739-square-foot shopping center located at 930 Old Monrovia Road in Huntsville. Randy Wolfe of Northmarq arranged the 10-year financing through a regional credit union on behalf of RCP Cos., the developer of the adjacent MidCity district. The loan features one year of interest-only payments and a 25-year amortization schedule. Built in 1984 and renovated in 2016, Madison Plaza was leased at the time of financing to tenants including Havertys, Stars and Strikes, State Farm, Dragon Alley and Viet Huong.

March 8, 2023

Alabama Development Loans Multifamily Southeast

Northmarq Arranges $52.8M Construction Loan for Anthem House Apartments in Huntsville

by John Nelson March 7, 2023

HUNTSVILLE, ALA. — Northmarq has arranged a $52.8 million construction loan for Anthem House Apartments, a 304-unit multifamily project that is part of the MidCity District master-planned development in Huntsville. In addition to apartments, Anthem House will include 32,000 square feet of ground-level retail space and 35,000 square feet of collaborative office space, as well as an amenity package comprising a coffee bar, coworking lounge, fitness center, yoga studios, community gardens, resort-style pool and a courtyard. Randy Wolfe and Drew Markley of Northmarq arranged the five-year loan through a major regional bank on behalf of the undisclosed borrower.

March 7, 2023

Alabama Civic Development Hospitality Restaurant Southeast

HPM Delivers Culinary Science Center, Hotel at Auburn University

by John Nelson February 23, 2023

AUBURN, ALA. — Birmingham, Ala.-based HPM has completed construction of the Tony and Libba Rane Culinary Science Center at Auburn University. The dual-purpose, 142,000-square-foot property houses learning environments for culinary students, as well as a boutique hotel, the 1856 teaching restaurant, brewery and a food hall. HPM served as program manager on the project and provided project management support for Auburn University Facilities Management during the pre-construction and construction phases. Auburn alumnus and board of trustees member Jimmy Rane helped kickstart the project with a $12 million gift dedicated to the building’s construction. The board later approved naming the facility in honor of his parents, Tony and Libba Rane. The property is situated at the corner of East Thach Avenue and South College Street in downtown Auburn. HPM also oversaw the construction of a $10 million, six-story parking garage nearby before breaking ground on the culinary facility in 2019. The design-build team for the property include architect Cooper Carry, facility operator Ithaka Hospitality Partners, the Auburn University Facilities Management department and general contractor Bailey-Harris Construction.

February 23, 2023

Acquisitions Alabama Industrial Southeast

Coro Realty, H2RE Capital Purchase 319,413 SF Industrial Campus in Birmingham

by John Nelson February 23, 2023

BIRMINGHAM, ALA. — A joint venture between Coro Realty and H2RE Capital has purchased Airport Highway Park, a 319,413-square-foot industrial campus in Birmingham. The sales price and seller were not disclosed. The seven-building park is situated along Messer Airport Highway near Birmingham-Shuttlesworth International Airport. The seven warehouses were fully leased at the time of sale. Tripp Alexander of Colliers brokered the transaction. Coro and H2RE Capital plan to make capital improvements to Airport Highway Park during their ownership period.

February 23, 2023

Alabama Florida Industrial Loans Maryland North Carolina Southeast

JLL Arranges $193M Refinancing for Industrial Portfolio in Sun Belt, Mid-Atlantic

by John Nelson February 9, 2023

MIAMI — JLL has arranged a $193 million permanent loan for the refinancing of a nine-property industrial portfolio totaling 1.7 million square feet. The properties are located on infill sites in South Florida, Texas, North Carolina, Alabama and Maryland. Chris Drew, Melissa Rose and Christopher Gathman of JLL arranged the five-year, fixed-rate, non-recourse loan through TIAA Bank on behalf of the borrower, Adler Real Estate Partners. The assets were constructed between 1981 and 2001 and were leased to 145 separate tenants at the time of financing. The properties included: • Riverchase Center in Hoover, Ala. • 1001 Broken Sound Parkway in Boca Raton, Fla. • Prospect Park I & II in Fort Lauderdale, Fla. • Delray North Business Center in Delray Beach, Fla. • Rivers Business Park I & II in Columbia, Md. • South Point Business Park in Charlotte, N.C. • Parkwest I & II in Raleigh, N.C. • Addison Tech Center in Addison, Texas • Kramer 1-5 at Braker Center in Austin, Texas

February 9, 2023

Acquisitions Alabama Georgia Self-Storage Southeast Tennessee

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

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