Friday, April 11, 2025
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Alabama

AlabamaDevelopmentSeniors HousingSoutheast

KIRCO Opens 132-Unit Seniors Housing Community in Madison, Alabama

by John Nelson

MADISON, ALA. — KIRCO has delivered and opened Madison Crossings, an independent living and memory care seniors housing community in Madison, about 10 miles from downtown Huntsville. Phoenix Senior Living operates the community, which features an outdoor swimming pool, wellness center, dining experience, pub, beauty salon and spa, yoga studio, outdoor pickleball and bocce ball courts. Madison Crossings comprises 105 independent living apartments and 27 memory care residences. The property represents the 10th seniors housing facility in Alabama operating under the Phoenix Senior Living brand. KIRCO MANIX, a third-party construction services firm and affiliate of KIRCO, completed the construction for Madison Crossings.

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Oaks-of-St.-Clair-Moody-Alabama
AlabamaLoansMarylandMultifamilySoutheastTop StoriesVirginia

JLL Provides $262M Agency Refinancing of Southeastern Multifamily Portfolio

by Taylor Williams

TAMPA, FLA. — JLL has provided $262 million in Freddie Mac loans for the refinancing of a portfolio of six Southeastern multifamily properties totaling 1,494 units. Tampa-based Carter Multifamily owns the properties, which are located in Maryland, Virginia and Alabama. The portfolio comprises all garden-style assets, including: the 326-unit Park at Kingsview Village in Germantown, Md. the 240-unit Stonecreek Club in Germantown, Md. the 336-unit Hunt Club in Gaithersburg, Md. the 220-unit Springwoods at Lake Ridge in Woodbridge, Va. the 180-unit Windsor Park in Woodbridge, Va. the 192-unit Oaks of St. Clair in Moody, Ala. Melissa Marcolini Quinn and Lee Weaver of JLL originated the debt through Freddie Mac. Each of the loans was features a seven-year term and a floating interest rate. JLL, which will service the loans, also secured $40 million in new equity as part of the larger recapitalization of the portfolio. The equity partner was not disclosed. “Despite turbulent debt markets, we were able to facilitate a refinance of the portfolio with favorable senior financing from Freddie Mac, which was attracted to the deal due to the portfolio’s contribution to its mission and the borrower’s strong track record,” says Quinn. — Taylor Williams

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AlabamaDevelopmentIndustrialSoutheast

Fairway, Triad Properties to Develop 2 MSF Industrial Park in Huntsville

by John Nelson

HUNTSVILLE, ALA. — Fairway Investments and Triad Properties have formed a joint venture for the development of Huntsville West Industrial Park, a 2 million-square-foot industrial park located on Greenbrier Parkway in Huntsville. The 135-acre distribution and warehouse project will be situated near I-65/I-565, as well at the $2.3 billion Mazda-Toyota plant and distribution centers leased to Amazon, Vuteq and Target. The Fairway-Triad joint venture has closed on the land purchase and is implementing its pre-development plan for the industrial park. Building sizes will range from 250,000 to 400,000 square feet, with the site plan offering the capability to develop a 650,000-square-foot bulk distribution facility. Early this fall, Fairway and Triad plan to begin infrastructure work along with the construction of a 385,000-square-foot facility that will feature 32-foot minimum clear heights, 60-foot speed bays, ESFR sprinklers, a 185-foot minimum truck court depth and auto and trailer parking.

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AcquisitionsAlabamaHealthcareSoutheast

Matthews Brokers $27.2M Sale of Healthcare Property in Vestavia Hills, Alabama

by John Nelson

VESTAVIA HILLS, ALA. — Matthews Real Estate Investment Services has brokered the $27.2 million sale of Swaid Vestavia Medical Center, a multi-tenant medical facility located at 1021 Montgomery Highway in Vestavia Hills, a southern suburb of Birmingham. The newly built property spans 40,000 square feet and features an ambulatory surgery center and medical office space leased to tenants such as the Surgical Institute of Alabama, Vestavia Diagnostics, Swaid Clinic, Bramlett Orthopedics, Birmingham Vascular Associates, Pain Management Services, Lab First and Champion Physical Therapy. Matthews’ healthcare division sourced the buyer, an institutional healthcare real estate fund based in Dallas. The seller was not disclosed.

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AcquisitionsAlabamaRetailSoutheast

IPA Arranges Sales of Inverness Corners, Inverness Plaza Shopping Centers in Birmingham for $48.4M

by John Nelson

BIRMINGHAM, ALA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sales of Inverness Corners and Inverness Plaza, two shopping centers in Birmingham totaling 311,000 square feet. Zach Taylor of IPA represented the Atlanta-based seller, Branch Properties, which sold the assets for a combined $48.4 million. First National Realty Partners acquired Inverness Corners, which is anchored by Kohl’s and Winn-Dixie, and Halpern Enterprises purchased Inverness Plaza, which is anchored by PGA Tour Superstore and Planet Fitness. “The Inverness properties are located on the busiest corridor in Birmingham with the strongest demographics in the state of Alabama,” says Taylor. “The quality of the underlying real estate combined with successful tenancy led to aggressive pricing in spite of the current volatility in the market.”

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AcquisitionsAlabamaRetailSoutheast

IPA Arranges Sales of Inverness Corners, Inverness Plaza Shopping Centers in Birmingham for $48.4M

by John Nelson

BIRMINGHAM, ALA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sales of Inverness Corners and Inverness Plaza, two shopping centers in Birmingham totaling 311,000 square feet. Zach Taylor of IPA represented the Atlanta-based seller, Branch Properties, which sold the assets for a combined $48.4 million. First National Realty Partners acquired Inverness Corners, which is anchored by Kohl’s and Winn-Dixie, and Halpern Enterprises purchased Inverness Plaza, which is anchored by PGA Tour Superstore and Planet Fitness. “The Inverness properties are located on the busiest corridor in Birmingham with the strongest demographics in the state of Alabama,” says Taylor. “The quality of the underlying real estate combined with successful tenancy led to aggressive pricing in spite of the current volatility in the market.”

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AcquisitionsAlabamaMultifamilySoutheast

Cushman & Wakefield Brokers Sale of Seleno at Bridge Street Apartments in Huntsville

by John Nelson

HUNTSVILLE, ALA. — Cushman & Wakefield has brokered the sale of Seleno at Bridge Street, a 244-unit apartment community in Huntsville. California-based Steadfast Cos. purchased the community from Connecticut-based Twenty Lake Holdings for an undisclosed price. Craig Hey and Andrew Brown of Cushman & Wakefield represented the seller in the transaction. Seleno at Bridge Street serves at the multifamily component of Bridge Street Town Centre, a mixed-use development comprising hotels, offices and retailers including Apple, H&M, The Cheesecake Factory, Main Event and PBR x Lockhart Smokehouse. Built in 2019, the apartment community includes a fitness center, heated resort-style swimming pool with in-pool loungers, clubhouse with TVs and a kitchen/coffee bar, dog park and pet spa, game lounge with glass garage doors overlooking the pool area, a karaoke room and focus rooms.

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AcquisitionsAlabamaMultifamilySoutheast

Cushman & Wakefield Brokers Sale of Selano at Bridge Street Apartments in Huntsville

by John Nelson

HUNTSVILLE, ALA. — Cushman & Wakefield has brokered the sale of Selano at Bridge Street, a 244-unit apartment community in Huntsville. California-based Steadfast Cos. purchased the community from Connecticut-based Twenty Lake Holdings for an undisclosed price. Craig Hey and Andrew Brown of Cushman & Wakefield represented the seller in the transaction. Selano at Bridge Street serves at the multifamily component of Bridge Street Town Centre, a mixed-use development comprising hotels, offices and retailers including Apple, H&M, The Cheesecake Factory, Main Event and PBR x Lockhart Smokehouse. Built in 2019, the apartment community includes a fitness center, heated resort-style swimming pool with in-pool loungers, clubhouse with TVs and a kitchen/coffee bar, dog park and pet spa, game lounge with glass garage doors overlooking the pool area, a karaoke room and focus rooms.

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AcquisitionsAlabamaRetailSoutheast

First National Realty Acquires 242,000 SF Shopping Center in Birmingham

by John Nelson

BIRMINGHAM, ALA. — Red Bank, N.J.-based First National Realty Partners has acquired Inverness Corners, a 242,000-square-foot retail center located in Birmingham, for an undisclosed price. A 54,000-square-foot Winn-Dixie and a 92,600-square-foot Kohl’s anchor the property. Additional tenants include Orangetheory Fitness, Mellow Mushroom, Tropical Café, Wing Stop, H&R Block and Enterprise. Zach Taylor of Marcus & Millichap’s Institutional Property Advisors (IPA) division represented the undisclosed seller in the transaction.

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AcquisitionsAlabamaMultifamilySoutheast

Kushner Acquires Apartment Community in Montgomery for $49.5M

by John Nelson

MONTGOMERY, ALA. — Kushner Cos., a real estate developer and investor based in New York, has purchased Broadstreet at Eastchase, a 276-unit multifamily asset in Montgomery. The seller, an undisclosed local family office, sold the community for $49.5 million, or $182,000 per unit. Josh Jacobs and Royce Emerson of Marcus & Millichap represented the seller and procured the buyer in the transaction. Built in 2010, Broadstreet at Eastchase features one-, two- and three-bedroom floor plans ranging from 822 to 1,208 square feet, according to Apartments.com. Amenities include a 24-hour fitness center, trails, outdoor kitchen and lounge area, playground, resort-style swimming pool, dog park, detached garages, media center and a recreation room.

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