Alabama

Marcus & Millichap Brokers $19M Sale of Apartment Portfolio in Auburn, Alabama

by Julia Sanders April 18, 2022

AUBURN, ALA. — Marcus & Millichap has brokered the sale of the Auburn Summit Portfolio, three apartment communities with a total of 187 units in Auburn. Josh Jacobs, Andrew Jacobs, Matthew Prozzillo and Benjamin Skinner of Marcus & Millichap represented the undisclosed seller and procured the Utah-based buyer in the transaction. The sales price was $19 million, or about $101,500 per unit. The Auburn Summit Portfolio includes the following: • The Summit at Glenn is a 72-unit multifamily property located at 516 E. Glenn Ave. that was built in 1974. • The Summit at Dean is a 54-unit multifamily property located at 555 N. Dean Road that was built in 1977. • The Summit on Ross is a 60-unit multifamily property located at 650 N. Ross St. that was built in 1964. The properties are locally managed assets located less than two miles from Auburn University.

April 18, 2022

Alabama Market Reports Multifamily Southeast Southeast Market Reports

Birmingham’s Multifamily Market is Making a Splash as In-Migration Soars

by John Nelson April 18, 2022

The Sun Belt is experiencing unprecedented growth with in-migration trends setting the stage for further expansion and bolstering in-place multifamily product. This includes Birmingham, which has weathered COVID-19 well not only from an employment perspective, but from a rent growth perspective too. The latter is not sustainable without the former, and local capital investments point to more tailwinds. Birmingham has been on the move, adding 60,000 jobs since April 2020 and becoming the primary driver of economic growth in Alabama. With the influx of new jobs, the city has surpassed its pre-pandemic peak and as a result, the city’s rent growth has outperformed the national average for several years. There was a short period where downtown rents and velocity fell off during the pandemic, but it came back fast and strong. Riding the tailwinds One notable example of in-migration, both investment and population wise, was when Landing announced it would be relocating its headquarters from San Francisco to Birmingham. Landing is a tech startup that provides access to a network of fully furnished apartments, and its move to the city is expected to create more than 800 direct, full-time jobs. The announcement was exciting locally as Birmingham presumably wouldn’t have …

April 18, 2022

Alabama Conference Coverage Features Georgia Industrial North Carolina South Carolina Southeast Southeast Feature Archive Virginia

I-85 Corridor Markets See Explosion of Industrial Development, But InterFace Panelists Wonder if Housing Will Follow

by John Nelson April 15, 2022

CHARLOTTE, N.C. — During the closing panel at France Media’s InterFace I-85 Industrial Corridor conference, brokers from the major markets along the 666-mile interstate gave updates about developments and opportunities in their territories. Brockton Hall, vice president of Colliers’ Upstate South Carolina office, said that the Greenville-Spartanburg industrial market in South Carolina had 16 million square feet of industrial space under construction, which represents an inventory growth of approximately 7.4 percent. Graham Stoneburner, senior vice president of Cushman & Wakefield, said that the Richmond, Va., market currently had 11 million square feet underway, which represents an inventory growth of 11 percent. Similarly Robbie Perkins, shareholder and market president at NAI Piedmont Triad, said North Carolina’s Triad region had 8.7 million square feet in the development pipeline, a nearly 11 percent growth rate compared to the market’s 80 million-square-foot inventory. During nearly every panel throughout the conference, which was held on Wednesday, April 13 at the Hilton Uptown Charlotte, brokers, investors and developers described the industrial growth along the I-85 Industrial Corridor as “unprecedented.” “There’s a real lack of supply at the moment, but we have a lot coming,” said John Montgomery, managing director of Colliers’ Upstate South Carolina office, during …

April 15, 2022

Acquisitions Alabama Multifamily Southeast

Carter Multifamily Acquires Four-Property Apartment Portfolio in Mobile for $121M

by Julia Sanders April 5, 2022

MOBILE, ALA. — Carter Multifamily has acquired a four-property apartment portfolio in Mobile for $121 million. The seller was not disclosed. The portfolio had a total of 876 units. The four properties include Arbor Gates (184 units), The Gates at Jubilee (248 units), Lenox Gates (228 units) and Regency Gates (216 units). Built between 1992 and 1999, the properties had overall occupancies ranging from 92 percent to 96 percent at the time of sale. Carter Multifamily intends to execute a value-add strategy that will feature operational improvements, including implementing institutionally based property management best practices, upgrades to community amenities and interior unit renovations.

April 5, 2022

Acquisitions Alabama Hospitality Southeast

MH Hospitality Acquires Holiday Inn Express Hotel in Huntsville for $13.9M

by Julia Sanders March 31, 2022

HUNTSVILLE, ALA. — MH Hospitality has acquired the Holiday Inn Express Hotel, a 98-room, four-story hotel in Huntsville. Wealth Hospitality Group sold the property for $13.9 million. The Holiday Inn Express Hotel is a newly constructed, 56,963-square-foot hotel that features two elevators, 1,200 square feet of meeting space, an outdoor pool and a fitness center. Situated on 2.7 acres, the property is located about one mile from the U.S. Space & Rocket Center, Huntsville Botanical Garden and the Huntsville campus for the University of Alabama.

March 31, 2022

Acquisitions Alabama Retail Southeast

Cushman & Wakefield Arranges $14.9M Sale of Publix at Bristol Park in Metro Tuscaloosa

by Julia Sanders March 23, 2022

NORTHPORT, ALA. — Cushman & Wakefield has arranged the $14.9 million sale of Publix at Bristol Park, a 58,887-square-foot, grocery-anchored shopping center in Northport, about 1.6 miles from Tuscaloosa. The sales price was $14.9 million, or $254 per square foot. Margaret Jones and Lane Breedlove of Cushman & Wakefield represented the seller, Watkins Real Estate Group, in the transaction. The buyer was not disclosed. Publix at Bristol Park was 96 percent leased at the time of sale. Built in 2019, the property includes a Publix, which occupies most of the shopping center. Other tenants at the property include Great Clips, Dos Amigos Mexican Restaurant, a nail salon and a wine and liquor store. Located at 13556 Hwy 69 North, the property is close to the intersection of Ala. Highway 69 and Mitt Larry Road. The property is also 8.3 miles from the University of Alabama.

March 23, 2022

Acquisitions Alabama Multifamily Southeast

Brass Enterprises Buys 273-Unit Multifamily Property in Huntsville

by Julia Sanders March 9, 2022

HUNTSVILLE, ALA. — Brass Enterprises has bought Henry House at Clift Farm, a 273-unit, garden-style multifamily property in Huntsville. The sales price was not disclosed. Russ Hardy and David Wilson of Berkadia Institutional Solutions completed the sale on behalf of the seller, a joint venture partnership between Atlanta-based META Real Estate Partners and Huntsville-based Watercress Partners. Tom Genetti of Berkadia arranged an undisclosed amount of financing on behalf of Brass. Henry House at Clift Farm offers one-, two- and three-bedroom floorplans. Unit features include in-unit washers and dryers and private patios or balconies. Community amenities include a clubhouse, fitness center, swimming pool, multiple outdoor kitchens, dog park and a playground. Located at 1435 Balch Road, the property is situated close to a new Publix, Madison Hospital, the shops and restaurants along Highway 72 and walking trails within the 600-acre Clift Farm master-planned development.

March 9, 2022

Alabama Development Industrial Southeast

Kroger, Ocado to Open 50,000 SF Last Mile Distribution Facility in Birmingham

by Julia Sanders March 8, 2022

BIRMINGHAM, ALA. — Kroger has plans to open a 50,000-square-foot distribution facility in Birmingham. The “spoke” property will serve as a last-mile cross-dock location that expands Kroger’s grocery delivery services. Cincinnati-based Kroger and UK-based Ocado Group plan to open the facility later this year. The facility will collaborate with the Kroger-Ocado hub in Forest Park, Ga. The facility is expected to create up to 161 jobs. Located at 30 West Oxmoor Road, the property will be situated 6.3 miles from downtown Birmingham and 12 miles from Birmingham-Shuttlesworth International Airport. The property is also 4.6 miles from the University of Alabama at Birmingham. Kroger also plans to open spoke facilities in Austin and San Antonio, Texas.

March 8, 2022

Alabama Development Leasing Activity Restaurant Retail Southeast

PBR x Lockhart Smokehouse to Open at Bridge Street Town Centre in Huntsville

by Julia Sanders February 24, 2022

HUNTSVILLE, ALA. — PBR x Lockhart Smokehouse is opening this year at Bridge Street Town Center, a mixed-use development in Huntsville. The dining concept is a partnership between the Professional Bull Riders (PBR) Cowboy Bar, Lockhart Smokehouse and Live! Concepts. Bayer Properties is the developer for the Bridge Street Town Center. PBR Cowboy Bar’s Country-Western experience will be joined with Lockhart Smokehouse’s Texas barbecue in the dining concept. The location at Bridge Street Town Center will be Lockhart Smokehouse’s first location outside of Texas. PBR x Lockhart Smokehouse will take up 8,121 square feet of space. Bridge Street Town Centre features over 50 tenants including Apple, Athleta, H&M and Sephora. The development recently added The Cheesecake Factory and soon will open Main Event. The property is also home to more than 207,000 square feet of Class A office space that is fully leased, as well as a 232-room Westin hotel, 150-room Element by Westin hotel, 244-unit Seleno apartment complex and a 131-room Hyatt Place Hotel.

February 24, 2022

Acquisitions Alabama Industrial Southeast

Monmouth Real Estate Acquires Distribution Center Near Birmingham for $51.7M

by Julia Sanders February 1, 2022

VANCE, ALA. — Holmdel, N.J.-based Monmouth Real Estate Investment Corp. has acquired a 530,000-square-foot distribution center in Vance for $51.7 million. The seller was not disclosed. The distribution center is net-leased for 10 years to automobile giant Mercedes-Benz U.S. International Inc. The building will serve Mercedes-Benz’s new electric vehicle assembly line. Located at 11146 Will Walker Road on approximately 53.5 acres, the property is situated 37.3 miles from Birmingham and 21.3 miles from Tuscaloosa. Monmouth specializes in single tenant, net-leased industrial properties. The firm’s portfolio includes 124 properties with a total of approximately 25.7 million rentable square feet and an occupancy rate of 99.7 percent.

February 1, 2022

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