Alabama

Parkview Financial Provides $22.5M Loan for Multifamily Conversion Project in Birmingham

by John Nelson June 28, 2022

BIRMINGHAM, ALA. — Parkview Financial has provided a $22.5 million loan for the redevelopment of a former American Red Cross office building in Birmingham. Built in 1947, the five-story, 140,000-square-foot building has sat vacant since 1999. The borrower, EPT Holdings, plans to use the financing to convert the property into Market Lofts on 3rd, which will comprise 192 affordable housing units and a 4,000-square-foot retail unit with 60 parking spaces. The unit mix will include 95 studios, 94 one-bedroom units and three two-bedroom units featuring stainless steel appliances, wood cabinets, ceramic tile and polished concrete floors. Amenities will include onsite laundry services, a fitness center, lounge on the third floor and a central courtyard. Construction is underway, and EPT Holdings plans to open the property in December 2023. The project team includes Birmingham-based Wyatt General Contractor LLC and Birmingham-based Hendon + Huckestein Architects.

June 28, 2022

Alabama Development Industrial Southeast

Farpoint Breaks Ground on 169,000 SF Spec Industrial Facility in Tuskegee, Alabama

by John Nelson June 24, 2022

TUSKEGEE, ALA. — Farpoint Development has broken ground on a 169,000-square-foot spec industrial facility located in Tuskegee, a city about 15 miles from Auburn via I-85. The $20 million facility represents Phase I of the Regional East Alabama Logistics (REAL) Park, a 683-acre development that is slated to house up to 13 buildings spanning 5 million square feet at full buildout. The overall development is estimated to generate $386 million in new capital investment, according to a study conducted by the University of Alabama’s Center for Business and Economic Research. Farpoint estimates the campus will support 1,000 new jobs directly and 863 jobs indirectly. REAL Park is a partnership between Farpoint, the Bassett family and the Macon County Economic Development Authority. Opportunity Alabama’s OPAL Fund is the lead equity investor for REAL Park. Doster Construction is the general contractor for the first facility, which is slated to deliver in early 2023. The property will be the only Class A warehouse or manufacturing facility in a 40-mile radius, according to Farpoint.

June 24, 2022

Alabama Loans Multifamily Southeast

Lument Provides $11M Agency Loan for Refinancing of Abby Glen Apartments in Madison, Alabama

by John Nelson June 24, 2022

MADISON, ALA. — Lument has provided an $11 million Fannie Mae loan for the refinancing of Abby Glen Apartments, a 120-unit multifamily community in the Huntsville suburb of Madison. Built in 2001, the property comprises nine one-story buildings, a rental office and a single-family home, with units available furnished or unfurnished. Amenities include a laundry facility, swimming pool, fire pit/grilling area, fitness center, dog park and a bocce ball court. Bryan Cullen of Lument originated the 10-year loan, which features six years of interest-only payments, a fixed interest rate, cash-out proceeds and a 30-year amortization schedule. The sponsor was multifamily investor Steven Gouletas. Cullen says the loan refinances a Fannie Mae acquisition loan originated in 2008.

June 24, 2022

Alabama Development Industrial Southeast

Halstatt, CA South to Build 306,380 SF Industrial Project in Huntsville

by John Nelson June 22, 2022

HUNTSVILLE, ALA. — Halstatt Real Estate Partners and CaliforniaSouth Co. (CA South) are co-developing a light industrial project on Bibb Garrett Road in Huntsville. The project will span 306,380 square feet across two facilities. The buildings, which will be divisible to seven units spanning 43,000 square feet each, will feature 32-foot clear heights, 60-foot speed bays, 130-foot truck courts, 390 car parking spaces and 30 trailer spaces. The construction timeline and project team members were not disclosed.

June 22, 2022

Alabama Development Industrial Southeast

Imperial Dade Opens 221,000 SF Logistics Hub in Loxley, Alabama

by John Nelson June 17, 2022

LOXLEY, ALA. — Imperial Dade, a food packaging and janitorial supplies distributor based in Jersey City, N.J., has opened a new logistics hub in Loxley, a city in Alabama’s Baldwin County situated along I-10. The $20 million warehouse and office facility will support the company’s growing customer base in the Gulf Coast and create 55 new jobs. The Class A facility is situated on 29 acres and features a concrete tilt-wall construction. Zach Plevritis and Mary Mozejko led Imperial Dade’s integration team internally and worked with city and county officials for the project.

June 17, 2022

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $71.4M Sale of Colony Woods Apartments in Birmingham

by John Nelson June 8, 2022

BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $71.4 million sale of Colony Woods, a 414-unit apartment community in the Cahaba Heights submarket of Birmingham. Andrew Brown and Craig Hey of Cushman & Wakefield represented the seller, Denver-based Forum Investment Group, in the transaction. The buyer was Arcan Capital, a multifamily investment firm based in Marietta, Ga. Built in 1991 and 1995, Colony Woods was 96 percent occupied at the time of sale. The property features units averaging 1,088 square feet with wood-burning fireplaces, walk-in closets, in-unit washers and dryers and private patios or balconies.

June 8, 2022

Acquisitions Alabama Industrial Southeast

Cushman & Wakefield | EGS Arranges $7.8M Sale of New Birmingham Warehouse

by John Nelson May 26, 2022

BIRMINGHAM, ALA. — Cushman & Wakefield | EGS Commercial Real Estate has arranged the $7.8 million sale of a 67,000-square-foot warehouse in Birmingham. Situated at 101 39th St. N., the property is a new build-to-suit facility for Ferguson Enterprises, a distributor of commercial and residential plumbing products. Cushman & Wakefield | EGS delivered the facility in March 2022. Boston-based Stag Holdings purchased the property. Adam Eason of Cushman & Wakefield | EGS led the development efforts and also brokered the lease and sale transactions. INCO Group and WatsonBruhn Builders were the general contractors for the project. Stag Holdings has retained Cushman & Wakefield | EGS to provide management services for the property

May 26, 2022

Acquisitions Alabama Retail Southeast

JRW Realty Arranges Sale of Publix-Anchored Shopping Center in Decatur, Alabama

by John Nelson May 25, 2022

DECATUR, ALA. — JRW Realty has arranged the sale of Point Mallard Centre, a grocery-anchored shopping center in Decatur. Situated near I-65, the property features a 45,600-square-foot Publix store and 16,800 square feet of small shop, restaurants and healthcare tenants. The buyer is an unnamed institutional investor that is actively acquiring net-leased and value-add properties. The seller and sales price were not disclosed.

May 25, 2022

Acquisitions Alabama California Loans Net Lease Retail Tennessee Western Wisconsin

Tauro Capital Advisors Arranges $149.7M Bridge Loan for 24-Store Walgreens Portfolio

by Amy Works May 6, 2022

LOS ANGELES — Los Angeles-based Tauro Capital Advisors, on behalf of borrower IBF Properties, has facilitated a $149.7 million, one-year, floating-rate bridge loan for a 24-property Walgreens portfolio. The stores are located in nine states across the United States, primarily in Tennessee, Wisconsin and Alabama. The borrower is purchasing retail assets occupied by investment-grade tenants and plans to create a REIT to hold and operate the portfolio of income-producing real estate. Matt Bucaro, Eric Alvarez, Michael Bucaro, Matthew Ingle and Garryn Laws of Tauro Capital Advisors arranged the financing transaction. Benefit Street Partners was the lender. Totaling 314,852 square feet, the borrower purchased the portfolio in 2021. After acquisition, longer leases were negotiated for the majority of the tenants, which provided stability for those investors purchasing dividends within the REIT and offering a level of commitment by Walgreens to the sites and a low probability of leaving.

May 6, 2022

Acquisitions Alabama Industrial Southeast

GCP, Highline Purchase 404,000 SF Industrial Park Near Birmingham

by John Nelson May 3, 2022

ALABASTER, ALA. — Growth Capital Partners (GCP) and Highline Real Estate Partners have acquired Shelby West, a 404,000-square-foot industrial park in suburban Birmingham. The property represents the third investment for the GCP-Highline investment platform, which also includes strategic equity placements from the McWane Family and other third-party investors. The facilities at Shelby West include a 250,000-square-foot building at 175 Airview Lane and a 154,000-square-foot property at 1840 Corporate Woods Drive. The Airview building was built in 2006 and recently leased to MailSouth and AGC. The Corporate Woods building was built in 2009 and leased to The Home Depot and U.S. AutoForce. Adam Eason of Cushman & Wakefield | EGS Commercial Real Estate represented the seller in the transaction. Brad Moffatt of Cushman & Wakefield | EGS is handling the leasing at Shelby West. The sales price was not disclosed but the sellers were entities doing business as Shelby West Industrial Enterprises and Shelby West Industrial Enterprises II.

May 3, 2022

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