OPELIKA, ALA. — W. P. Carey Inc., a New York City-based net lease REIT, has purchased an industrial property located at 3101 Anderson Road in Opelika for $49 million. W. P. Carey purchased the 703,000-square-foot, Class A logistics facility in a sale-leaseback transaction with JOANN, a sewing and fabrics retailer based in Hudson, Ohio. The property is triple-net-leased to JOANN for a period of 20 years, with fixed annual rent escalations. The cross-dock facility features up to 40-foot clear heights and is on a site that allows for future expansion. The property is located along Interstate 85. Built in 2005, it supplies products to more than one-third of JOANN’s nearly 900 retail locations nationwide.
PHENIX CITY, ALA. — Trillium Capital Resources has arranged $14 million in refinancing for The Gardens Apartments and Post Ridge Apartments, which are both multifamily communities located in Phenix City. The Gardens Apartments has 190 units and Post Ridge Apartments has 152 units. Located at 501 16th Ave. N., Post Ridge includes one-, two- and three-bedroom units. HUD’s A7 refinance program allowed Trillium to procure a fixed interest rate of 2.75 percent for The Gardens. The 25-year loan reduces the undisclosed borrower’s mortgage insurance premium (MIP) from 0.60 percent to 0.25 percent.
DOTHAN, ALA. — Pegasus Investments Real Estate Advisory Inc. has arranged the $4.7 million sale of a newly constructed retail center located in Dothan known as Dothan Commons. The property was 100 percent leased at the time of sale to tenants such as Starbucks, AT&T, Jersey Mike’s Subs, Merle Norman Cosmetics, Southern Nutrition and Everly Nail Spa. The center features the very first Starbucks drive-thru in the Wiregrass region and is the only Starbucks drive-thru location within almost 100 miles. David Chasin of Pegasus represented the seller, an unnamed retail and shopping center developer based in the Southeast, in the sale. Bill Howard of Bennett Realty & Development LLC, a New Jersey-based firm, represented the buyer, an undisclosed high net-worth investor. Tyler Johnson of Pegasus Capital Markets Inc. arranged debt financing on behalf of the buyer, and Seth Bell of Pegasus Asset Management Inc. is providing ongoing property management.
HOOVER, ALA. — Cushman & Wakefield has arranged the $32.7 million sale of The Park at Wakefield & Wellington, a 408-unit apartment community located at 861 Tyler Circle in Hoover, a suburb of Birmingham. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the undisclosed seller. Audubon, an Atlanta-based firm specializing in the acquisition and management of multifamily properties throughout the Southeast, was the buyer. Constructed in 1973, The Park at Wakefield & Wellington features 46 percent townhome floor plans with private entrances. Community amenities include a business center, clubhouse, cyber café, fitness center, laundry facility and swimming pool. Bluff Park Village, a $9.5 million grocery-anchored retail project across the street, is set to deliver before the end of the year. The apartment complex is located 9.2 miles from Birmingham and 15 miles from Birmingham-Shuttlesworth International Airport.
HUNTSVILLE, ALA. — Daniel Corp. has broken ground on a new $60 million luxury apartment development in east Huntsville known as Village at Hays Preserve. The project team includes Birmingham-based general contractor Doster Construction Co. and architectural firm Nelson Architects. The 336-unit Village at Hays Preserve will be a seven-building complex located on 22 acres along U.S. Highway 431. Community amenities will include a clubhouse, saltwater pool and an onsite nature trail within Hays Nature Preserve. Construction is expected to complete in early 2023 with first units becoming available in 2022. Doster Construction is also working on another development in downtown Huntsville known as Constellation, a mixed-use property. The company is working with developer Heartland Real Estate Partners LLC on that project.
BIRMINGHAM, ALA. — Berkadia has brokered the $38.3 million sale of 100 Inverness, a 322-unit, Class B multifamily property in Birmingham. David Wilson, Caleb Frizzell and Steve Nunnelley of Berkadia, with support from David Oakley of OG Capital, represented the seller, Colorado-based FPA Multifamily, in the transaction. Tucker Knight of Berkadia assisted the unnamed buyer in assuming an existing Berkadia-originated loan on the property as part of the transaction. Three seasoned multifamily investors from Texas syndicated the buyer group for this transaction, the first acquisition in Alabama for the new ownership. Located at 100 Iverness Lane, the property is situated on a 39-acre lakefront site in the Highway 280 submarket of Birmingham. 100 Inverness features 2,450 feet of shoreline on Lake Heather and frontage on the Iverness Country Club golf course. Community amenities include swimming pools, tennis courts, a 24-hour fitness center, two garage buildings and private balcony and patios. The property was built in two phases in 1974 and 1979 and has 62 townhomes spanning over 1,850 square feet. The apartments are 97 percent occupied. FPA Multifamily, a private equity group, acquired the property in 2015 and completed renovations over the past five years, including exterior updates, renovating the …
TRUSSVILLE, ALA. — JLL Capital Markets has brokered the sale of Pinnacle at Tutwiler Farm, a 248,988-square-foot regional shopping center in Trussville, a suburb of Birmingham. Brad Buchanan, Jim Hamilton, Will Sledge, Tom Hall and Taylor Callaway of JLL marketed the property in coordination with online auction platform Ten-X on behalf of the sellers, Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates and Series 2007-C1. The undisclosed buyer was a private investor based out of Texas. The sales price was not disclosed. The Pinnacle at Tutwiler Farm is located at 5006 Pinnacle Square. The center was 75 percent leased at the time of sale and features a mix of national and regional tenants, including anchors Best Buy and At Home.
GULF SHORES, ALA. — An affiliate of OG Capital has purchased Marbella Luxury Apartments, a 96-unit luxury apartment community situated on 4.8 acres at 1910 E. First St. in Gulf Shores. The buyer, an entity doing business as OG Marbella LLC, purchased the property from Marbella Gulf Shores LLC for $15 million. Troy Wilson and Frank Malone of Bellator Real Estate & Development brokered the transaction. ServisFirst Bank provided acquisition financing. Marbella Luxury Apartments features 99,600 square feet of rentable space including one- and two-bedroom residences. OG Capital plans to improve the community’s clubhouse and pool areas and install washers and dryers in each unit, as well as add grill stations and outdoor gathering spaces. The Mitchell Co., a Mobile-based multifamily operator led by Chris Sylvester, will manage the community. The property is situated close to Gulf Shores Elementary School, a Rouse’s Market and is located less than two miles to the Gulf Shores Beach. OG Capital is a Birmingham, Ala.-based multifamily real estate investment firm. In addition to its latest acquisition of Marbella, the firm has holdings in markets from Chattanooga, Tenn., to south Alabama.
MIAMI — Transcendent Electra, a joint venture between single-family rental (SFR) platform Transcendent Investment Management (TIM) and multifamily owner/operator Electra America, has purchased 1,889 new single-family homes. The company has $496 million in contract process and closing and another $1 billion in the pipeline. This acquisition marks Transcendent Electra’s first significant acquisition since launching in February. The properties are new single-family homes and townhomes that are purchased directly from homebuilders throughout the following markets: Birmingham and Huntsville, Ala.; Florida; Savannah and Atlanta, Ga.; North Carolina; South Carolina; Nashville, Tenn.; and Dallas, Houston, San Antonio and Austin in Texas. Transcendent Electra aims to acquire or develop approximately $3 billion in SFR housing over the next three years, with a focus on new-build homes in the $175,000 to $300,000 price range, where average rent will be $1,500 to $2,800 per month.
HUNTSVILLE, ALA. — An affiliate of Milwaukee-based Phoenix Investors has acquired the Technicolor Campus located at 4905 Moores Mill Road in Huntsville. The industrial property spans 1.4 million square feet and sits on approximately 161 acres. Daniel Stubbs of Binswanger brokered the sale. Technicolor, which is exiting the property in August, uses the campus for disc manufacturing, warehousing and distribution fulfillment. The property features 916,000 square feet in warehouse and distribution space; 425,000 square feet in manufacturing and production space; and 30,000 square feet of office space. The property was last renovated in 2007. The property features 27- to 42-foot clear heights, 50 docks and six drive-in doors.