Alabama

Orchestra Partners Breaks Ground on Mixed-Use Project in Downtown Birmingham

by Alex Tostado July 16, 2020

BIRMINGHAM, ALA. — Orchestra Partners has broken ground on Mercantile on Morris, a mixed-use project in downtown Birmingham. Located at 2212 Morris Ave., the property will feature 47 residential units and 14,000 square feet of commercial space, as well as a pedestrian thoroughfare with storefronts connecting First Avenue North and Morris Avenue. Birmingham-based Retail Specialists is handling the commercial leasing effort, which includes spaces ranging from 500 to 1,800 square feet. There is also a 2,100-square-foot space available on the second floor for a restaurant anchor. Orchestra Partners expects to complete Mercantile on Morris in November.

July 16, 2020

Acquisitions Alabama Retail Southeast

Marcus & Millichap Negotiates $5.4M Sale of Retail Center in Sylacauga, Alabama

by Alex Tostado July 15, 2020

SYLACAUGA, ALA. — Marcus & Millichap has negotiated the $5.4 million sale of Payton Park, a 53,400-square-foot retail center in Sylacauga. Walmart shadow anchors the property, which was leased to tenants such as Burke’s Outlet, CATO, Shoe Show and Sally Beauty at the time of sale. Payton Park is located at 41301 U.S. Highway 280, 45 miles southeast of downtown Birmingham. MBD Properties, an Atlanta-based private investor, acquired the asset. The seller, Chattanooga, Tenn.-based Rise Partners, acquired Payton Park and the adjacent Walmart in September 2019 for $15.7 million. Zach Taylor of Marcus & Millichap’s Taylor McMinn Group represented the seller in the transaction.

July 15, 2020

Alabama Development Industrial Self-Storage Southeast

NitNeil Partners to Construct 100,000 SF Self-Storage Facility in Huntsville

by Alex Tostado July 8, 2020

HUNTSVILLE, ALA. — NitNeil Partners will develop a four-story, 100,000-square-foot self-storage facility in Huntsville. The Atlanta-based developer acquired 2.1 acres at 2312 Memorial Parkway SW for the project, which is two miles southwest of downtown Huntsville. NitNeil expects to break ground in August and anticipates opening the property in summer 2021. The development will also feature a one-acre outparcel along Memorial Parkway for a future restaurant or retail use.

July 8, 2020

Acquisitions Alabama Multifamily Southeast

ApexOne Investments Acquires 135-Unit Multifamily Property in Metro Birmingham

by Alex Tostado July 8, 2020

HOMEWOOD, ALA. — ApexOne Investments has acquired The Moretti at Vulcan Park, a 135-unit multifamily community in Homewood. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, car wash area, clubhouse, fitness center and a conference room. The asset is located at 101 Moretti Circle, three miles south of downtown Birmingham. Stephen West, Matt Wallach and Will Baker of Walker & Dunlop originated a Freddie Mac acquisition loan on behalf of the buyer. The 10-year loan features five years of interest-only payments and a fixed interest rate. Kris Mikkelsen and Telly Fathaly of Walker & Dunlop represented the seller, Raia Capital Management, in the transaction. The sales price was not disclosed.

July 8, 2020

Alabama Development Industrial Southeast

SiO2 to Invest $163M to Expand Auburn Plant to Provide Vials for Potential COVID-19 Vaccine

by Alex Tostado July 6, 2020

AUBURN, ALA. — SiO2 Materials Science will invest $163 million to expand its Auburn plant that will produce vials and syringes to aid a potential COVID-19 vaccine. Construction is underway on the 70,000-square-foot project, which is located at 2425 Innovation Drive, less than one mile from SiO2’s current plant located at 2250 Riley St and seven miles southwest of Auburn University. SiO2 expects to create 220 jobs when the expansion is complete. In June, SiO2 announced a $143 million contract with federal government agencies for a production scale-up of the company’s packaging platform for storing coronavirus vaccines and therapeutics. Auburn-based SiO2 applies a patented glass-like coating to plastic surfaces.

July 6, 2020

Alabama Development Multifamily Southeast

Kalikow Group, EYC to Develop $67M Residential Community in Huntsville

by Alex Tostado June 26, 2020

HUNTSVILLE, ALA. — Kalikow Group and EYC Cos. will develop Anthem, a $67 million, 406-unit apartment community spanning 40 acres in Huntsville. The developers expect to begin leasing in second-quarter 2021 with construction slated to be complete in early 2022. The developers secured a $42 million syndication loan from IberiaBank and Trustmark Bank. The property will comprise three-story walk-up buildings, one- and two-story single-family homes and duplexes. The single-family homes and duplexes will feature private yards and detached garages. Communal amenities will include a playground, herb garden, dog park, two saltwater pools, two clubhouses and community greens. Unit interiors will include 10-foot ceilings, gas appliances, quartz countertops, LED lighting and vinyl plank flooring. The property will be situated just west of Research Park Boulevard, near Cummings Research Park and Redstone Arsenal.

June 26, 2020

Alabama Development Multifamily Southeast

Middleburg Communities Breaks Ground on 290-Unit Multifamily Community in Huntsville

by Alex Tostado June 25, 2020

HUNTSVILLE, ALA. — Middleburg Communities has broken ground on Mosby Bridge Street, a planned 290-unit multifamily community in Huntsville. The community is situated within a designated Opportunity Zone in Cummings Research Park. Middleburg expects to complete the property in April 2022 with preleasing beginning in May 2021. Once complete, the community will offer one-, two- and three-bedroom floor plans across four four-story buildings. Unit interiors will feature stainless steel Energy Star appliances, granite countertops, balconies, Bluetooth keyless entry and nine-foot ceilings. Communal amenities will include valet trash pickup, package locker concierge, pool, dog park, pet spa and a two-story clubhouse. Cline Design Architects is the designer and Johnson & Associates is the civil engineer. Middleburg is serving as the general contractor and will manage the property.

June 25, 2020

Acquisitions Alabama Retail Southeast

Marcus & Millichap Negotiates $3.4M Sale of New Store Leased to Aldi in Phenix City, Alabama

by Alex Tostado June 10, 2020

PHENIX CITY, ALA. — Marcus & Millichap has negotiated the $3.4 million sale of a 21,000-square-foot, Aldi-occupied property in Phenix City. The seller, Halpern Enterprises Inc., delivered the asset earlier this year. The store is located at 3670 Marketplace Drive, six miles northwest of downtown Columbus, Ga. Aldi is occupying the space on a 20-year triple-net lease. Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented the seller in the transaction. Martina Crevecoeur of International Capital Acquisitions represented the buyer, H.H. US Real Estate Phenix City LLC.

June 10, 2020

Acquisitions Alabama Development Multifamily Southeast

Novare Group, BCDC to Develop 286-Unit Multifamily Community in Birmingham

by Alex Tostado May 28, 2020

BIRMINGHAM, ALA. — Novare Group and Batson-Cook Development Co. (BCDC) will develop a 286-unit multifamily community in Birmingham. The joint venture acquired the 48-acre plot. The existing AT&T operations center is located on the land and will remain there for the immediate future. Phase I will include studio to three-bedroom floor plans. Communal amenities will include a clubroom, coworking space, fitness center, yoga room, pool, grilling area, fire pit, bocce ball court, dog wash area and a dog park. Additionally, residents will have access to covered parking from AT&T’s current seven-story parking garage. Construction is expected to begin in June with completion of Phase I slated for 2022. Flournoy Construction, a subsidiary of Kajima USA and a sister company to BCDC, is the general contractor. Nelson is the architect, Schoel Engineering is the civil engineer and Compass Bank and Cadence Bank provided debt financing for the multifamily community. The new plot is adjacent to 63 acres that Novare acquired last summer. Novare Group will develop a trail system throughout the entire 111-acre site as a recreational amenity and develop single-family homes as well as additional rental residences in the future.

May 28, 2020

Acquisitions Alabama Retail Southeast

Marcus & Millichap Arranges $12.9M Sale of Walmart in Sylacauga, Alabama

by Alex Tostado May 27, 2020

SYLACAUGA, ALA. — Marcus & Millichap has arranged the $12.9 million sale of a 178,420-square-foot Walmart in Sylacauga. The property, which was built in 1996, is double net-leased to Walmart with 11 years remaining on the lease. The asset is located at 41301 U.S. Highway 280, 45 miles southwest of downtown Birmingham. Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented both the buyer, Agree Development, and the seller, RP Payton Park LLC, in the transaction.

May 27, 2020

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