MOBILE, ALA. — Easterly Government Properties has acquired a 79,212-square-foot outpatient facility leased to the Department of Veterans Affairs (VA) in Mobile. The facility provides a range of medical and ancillary services, including primary care, mental health services and laboratory services to the approximately 54,000 veterans in the surrounding region. The property was developed in 2018 on a 13-acre campus, five miles west of downtown Mobile. The VA signed a 15-year lease in 2018 that expires in 2033. Further details of the transaction were not disclosed.
HUNTSVILLE, ALA. — Cushman & Wakefield has arranged the $11.8 million sale of Chaney Place, an 80-unit multifamily community in Huntsville. The property offers two- and three-bedroom, townhome-style floor plans averaging 1,350 square feet. The property, which was delivered in 2015, is situated at 1060 Chaney Place Drive, 10 miles south of downtown Huntsville. Craig Hey and Andrew Brown of Cushman & Wakefield represented the seller, Morrison Avenue Capital Partners, in the transaction. Birmingham-based Red Street Investment Co. acquired the property.
GARDENDALE, ALA. — Dobbins Group LLC has broken ground on a yet-to-be-named multifamily community in Gardendale. The Birmingham, Ala.-based developer says the 204-unit community will offer one-, two- and three-bedroom floor plans averaging 977 square feet and expects rent to range from $1,175 to $1,800 per month. All units will have nine-foot ceilings, granite countertops, oversized soaking tubs, walk-in closets in every bedroom, custom cabinetry and appliances. Communal amenities will include a saltwater pool, fitness center, fire pits, multiple grilling stations, walking trail and a dog park. Capstone Building Corp. is the general contractor, and Williams Blackstock Architects is the architect. Synovus Financial is financing the project, which has a budget of more than $30 million. Dobbins Group expects to complete the complex by the end of 2021.
What a time to write an article on the state of the retail real estate market in Birmingham. A few short weeks ago this would have been a much easier task. The fundamentals of the Birmingham retail market are healthy and exciting despite the current health crisis and the fact that we have experienced very little population growth. I travel across the country regularly, and there is a national undercurrent about Birmingham that is exciting. Birmingham is spoken about nationally as a city with great food and quality of life, which are the types of things always said about a city prior to it hitting a tipping point. We expect that consumer behavior is going to be different coming out of the pandemic, and that the way retail and restaurant businesses operate will continue to adapt to that consumer behavior. Traditional developments Traditional shopping centers continue to be strong regional draws, with tenant mixes focusing on local and national brands. Lee Branch is one of the most successful in Birmingham. The Dick’s Sporting Goods and Golf Galaxy side-by-side concept opened in February at Lee Branch and is the first of its kind in the state. Discount retail, although not new, …
MOBILE, ALA. — Cushman & Wakefield has arranged the $20.5 million sale of Park West, a 278-unit apartment complex in Mobile. The property was originally built in 1977 and includes communal amenities such as two pools with sundecks, a 24-hour fitness center, courtyard picnic and barbecue pavilion and a playground. Park West offers one- and two-bedroom floor plans with rents ranging from $607 to $1,011 per month, according to Apartments.com. Craig Hey and Andrew Brown of Cushman & Wakefield represented the Lyndhurst, Ohio-based seller, Legacy Capital Partners, in the transaction. Alpharetta, Ga.-based Two Waters Capital Management acquired the property.
TUSCALOOSA, ALA. — SLH Tuscaloosa LLC will develop a 120-room Southern Living-branded hotel in Tuscaloosa. Included on the 38.7-acre site will be 32 cottages available for individual sale. The property is situated at the intersection of Rice Mine Road North and McFarlane Boulevard West, across the Black Warrior River from the University of Alabama. The 124,000-square-foot property will include a restaurant and rooftop lounge on the fourth floor, as well as a wellness center that will include massage and facial therapy rooms, a nail salon, blowout hair salon, exercise and yoga classes, fitness center outfitted with Peloton equipment, a pool, hot tubs and men’s and women’s locker rooms. Kennedy Funding provided the developer with a $2.8 million loan to acquire the land, which sold for a total of $5.5 million. A timeline for construction was not disclosed. There are 23 hotels currently in the Southern Living collection, ranging from Texas to Florida to Maryland.
MOBILE, ALA. — PEM Real Estate Group has sold Arlington Park, a 252-unit multifamily community in Mobile, for $28 million. The property was built in 2001 and offers one-, two- and three-bedroom floor plans. Communal amenities include a saltwater pool, outdoor kitchen, game room, car care center, fitness center and a dog park. Arlington Park is situated at 7070 Grelot Road, 15 miles west of downtown Mobile. Craig Hey and Andrew Brown of Cushman & Wakefield represented the Scottsdale, Ariz.-based seller in the transaction. Dallas-based Saxony Capital Management acquired the property.
HUNTSVILLE, ALA. — Walker & Dunlop has provided a $51.9 million construction loan to Spring Bay Property Co. and RCP Cos. for Eclipse at CityCentre, a planned five-story, 278-unit apartment complex in downtown Huntsville. Walker & Dunlop provided the loan through the United States Department of Housing and Urban Development’s (HUD) 221(d)(4) construction program, which includes both construction and permanent financing in a single loan. The two-year term for the construction period is followed by a 40-year, fully amortizing, fixed-rate loan. The property is situated within an Opportunity Zone, meaning the developers are required to hold the asset for at least 10 years in order to not pay capital gains on the investment. Keith Melton, David Strange, Livingston Hessam and Jeremy Pino of Walker & Dunlop originated the loan on behalf of the borrowers. Once complete, Eclipse at CityCentre will offer studio, one- and two-bedroom floor plans. The majority of the apartments will feature private balconies. Community amenities will include a heated pool, fitness center, pet walking and grooming area, grilling areas, outdoor fire pit and views of Big Spring Park. A timeline for construction was not disclosed. Eclipse at CityCentre will sit atop 18,000 square feet of restaurant and retail space and …
HUNTSVILLE, ALA. — SRS Investment Properties Group has arranged the $3.5 million sale of The Fountain, a 38,338-square-foot retail property in Huntsville. Costco and The Home Depot shadow anchor the multi-tenant retail strip, which spans 3.9 acres. The Fountain was fully leased at the time of sale to tenants including Staples, Citi Trends and Shoe Show. The property is situated at 1201 N. Memorial Parkway, just north of downtown Huntsville. Boris Shilkrot and Pierce Mayson of SRS represented the seller, Somera — 1201 North Memorial Parkway LLC, in the transaction. T.J. Lee of Bill Pool Realty represented the buyer, TA Sharp Properties.
RICHMOND, VA. — SRS’ Investment Property Group (IPG) has negotiated the sale of a four-property, 467,358-square-foot retail portfolio spanning four Southeastern states. Richmond-based Hackney Real Estate Partners acquired the portfolio, which comprises New Smyrna Beach Shopping Center in New Smyrna Beach, Fla.; Marintown Plaza in North Augusta, S.C.; Kings Fairground in Danville, Va.; and a single-tenant building net-leased to The Home Depot in Dothan, Ala. The sales price was not disclosed. The largest shopping center in the portfolio is Marintown Plaza, a 141,903-square-foot property that was fully leased at the time of sale to tenants including Belk, Planet Fitness, Office Depot, Advance America Cash, Jersey Mike’s Subs, OneMain Financial, Jackson Hewitt Tax Service, Sonic, Ruby Tuesday and Taco Bell. Kings Fairground spans 120,153 square feet and includes anchor tenants Ollie’s Bargain Outlet and Tractor Supply Co. New Smyrna Beach Shopping Center is a 101,037-square-foot asset that was 98 percent leased at the time of sale to tenants such as AMC Theatres, Planet Fitness and Dollar General. Kyle Stonis and Pierce Mayson of IPG represented the sellers in the transaction.