Alabama

AUBURN, ALA. — The Preiss Co. (TPCO) has recapitalized the Collective at Auburn, a 600-bed student housing community located near the Auburn University campus in Alabama. A multimillion-dollar renovation is planned for the property, which will include upgrading countertops, appliances and paint in select units; modernization of unit access controls; and fully furnishing 25 percent of units. Upgrades are scheduled to begin in spring 2025. The Collective at Auburn offers two-, three- and four-bedroom units with bed-to-bath parity. Amenities include a 24-hour fitness center, swimming pool, basketball court, tanning salon, volleyball court, game room, movie theater and a business center.

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HUNTSVILLE, ALA. — Benson Capital Partners, an investment firm founded by New Orleans Saints owner and New Orleans Pelicans governor Gayle Benson, has invested in MidCity District, a $2.2 billion mixed-use development in Huntsville. The New Orleans-based company has provided a $5.7 million equity investment via its real estate fund, Benson Capital Real Estate I LP, for MidCity Placemakers Retail II, a retail component within MidCity spanning 82,669 square feet. Additionally, Randy Wolfe of Northmarq arranged a $13.8 million loan for MidCity Placemakers Retail II. RCP Cos. is the principal owner of MidCity District, which will ultimately comprise 1,865 residential units, 925 hotel rooms, shops, restaurants, entertainment retail and Class A offices, along with outdoor gathering spaces, including the Orion Amphitheater. “We are excited to further RCP’s vision for MidCity, redefining community spaces,” says Keith Schneider, managing director for Benson Capital’s real estate fund. “MidCity District represents a pioneering vision that aligns with our commitment to investing in transformative projects.”

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Dempsey-Apartments_Madison-Al

MADISON, ALA. — Doster Construction Co. has completed the construction of The Dempsey Apartments, a 290-unit multifamily community in Madison. In addition to studio, one- and two-bedroom apartments, the property features 483 surface parking spaces, 25 detached garages and 5,000 square feet of retail space. Amenities at the community include a swimming pool, coworking lounge, fitness center, dog park and a clubroom. Located at 375 Lime Quarry Road, Dempsey Apartments is adjacent to the 563-acre Town Madison mixed-use community. Doster completed the construction on behalf of the developer, Novare Group. 

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SPANISH FORT, ALA. — Voodoo Brewing Co., an independent brewer based in Meadville, Pa., has signed a lease to join the tenant roster at Eastern Shore Centre, a 560,350-square-foot regional shopping center located at 30500 Highway 181 in Spanish Fort. Joseph AmecAngelo and Patti AmecAngelo of CBRE’s New Jersey office represented Voodoo Brewing in the lease deal. Shannon Tyndall of CBRE’s Birmingham office represented both the tenant and the undisclosed landlord. Situated about nine miles east of Mobile, Ala., Eastern Shore Centre’s tenant roster includes Belk, Dillards and Mountain High Outfitters. The new 5,035-square-foot brewery will be Voodoo’s first in Alabama. The company operates 12 breweries in six states that include both corporate and franchised locations. Voodoo Brewing plans to open more in the coming years in Pennsylvania, South Carolina, Texas and Nevada as part of its U.S. expansion plan announced in early 2022.

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THEODORE, ALA. — Dorsey Development, an entity owned and operated by G. Paul Dorsey III, has purchased Island Road Shopping Center at 5827 Highway 90 W in Theodore. Winn-Dixie anchors the property, which totals 59,822 square feet. Other tenants at the center include Pizza Hut, Subway, Buddy’s Home Furnishings and Premier Nails. The seller and sales price were not disclosed.

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BIRMINGHAM, ALA. — JLL has arranged the sale of 280 Station, a 24,760-square-foot shopping center located in Birmingham. Tenants at the property, which was 91 percent leased at the time of sale, include Oasis Nails & Spa, Eyemart Express, Subway, Bedzzz Express, Isbell’s Jewelry, Budget Car Rental, Tint World, State Farm Insurance, Dunkin’ and Tao Massage. Jim Hamilton, Brad Buchanan and Anton Serafini of JLL represented the seller and procured the buyer, a real estate fund advised by Crow Holdings Capital. The seller and sales price were not disclosed.

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HUNTSVILLE, ALA. — Capstone Development Partners and Boaz Ventures plan to break ground on a $60 million student housing property adjacent to University of Alabama Huntsville (UAH) in October. Located at 4315 Holmes Ave. NW near the UAH Campus Recreation Center, the community, dubbed Nexus on Holmes, will be a four-story, 249-unit property with a mix of one-, two- and four-bedroom apartments. Capstone and Boaz are envisioning the 239,000-square-foot residential property to house undergraduate and graduate students, as well as UAH staff. Amenities will include two courtyards, an outdoor pool, grilling area, community kitchen, TV lounge, multi-purpose room and quiet study lounges.  The design-build team includes general contractor Fite Building Co. and architect Williams Blackstock Architects. The project is situated within a designated opportunity zone, and OPAL Investments (a for-profit subsidiary of Opportunity Alabama) is the lead equity investor. Capstone and Boaz plan to open Nexus on Holmes in summer 2025.

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BIRMINGHAM, ALA. — Stirling has arranged the sale of a 30,000-square-foot life sciences facility located at 100 Lucerne Lane in Birmingham. The property, which features office, wet lab and warehouse space, is situated on 5.7 acres within Oxmoor South Industrial Park. The buyer, Birmingham Water Works, is planning to make capital improvements at the property, which will be used for the organization’s new EnviroLab facility. The company oversees the water supply for more than 770,000 people in Birmingham and the surrounding counties. Juhmad Hollis and Melissa Warren of Stirling represented the buyer in the transaction. The seller and sales price were not disclosed.

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HOOVER, ALA. — Marcus & Millichap has brokered the $4.9 million sale-leaseback of 5 Inverness Center Parkway, a 15,851-square-foot office building in Hoover. Built in 2005, the three-story office building was fully leased at the time of sale to eQRP Inc., a self-directed 401k company. The property features common areas, conference rooms, a fitness center and a podcast studio. The tenant, an entity doing business as Fuden LLC, sold the property to Wakefield Enterprises LLC and leased the property back. Brian Higdon and Nick Neuroth of Marcus & Millichap’s Birmingham office represented the seller in the transaction.

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HUNTSVILLE, ALA. — Tuscaloosa, Ala.-based IMS Development has purchased 130 acres on the north side of Huntsville from the University of Alabama in Huntsville Foundation. The site is located at the corner of State Routes 255 and 53 and Blake Bottom Road. The buyer plans to build a mixed-use campus on the site dubbed North Valley, which will comprise 800 residences and 20 acres of commercial space. IMS Development says potential uses for the commercial component could include big-box retailers, hotels, restaurants, convenience stores and entertainment venues. Eric St. John of Crunkleton Commercial Real Estate assisted IMS in the land acquisition. The construction timeline was not released.

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