Alabama

Mazda Toyota Manufacturing to Invest Additional $830M in Huntsville Plant

by Alex Tostado August 14, 2020

HUNTSVILLE, ALA. — Mazda Toyota Manufacturing will invest an additional $830 million in its automotive plant in Huntsville. The two automakers originally formed a joint venture and announced the project in 2018. The total cost of the facility is now $2.3 billion, and the joint venture plans to train and house up to 4,000 employees at the property, having hired 600 employees to date. The new facility will have the capacity to produce up to 150,000 units of a future Mazda crossover model and up to 150,000 units of the Toyota SUV each year. The plant is situated 14 miles from Toyota’s existing manufacturing facility. Production is expected to begin in early 2021 with construction on roofing, siding, floor slabs, ductwork, fire protection and electrical now more than 75 percent complete.

August 14, 2020

Alabama Georgia Loans Multifamily Southeast Tennessee

KeyBank Provides $163M Refinancing Loan for Six-Property Multifamily Portfolio in Three Southeastern States

by Alex Tostado August 14, 2020

CLEVELAND — KeyBank Real Estate Capital has provided a $163 million Fannie Mae refinancing loan for a six-property multifamily portfolio in Tennessee, Georgia and Alabama. Dirk Falardeau, Steven Hamm and Matt Purtell of Cleveland-based KeyBank structured the 15-year loan with 10 years of interest-only payments on behalf of the borrower, Boston-based Panther Residential Management (PRM). In Tennessee, the portfolio comprises the 278-unit Integra Hills Apartments and the 270-unit Integra Hills Preserve Apartments in Ooltewah, as well as the 238-unit Villas at Houston Levee East and the 226-unit Villas at Houston Levee West in Cordova. The portfolio also includes the 280-unit Panther Riverside Parc in Atlanta and the 276-unit Huntsville Parc Apartments in Huntsville, Ala. The six properties were all built between 2008 and 2015.

August 14, 2020

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $26.5M Sale of Multifamily Community in Prattville, Alabama

by Alex Tostado July 28, 2020

PRATTVILLE, ALA. — Cushman & Wakefield has arranged the $26.5 million sale of Prattville at Highland Lakes, a 224-unit multifamily community in Prattville. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, spa, pool, sundeck, tennis court and a playground. The community is situated at 1908 Briarwood St., 10 miles northwest of downtown Montgomery. Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, Blue Magma Residential, in the transaction. Morrison Avenue Capital Partners acquired the property, which was built in 2001.

July 28, 2020

Acquisitions Alabama Retail Southeast

SRS Arranges $10.3M Sale of Walmart-Occupied Property in Tuscaloosa

by Alex Tostado July 27, 2020

TUSCALOOSA, ALA. — SRS Real Estate Partners has arranged the $10.3 million sale of a Walmart Neighborhood Market-occupied building in Tuscaloosa. The 41,921-square-foot building is located at 4201 Hargrove Road E., seven miles east of downtown Tuscaloosa. Built in 2015, the property is situated on 7.2 acres and includes a gas station with 12 fuel pumps. Dan Elliot and Sean Lutz of SRS represented the seller, an Illinois-based private investor, in the transaction. The buyer was a Miami-based company completing a 1031 tax exchange, trading out of a retail property in Hawaii.

July 27, 2020

Alabama Development Industrial Southeast

Aldi to Develop 564,000 SF Distribution Center in Loxley, Alabama

by Alex Tostado July 23, 2020

LOXLEY, ALA. — Aldi will develop a regional office and distribution center in Loxley. The facility will serve Aldi grocery stores in southern Alabama, the Florida Panhandle and Louisiana. Details of the building were not disclosed, but multiple media outlets report the property will span 564,000 square feet upon completion. Aldi operates 180 stores in Florida and Alabama. The German-based grocer plans to break ground on the distribution center in 2021. The exact location of the facility was not disclosed. but Loxley is located 22 miles east of Mobile and 40 miles west of Pensacola, Fla. Aldi plans to open 70 stores nationwide by the end of 2020.

July 23, 2020

Alabama Development Mixed-Use Southeast

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

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