Alabama

Big V Property Group Acquires Shopping Center in Huntsville for $35.9M

by Alex Tostado April 18, 2019

HUNTSVILLE, ALA. — Big V Property Group has acquired Westside Centre, a 655,638-square-foot shopping center in Huntsville, for $35.9 million. The property was 74 percent leased at the time of the sale to tenants including Big Lots, Stein Mart, Tuesday Morning, PetSmart, Ross Dress for Less, Shoe Carnival and Party City. Super Target shadow anchors the center. Westside Centre is situated at 6275 University Drive NW, adjacent to the 4,000-acre Cummings Research Park and six miles west of downtown Huntsville. The seller was not disclosed.

April 18, 2019

Acquisitions Alabama Florida Georgia Office Southeast

CBRE Arranges $90M Sale of 22 Medical Buildings in Southeast, Chicago

by Alex Tostado April 16, 2019

LOS ANGELES — CBRE has arranged the $90 million sale of 22 medical buildings in Florida, Georgia, Alabama and Illinois. The sale includes the Dermatology Solutions Group portfolio, an eight-building portfolio totaling 51,505 square feet in Alabama and Florida. The portfolio is fully occupied by Dermatology Solutions Group, which signed 10-year leases at each site at closing. Physician Group sold the properties to a public single-tenant REIT. A 47,936-square-foot building situated at 2061 Peachtree St. in Atlanta’s Buckhead district was included in the sale as well. The asset was built in 2013 and fully occupied by tenants including Georgia Hand, Shoulder & Elbow (GHSE), the largest hand and upper extremity practice in Georgia. Physician Group sold the building to a public healthcare REIT. The other 13 buildings total 197,385 square feet and are located in Chicago. The undisclosed developer sold the assets to Institutional Fund.

April 16, 2019

Alabama Georgia Loans Mississippi Multifamily Southeast

Eyzenberg & Co. Arranges $35.4M Refinancing Loan for Multifamily Portfolio in Southeast

by Alex Tostado April 11, 2019

NEW YORK CITY — Eyzenberg & Co. has arranged a $35.4 million refinancing loan for a three-property multifamily portfolio across the Southeast. The portfolio includes the 188-unit Park at Arlington in Covington, Ga.; the 232-unit Park at Brighton in Robinsonville, Miss.; and the 184-unit Park at Ashburn in Dothan, Ala. A joint venture between Blue Magma Residential LLC and NCP Enterprise Funds acquired the portfolio in December 2017. New York City-based Jeff Conti and Mila Babenko of Eyzenberg & Co. arranged the loan through Greystone on behalf of the borrowers.

April 11, 2019

Alabama Leasing Activity Office Southeast

Georgia Tech Leases 38,000 SF of Office Space in Huntsville

by Alex Tostado April 5, 2019

HUNTSVILLE, ALA. — Georgia Tech Research Institute has leased 38,000 square feet of office space within Redstone Gateway, a 76,000-square-foot building in Huntsville being developed by Corporate Office Properties Trust, which will also serve as the landlord. Georgia Tech’s focus in Huntsville is aero-space related reasearch. Redstone Gateway is a research park near U.S. Army post Redstone Arsenal, which is home to the U.S. Army Aviation and Missile Command (AMCOM), major components of the Defense Intelligence Agency and the NASA‐ George C. Marshall Space Flight Center. Redstone Gateway is expected to open this fall. Georgia Tech will consolidate 70 employees from offices around Huntsville to the new location, with plans to further expand. Dale Lewis and Mark Rosenthal of CBRE and Russ Russell Real Estate represented Georgia Tech in the lease negotiations. The landlord was represented internally by James Lomax.

April 5, 2019

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Negotiates $23.5M Sale of Apartment Property in Mobile

by Alex Tostado March 28, 2019

MOBILE, ALA. — Cushman & Wakefield has arranged the $23.5 million sale of Spanish Fort Town Center, a 216-unit apartment complex in Mobile. Built in 2009, Spanish Fort Town Center is situated within the master-planned Spanish Fort Town Center and offers amenities such as a saltwater swimming pool, 24-hour fitness center, dog park, business center, fire pit and package acceptance. Josh Jacobs, Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, Spanish Fort Realty LLC, in the transaction. Birmingham, Ala.-based LMS Real Estate acquired the property.

March 28, 2019

Alabama Loans Retail Southeast

Revere Capital Provides $25M Loan for Refinancing of Birmingham Shopping Center

by Alex Tostado March 26, 2019

BIRMINGHAM, ALA. — Revere Capital has provided a $25 million refinancing loan for Brookwood Village, a 411,441-square-foot shopping center in Birmingham. The asset sits on 22 acres, about six miles south of downtown Birmingham. Tenants include Target, Verizon Wireless, DSW, Macy’s and The Fresh Market. The borrower was not disclosed, but the property is listed under management by CAPREF Manager, a subsidiary of Dallas-based Cypress Equities.

March 26, 2019

Alabama Loans Multifamily Southeast Student Housing

Hunt Real Estate Provides $17.9M Refinance Loan for Student Housing Portfolio Near University of Alabama

by Alex Tostado March 18, 2019

TUSCALOOSA, ALA. — Hunt Real Estate Capital has provided a $17.9 million loan to refinance a 12-building student housing portfolio in Tuscaloosa, home of the University of Alabama. The properties include the seven-building Preston Place (240 beds) and the one-building Alexandria (22 beds), Georgian (20 beds), St. Charles (48 beds), St. George (24 beds) and 317 Reed (eight beds). The Freddie Mac loan has a 10-year term with five years of interest-only payments and a 30-year amortization schedule. The borrower is Roar IV LLC, which acquired the properties between 1994 and 1999. The assets were built between 1988 and 1992 and have undergone various renovations under multiple owners.

March 18, 2019

Acquisitions Alabama Multifamily Southeast

Colliers Brokers Sale of 376-Unit Apartment Community in Montgomery

by Alex Tostado March 18, 2019

MONTGOMERY, ALA. — Colliers International has brokered the sale of Barrington Place at Somerset, a 376-unit apartment community in the Eastchase submarket of Montgomery. Amenities include two fitness centers, two swimming pools, a 16-seat movie theater, children’s play room, playground, car care center and a jogging trail. Will Mathews, Carter Brehm and Austin Weathington of Colliers represented both the buyer and seller — Core Pacific Advisors and Barrington Place LLC, respectively — in the transaction. Built in 2002, the value-add property is Core Pacific’s first purchase in Alabama. The sales price was not disclosed.

March 18, 2019

Alabama Loans Multifamily Southeast

Berkadia Arranges $16.8M Acquisition Loan for Apartment Complex in Hoover, Alabama

by Alex Tostado March 12, 2019

HOOVER, ALA. — Berkadia has arranged a $16.8 million acquisition loan on half of MAG Renaissance LLC for Renaissance Galleria, a 224-unit apartment complex in Hoover. Fannie Mae provided the 12-year, fixed-rate loan. Built in 1994, Renaissance Galleria offers one-, two- and three-bedroom floor plans across 16 buildings. Amenities include a swimming pool, 24-hour fitness center and a business center. The property was 94 percent occupied at the time of the sale.

March 12, 2019

Acquisitions Alabama Florida Michigan Midwest Multifamily Northeast Pennsylvania Southeast Student Housing Texas Top Stories

Vie Management, Middle Eastern Investor Acquire 2,059-Bed Student Housing Portfolio in Six States for $134.6M

by David Cohen February 27, 2019

MIAMI— A joint venture between Miami-based Vie Management and a Middle Eastern asset manager have acquired a six-property student housing portfolio totaling 911 units and 2,059 beds. The purchase price was $134.6 million. The properties are located in six states and include: University Downs Apartments and Condos, a 222-unit property serving the University of Alabama in Tuscaloosa, Alabama. University View, a 55-unit property serving Florida Atlantic University in Boca Raton, Florida. Hillcrest Oakwood Apartments, a 224-unit property serving Ferris State University in Big Rapids, Michigan. Colonie Apartments, a 184-unit property serving the University at Buffalo in Amherst, New York. Southgate Apartments, a 151-unit property serving Penn State University in State College, Pennsylvania. Ella Lofts, a 75-unit property serving Texas State University in San Marcos, Texas. “These acquisitions are new canvases to us,” says Ari Rosenblum, CEO of Vie. “[The are] places to create experiential living environments where students can watch live music, study at a coffee shop, or work out at the best gym in town all within the confines of the community in which they live.” Claudio Sgobba of HFF represented the buyers in securing a $75.3 million loan in connection with the acquisition. The financing features a 10-year term, …

February 27, 2019

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