Alabama

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

Acquisitions Alabama Healthcare Southeast

Stage Equity Partners Acquires 21,019 SF Medical Plaza in Birmingham

by Alex Tostado February 22, 2019

BIRMINGHAM, ALA. — Stage Equity has acquired Inverness Dental & Medical Plaza, a two-story, 21,019-square-foot medical building in Birmingham. The asset, which was delivered in 2001 and sits on 1.5 acres, was fully leased at the time of the sale. The property is located about nine miles from the University of Alabama at Birmingham (UAB). Brian Higdon of Marcus & Millichap represented the buyer in the transaction. Alex Perez and Brett Chetek of Chetek Group represented the seller, Inverness Dental Associates LLC. The sales price was not disclosed.

February 22, 2019

Acquisitions Alabama Connecticut Indiana Industrial Iowa Massachusetts Midwest New Jersey Northeast Pennsylvania Southeast Top Stories

Rubenstein Properties Sells 28 Industrial Properties for $197M

by Alex Tostado February 21, 2019

LITTLE FALLS, N.J. — Rubenstein Properties has sold 28 industrial properties totaling more than 5 million square feet across six states for $197 million. Bernards Township, N.J.-based Silverman Group acquired 27 buildings for $183 million. Properties are located in New Jersey, Connecticut, Massachusetts, Iowa, Indiana and Alabama. The portfolio was 95.8 percent leased at the time of the sale. Locations include: New Jersey 10 Park Place, Butler; 20-21 Wagaraw Road, Fair Lawn; 39 Avenue C, Bayonne; 101 E. Main St., Little Falls; 114 Beach St., Rockaway; and 1578 Sussex Turnpike, Randolph, N.J. (units 2 through 5). Connecticut 20, 50 and 80 Utopia Road, Manchester; 118 Sanrico Drive, Manchester; 135 Sheldon Road, Manchester; 428 Hayden Station Road, Windsor; Alabama 207 Jacintoport Blvd., Saraland. Indiana 2190 Summit St., New Haven, Ind. Further details about the properties were not disclosed. In addition, a tenant occupying 1055 Crossroads Blvd. in Muhlenberg Township, Pa., acquired the asset for $14 million. “The properties are all strategically located within infill locations in order to take advantage of consistently improving industrial leasing fundamentals and increasing demand with extremely limited supply,” said Brian Fiumara, executive vice president of CBRE. “Rubenstein Properties’ portfolio provided the buyer with an exceptional opportunity …

February 21, 2019

Alabama Loans Office Southeast

Arbor Realty Trust Provides $61.2M Bridge Loan for Office Tower in Birmingham

by Alex Tostado February 20, 2019

BIRMINGHAM, ALA. — Arbor Realty Trust Inc. has provided a $61.2 million bridge loan for AT&T City Center, a 30-story office building in Birmingham. Joseph Charneski of Arbor Realty Trust originated the loan for VCP City Center, which bought the building in November 2018 for $31 million. The borrower plans to use the funds to convert the 617,453-square-foot building into a mixed-use building, offering residential, retail and office space. The loan also covered acquisition costs for the borrower.

February 20, 2019

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