Alabama

Passco Acquires 240-Unit Apartment Community Near Montgomery

by Camren Skelton January 17, 2018

PRATTVILLE, ALA. — Passco Cos. has acquired ARIUM HomePlace, a 240-unit apartment community located at 790 Old Quarters Road in Prattville, roughly 15 miles northwest of Montgomery. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for the asset on behalf of Passco. Jimmy Adams of Cushman & Wakefield arranged the sale on behalf of the seller, a private investor. Other terms of the deal were not disclosed. The property, constructed in 2014, will be renamed The Meadows at HomePlace. Individual units feature direct access garages, hardwood flooring, stainless steel appliances, tile backsplashes and built-in desks. Community amenities include a pool with a sundeck, outdoor grilling cabana, clubhouse, game room, dog park, car care center and a playground.

January 17, 2018

Alabama Retail Southeast

JLL Brokers Sale of 333,975 SF Shopping Center in Oxford, Alabama

by Camren Skelton January 12, 2018

OXFORD, ALA. — JLL has arranged the sale of Oxford Exchange, a 333,975-square-foot shopping center in Oxford. Margaret Caldwell and Margaret Jones of JLL arranged the transaction. Other terms of the deal were not disclosed. The property is located along Interstate 20, less than a mile from Choccolocco Park, a recently opened sports complex. At the time of sale, Oxford Exchange was 99 percent leased to tenants such as T.J. Maxx, Hobby Lobby, Dick’s Sporting Goods, Ross Dress for Less, Bed Bath & Beyond, PetSmart, Old Navy, Office Max and Best Buy. Target, Home Depot, Kohl’s and Sam’s Club shadow-anchor the property.

January 12, 2018

Alabama Mixed-Use Retail Southeast

Topgolf Opens at $350M Mixed-Use Redevelopment in Huntsville

by Camren Skelton January 9, 2018

HUNTSVILLE, ALA. — Topgolf has opened at MidCity, a $350 million mixed-use redevelopment under construction at the intersection of University Drive and Research Park Boulevard in Huntsville. The global sports entertainment company is the first tenant to open at the 140-acre project — a redevelopment of the former Madison Square Mall. Alabama-based RCP Cos. is developing the project. The 53,000-square-foot, three-level Topgolf facility features 72 climate-controlled hitting bays that can host up to six players at a time, in addition to private event space. The project is also home to The Camp at MidCity, an outdoor entertainment venue that debuted its annual, three-day music festival in summer 2017. In addition, plans for MidCity include 345,000 square feet of ground-floor retail space and restaurants, 200,000 square feet of technical and creative office space, 500 hotel rooms and 900 multifamily units.

January 9, 2018

Alabama Multifamily Southeast

Cushman & Wakefield Brokers $37M Sale of Apartment Community in Northern Alabama

by Camren Skelton January 8, 2018

MADISON, ALA. — Cushman & Wakefield has arranged the $37 million sale of Madison Park, a 308-unit apartment community in Madison, a city in northern Alabama. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, WCDM Development, in the transaction. Hayden Properties acquired the property. Constructed in 2008, Madison Park includes one- to three-bedroom units, and features a fitness center, on-site storage units, picnic area, pool, business center, package service and private garages.

January 8, 2018

Alabama Retail Southeast

InvenTrust Sells Shopping Center in Dothan, Alabama for $33.8M

by Camren Skelton January 4, 2018

DOTHAN, ALA. — InvenTrust Properties Inc. has sold Dothan Pavilion, a 327,423-square-foot shopping center located at 4601 Montgomery Highway in Dothan, for $33.8 million. Dothan Pavilion Group LLC acquired the asset, and Jim Hamilton, Richard Reid and Barry Brown of HFF arranged the transaction on behalf of InvenTrust. At the time of sale, Dothan Pavilion was 89 percent leased to tenants including Bed Bath & Beyond, Barnes & Noble, Carmike Cinemas AMC Theatres, Michaels, Ross Dress for Less, Dick’s Sporting Goods, Target, Lowe’s Home Improvement, Kohl’s, Moe’s Southwest Grill, Ulta Beauty, Cold Stone Creamery and GameStop.

January 4, 2018

Alabama Multifamily Southeast Student Housing

Colliers Closes $32M Sale of Student Housing Community Near Auburn University

by Camren Skelton December 21, 2017

AUBURN, ALA. — Colliers International has arranged the $32 million sale of The Social, an 844-bed student housing community located at 211 W. Longleaf Drive, roughly three miles from Auburn University in Alabama. Travis Prince, Sean Baird and Brian Savage arranged the transaction. Other terms of the deal were not disclosed. The Social offers one- to three-bedroom units, ranging in size from 918 to 1,188 square feet. Community amenities include a community theater room, resort-style pool and a clubhouse with billiards, ping pong, foosball and air hockey tables. In addition, the community offers direct access to the Tiger Transit line, a free bus service for Auburn University students.

December 21, 2017

Alabama Office Southeast

SDM Partners Buys Three-Building Office Portfolio in Metro Birmingham

by Camren Skelton December 20, 2017

HOOVER, ALA. — SDM Partners has acquired Meadow Brook North, a three-building, 365,000-square-foot office portfolio located on Corporate Parkway in Hoover, roughly 11 miles south of Birmingham. Patterson Real Estate Advisory Group arranged acquisition financing for the transaction, which included a joint venture equity partnership with Blue Vista and bridge loans from Hamilton State Bank and State Bank & Trust Co. Other terms of the transaction were not disclosed. The portfolio originally included a fourth building, which SDM negotiated the sale of to a local user that closed simultaneously with SDM. Of the three buildings in SDM’s acquisition, one is fully leased to BlueCross BlueShield of Alabama, one is a multi-tenant building currently 87 percent leased and the third is vacant. Joe Sandner III and Joe Sandner IV of Colliers International will handle the portfolio’s leasing assignment.

December 20, 2017

Alabama Loans Multifamily Southeast

KeyBank Secures $35.2M Loan for Refinancing of Multifamily Asset in Birmingham

by Camren Skelton December 15, 2017

BIRMINGHAM, ALA. — KeyBank Real Estate Capital has closed a $35.2 million Freddie Mac loan for the refinancing of Retreat at Greystone, a 312-unit multifamily community in Birmingham. Caleb Marten and Chris Black of KeyBank originated the seven-year loan with a 30-year amortization schedule on behalf of the undisclosed borrower. Constructed in three phases between 2015 and 2016, the property includes 26 two-story apartment buildings. Community amenities include grilling stations, a fitness center and a swimming pool.

December 15, 2017

Alabama Georgia Mississippi Multifamily Southeast

Blue Magma, NCP Enterprise Acquire Multifamily Portfolio Across Southeast for $34M

by Camren Skelton December 12, 2017

ATLANTA — A joint venture between Tampa, Fla.-based Blue Magma Residential LLC and New York-based NCP Enterprise Funds has acquired a three-property multifamily portfolio located across Georgia, Mississippi and Alabama for a combined $34 million. The new owners will invest more than $5 million in capital improvements to the portfolio, which totals 565,282 square feet. The 188-unit Orchard Cove in Covington, Ga., roughly 35 miles southeast of Atlanta, was purchased for $15.2 million. The property will be rebranded as The Park at Arlington. The 232-unit Gardens of Canal in Robinsonville, Miss., was acquired for $11.6 million and will be renamed The Park at Brighton. Lastly, the 184-unit Madison Square, located in Dothan, Ala., was purchased for $7.8 million. The new owners will rename the property the Park at Ashburn. Cushman & Wakefield’s Atlanta office arranged the transaction, and Ladder Capital provided debt financing for the acquisition. The names of the sellers were not disclosed.

December 12, 2017

Alabama Multifamily Southeast Student Housing

CBRE Arranges Sale of 900-Bed Student Housing Community Near Auburn University

by Camren Skelton November 29, 2017

AUBURN, ALA. — CBRE has arranged the sale of The Connection at Auburn, a 900-bed, 312-unit student housing community located less than three miles from the Auburn University campus and a half-mile from College Street, one of Auburn’s main thoroughfares. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE, in conjunction with CBRE’s Nashville Multifamily team, arranged the transaction on behalf of the buyer, University Partners. A private real estate fund managed by Crow Holdings Capital sold the asset for an undisclosed price. At the time of sale, The Connection at Auburn was 99.3 percent occupied.

November 29, 2017

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