BIRMINGHAM, ALA. — Ballard Designs has opened its first Alabama location in downtown Birmingham. Situated along the city’s Rotary Trail, Ballard’s newest location occupies the street level of the historic Hardwick Building, with restaurants and offices filling the remaining floors and spaces of the former steel factory. Locally based Bayer Properties owns the Hardwick Building and will soon welcome restaurants Epice and Lapeer Steak and Seafood to the property, according to Bham Now. The new Ballard Designs store is set up with several vignettes staged with the brand’s living room and dining room furniture, lighting, rugs, bedding and home décor. The store also includes a fully staffed design center where patrons can meet with one of the retailer’s design consultants. Additionally, Ballard designed and furnished the Hardwick Building’s shared entryway to serve as a waiting area for restaurant goers.
Alabama
Jim Chapman Construction Begins Vertical Construction at 201-Unit Build-to-Rent Community in Huntsville
by John Nelson
HUNTSVILLE, ALA. — Jim Chapman Construction Group has begun vertical construction at Nestledown Farm, a 201-unit build-to-rent residential community in Huntsville. The townhome community is situated on a 29-acre site on Zierdt Road adjacent to the Redstone Arsenal Army base. Jim Chapman Construction broke ground on Nestledown Farm last fall and expects first residents will move in next spring. The property will offer five different floor plans for two- and three-bedroom townhomes ranging in size from 1,020 to 1,466 square feet and with one- or two-car garages. Jim Chapman Construction is also underway on the property’s amenities, including a 4,000-square-foot clubhouse, swimming pool, fitness center, dog park, illuminated sidewalks, gated entrance and onsite property management.
AUBURN, ALA. — Muinzer has acquired Samford Square, a 752-bed student housing community located near the Auburn University campus. The property offers units in two-, three- and four-bedroom configurations, all of which were fully leased at the time of sale. Shared amenities at Samford Square include a resort-style swimming pool, cyber café, resident activity room, sand volleyball court, clubhouse, hammock garden, 24-hour gaming lounge and a tanning bed. Peter Katz of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the transaction. The seller and terms of the deal were not disclosed.
FiveStone Breaks Ground on 30,000 SF Alabama Office Headquarters for Morgan Stanley in Homewood
by John Nelson
HOMEWOOD, ALA. — The FiveStone Group has broken ground on a new 30,000-square-foot office building in Homewood that will serve as the Alabama headquarters for global financial services firm Morgan Stanley. The site is located on a one-acre parcel at 740 Shades Creek Parkway, which is adjacent to Shades Valley Lutheran Church, in one of Birmingham’s top office submarkets. Carter Burwell of JLL represented the tenant in the lease negotiations, and Michael Reilly of FiveStone Group and Philip Currie of JH Berry represented the landlord. Additional partners for the development include KPS Group, Schoel Engineering, Renta Urban Land Design and D&A Cos. Hoar Construction is the general contractor for the Class A facility and expects to complete the core and shell of the building in second-quarter 2025.
VESTAVIA HILLS, ALA. — KPR Centers has obtained a $42.5 million loan for the refinancing of Vestavia Hills City Center, a 389,736-square-foot retail center located in Vestavia Hills, roughly 10 miles outside Birmingham. An affiliate of MetLife Investment Management provided the floating-rate financing. Chris Drew, Gregg Shapiro and Kelsey Bawcombe of JLL arranged the loan on behalf of KPR Centers. Publix anchors Vestavia Hills City Center, and other tenants include AMC Theatres, Planet Fitness, First Watch, Pet Supermarket, Shoe Station, Dollar Tree, Panera Bread and Dave’s Hot Chicken.
Graham & Co. Begins Construction on $52M Hyundai Mobis Distribution Facility in Montgomery, Alabama
by John Nelson
MONTGOMERY, ALA. — Graham & Co. has begun construction on a 460,000-square-foot build-to-suit distribution facility in Montgomery for Hyundai Mobis, a supplier of aftermarket parts for Hyundai and Kia, which both have mega manufacturing facilities in the region. The $52 million project is located on 60 acres near an existing Hyundai Mobis campus along Mitchell Young Road. The cross-dock facility is expandable by 270,000 square feet, according to Graham & Co. The project team includes Cooper Construction (general contractor), Five South Architecture LLC (architect) and CCI (civil engineer). A Graham & Co.-led joint venture is providing equity for the development, and SouthState Bank is providing construction financing. The targeted delivery date for the new Hyundai Mobis facility was not disclosed.
HUNTSVILLE, ALA. — TriOut Advisory Group plans to develop a 223,500-square-foot industrial project in Huntsville. The project will be situated near I-565 on an 18-acre site along Sparkman Drive within Cummings Research Park. The project team includes locally based civil engineer Johnson & Associates. NAI Chase Commercial Real Estate is handling the leasing assignment on behalf of TriOut.
BIRMINGHAM, ALA. — Cushman & Wakefield / EGS Commercial Real Estate has arranged a 51,750-square-foot industrial lease at CenterState Logistics Park One, a newly constructed, 225,000-square-foot warehouse and distribution building located at 225 Daniel Payne Drive in north Birmingham. The tenant is Atlanta-based Conklin Metal Industries, a distributor of sheet metal, HVAC and duct fabrication supplies. The company is expanding its Birmingham footprint to accommodate growth within its manufacturing and distribution operations and is the first tenant to sign on at CenterState Logistics Park One. Mark Byers and Brad Moffatt of Cushman & Wakefield / EGS represented the landlord, an entity doing business as CenterState Logistics Park One LLC, in the lease negotiations. Jack Brown of Graham & Co. represented the tenant.
Marcus & Millichap Brokers Sale of 56,401 SF Jacksonville Crossing Shopping Center in Alabama
by John Nelson
JACKSONVILLE, ALA. — Marcus & Millichap has brokered the sale of Jacksonville Crossing, a 56,401-square-foot shopping center located at 1555 Pelham Road S in Jacksonville, a city in northeast Alabama. The sales price was not disclosed. Philip Levy and Zach Taylor of Marcus & Millichap represented the seller and secured the buyer, both of which are private investors that requested anonymity. Eddie Greenhalgh served as Marcus & Millichap’s broker of record in Alabama for the transaction. Situated about 36 miles from Talladega Superspeedway, Jacksonville Crossing was 67 percent leased at the time of sale to tenants including Dollar Tree, Baja California Grill, Cricket Wireless and Five Below, which recently signed a new 10-year lease at the center.
BIRMINGHAM, ALA. — TruCore Investments has purchased a 96,000-square-foot, Class B industrial facility located at 3230 Messer Airport Highway in Birmingham. The property had roughly 60,000 square feet of availability at the time of sale. The seller and sales price were not disclosed. Built in 1979, the concrete structure is situated on 4.4 acres and features 14 drive-in doors, 30 dock doors and 48 parking spaces. TruCore plans to improve the facility functionally and cosmetically, including an exterior refresh, as well as boost occupancy. The property represents TruCore’s first acquisition in Birmingham.