DAPHNE, ALA. — SRI Management has opened Seagrass Village of Daphne, an independent living and assisted living community in the Gulf Coast city of Daphne. The property offers 45 independent living apartments, 45 independent living villas and 45 assisted living apartments across a 184,000-square-foot building. Project partners include Sage Development Group, Arrive Architecture Group, Lori Bates Interiors and EMJ Construction.
OPELIKA, ALA. — Arey Group has begun leasing The Taylor, a 198-unit apartment community underway at 411 S. 10th St. in historic downtown Opelika, about seven miles from Auburn, Ala. Designed by Geheber Lewis Associates, the property will feature one-, two- and three-bedroom apartments available at monthly rates starting at $1,250. Focus Design Interiors designed the apartments, which will feature stainless steel appliances, quartz countertops and black and wood tone accents. Amenities will include a fitness center and an entertainment area. Arey Group plans to deliver The Taylor in the third quarter.
FLORENCE, ALA. — Birmingham-based Oakley Group has acquired Deerfield Place, a 110-unit apartment community located at 137 Deerfield Place in Florence. Built in 2018 and totaling 137,500 net rentable square feet, the property comprises 13 one- and two-story buildings. Pinehurst Investments, the original developer, sold the community to Oakley Group for an undisclosed price. David Sizemore of CommerceOne Bank arranged acquisition financing on behalf of the buyer in the form of a fixed-rate, five-year loan. The property was 95 percent occupied at the time of sale. Oakley Group plans to implement improvements to the community, including the addition of a fitness center and outdoor gathering place. Arlington Properties will continue to serve as the onsite management firm on behalf of the new owner.
BIRMINGHAM, ALA. — Coca-Cola Bottling Co. United Inc. has announced plans to invest $330 million in the construction of a new office and warehouse facility located in the Kingston neighborhood of Birmingham. Coca-Cola United is a Birmingham-based bottler of Coca-Cola products, and the Coca-Cola Co. does not own any part of the company. Plans for the development include a 150,000-square-foot office complex and a 300,000-square-foot warehouse. The warehouse will feature a Vertique case picking system, which is designed to increase the efficiency of packing cases for order fulfillment. The facility will serve as the Birmingham Coca-Cola sales center, as well as Coca-Cola United’s corporate, Central region and North Alabama division headquarters. The property will also house the company’s Classic Food and Vending arm, customer solutions center and services department. A development timeline was not disclosed. Coca-Cola United purchased the development site in 2013. The land previously housed the Stockham Valves and Fittings plant, which closed in 1998. According to Alabama Gov. Kay Ivey, the project will create up to 50 new jobs and retain over 750 positions. “For over 120 years, Coca-Cola United has been a stand-out member of Birmingham’s business community,” says Ivey. “Coca-Cola United’s landmark growth project will create new …
DAPHNE, ALA. — SRS Real Estate Partners has negotiated the $3.8 million ground lease sale of a newly built gas station and convenience store located at 26072 Highway 181 in Daphne, about 13 miles east of Mobile, Ala. Circle K has a 15-year, corporate-guaranteed lease in place at the 5,200-square-foot property, which is situated on a two-acre site at the intersection of State Highway 181 and Daphne Road. Patrick Nutt and William Wamble of SRS represented the seller, a Southeast-based development group, in the transaction. The buyer, a local private investor, purchased the property at a 5.5 percent cap rate, according to SRS. Both the buyer and seller requested anonymity.
AUBURN, ALA. — Muinzer, alongside capital partner T2 Capital Management, has acquired Evergreen Auburn, a 486-bed student housing community located near Auburn University in Alabama. The property was recently renovated and offers units in one-, two- and four-bedroom configurations. Shared amenities include a 24-hour fitness center, swimming pool, computer lounge, clubhouse, dog park, hot tub, fire pit and a coffee bar. The student housing community is 88 percent preleased for the 2024-2025 academic year. Terms of the transaction and the seller were not disclosed.
HARTSELLE, ALA. — MAG Capital Partners has purchased a 105,986-square-foot manufacturing facility located at 1101 Young Drive SE in Hartselle, a city in northern Alabama. The Dallas-based investor purchased the single-story asset from the tenant, Excel Interior Door, a manufacturer of interior wooden doors. Daniel Macks and Phil DiGennaro of Stream Realty Partners represented the seller in the sale-leaseback transaction, the terms of which were not released. Situated on a 10-acre site, the facility features 20-foot clear heights, four loading docks and 22 grade-level doors.
MCCALLA, ALA. — Graham & Co. has negotiated the $13 million sale of a 111,983-square-foot distribution and manufacturing facility located in McCalla, about 20 miles southwest of Birmingham. The building, which is fully leased to auto supplier MOBIS, features 30-foot ceiling heights, 21 dock-high doors, ESFR sprinklers and a 130-foot truck court. Sonny Culp of Graham & Co., along with Doug Longyear of Cushman & Wakefield, brokered the transaction. PMUDO Alabama LLC purchased the facility from the developer, an entity doing business as AMR REIT Prestige Industrial II LLC. Built in 2022, the property is situated on 11 acres within Jefferson Metropolitan Industrial Park off I-20.
By Henry Graham of Graham & Co. As a reminder to those who may have missed my colleague Sonny Culp’s article from last year, 2021 and 2022 saw the delivery of more than 10 sizable build-to-suits to the Birmingham/Central Alabama region. Such rapid growth in the industrial sector grabbed the attention of larger industrial developers that have generally allowed Birmingham to fly under the radar. Case-in-point, in the years from 2008 through 2016, the greater Birmingham metropolitan area was essentially devoid of any speculative industrial development. Instead, the pipeline of industrial projects was centered around owner-occupied spaces and the occasional build-to-suit related to the automotive sector or light manufacturing. On the tailwinds of the recent build-to-suit frenzy and COVID-fueled supply demands, Birmingham experienced a flurry of speculative activity in 2022 and 2023 as regional and even national developers like Scannell Properties tested the waters alongside Alabama-based industrial developers. Along a half-mile stretch of Daniel Payne Industrial Boulevard that sits just north of the central business district (CBD) and not far from the intersection of I-65 and I-20/59, four Class A spec buildings came up in rapid succession totaling 737,000 square feet. Two of those buildings are now fully leased …
FULTONDALE, ALA. — SRS Real Estate Partners has arranged the $6.6 million sale of a single-tenant retail property located at 3321 Lowery Park in Fultondale, a suburb of Birmingham. The tenant, Ashley Furniture, purchased the store exercising its right of first refusal. Situated on four acres and built in 2007, the store serves as an outparcel to Promenade Fultondale, a shopping center anchored by Target. Matthew Mousavi and Patrick Luther of SRS Real Estate’s Newport Beach office, along with Martin Smith of the firm’s Birmingham office, represented the privately based seller in the transaction.