Alabama

Dave & Buster’s to Open at $350M MidCity Development in Huntsville

by Camren Skelton March 5, 2018

HUNTSVILLE, ALA. — RCP Cos. has signed Dave & Buster’s to its MidCity project, a $350 million mixed-use development under construction in Huntsville. The 140-acre project is a redevelopment of the former Madison Square Mall. Dave & Buster’s joins tenants such as Topgolf, which opened in December; High Point Climbing and Fitness, currently under construction; and Adrenaline Zone, which is expected to break ground this summer. The 26,500-square-foot Dave & Buster’s is expected to open in July 2019 and will be the entertainment retailer’s second location in Alabama. At full build-out, MidCity will include 345,000 square feet of street-level retail and restaurant space, 200,000 square feet of office space, 500 hotel rooms and 900 residences. In addition, the development will include a 38-acre public park.

March 5, 2018

Alabama Retail Southeast

SRS Arranges $10.5M Sale of 97,189 SF Shopping Center in Montgomery

by Camren Skelton March 2, 2018

MONTGOMERY, ALA. — SRS Real Estate Partners has arranged the $10.5 million sale of Twin Oaks, a 97,189-square-foot shopping center located at 2717-2787 Eastern Blvd. in Montgomery. Kyle Stonis and Pierce Mayson of SRS arranged the transaction on behalf of the seller, RCG-Montgomery LLC. PDQ Acquisitions Corp. acquired the asset. At the time of sale, Twin Oaks was 97 percent leased to tenants such as T.J. Maxx, Party City, Dollar General, Hibbett Sports, Catherines, Leslie’s Pool Supplies and Jackson Hewitt.

March 2, 2018

Alabama Multifamily Southeast

Berkadia Brokers $6.4M Sale of Two Multifamily Communities in Northeast Alabama

by Camren Skelton February 27, 2018

GADSDEN, ALA. — Berkadia has brokered the $6.4 million sale of two multifamily communities in Gadsden: Pine Ridge and Williamsburg. David Wilson and David Oakley of Berkadia arranged the transaction on behalf of the seller, an affiliate of Strategic Diversified Management Inc., which is based in California. Birmingham-based Abaco Partners LLC acquired the assets. Pine Ridge, a 112-unit community constructed in 1979, offers a mix of one- to three-bedroom units ranging in size from 680 to 1,160 square feet. Williamsburg, constructed in 1973, offers 60 two-bedroom townhomes averaging 1,200 square feet. Over 70 percent of the unit interiors at Williamsburg were renovated in the 18 months prior to the sale. Both properties feature swimming pools and on-site management.

February 27, 2018

Alabama Multifamily Southeast Student Housing

CREI Sells 574-Bed Student Housing Community Near Auburn University

by Camren Skelton February 14, 2018

AUBURN, ALA. — Capstone Real Estate Investments LLC (CREI) has sold Eagles South Apartments, a 574-bed student housing community located roughly two miles from the Auburn University campus in Alabama. Aspen Heights acquired the property for an undisclosed price. The community offers one- and two-bedroom units with bed-to-bath parity. Shared amenities include a 24-hour fitness center, barbecue grills and picnic areas, a pool, computer lab, outdoor fireplace, clubhouse, sand volleyball courts and a dog park.

February 14, 2018

Alabama Hospitality Southeast

White-Spunner Construction to Deliver $15M Hampton Inn & Suites Near Mobile

by Camren Skelton February 5, 2018

SARALAND, ALA. — Mobile-based general contractor White-Spunner Construction is underway on a new 101-room Hampton Inn & Suites in Saraland, roughly 12 miles north of Mobile. The $15 million hotel will replace a previous Hampton Inn that closed in 2017, and will be one of the first to feature the newest Hampton design for the brand. In addition, the hotel will feature 900 square feet of meeting space, an outdoor pool, fitness center, sundry shop and a business center. The hotel is expected to open in October.

February 5, 2018

Alabama Industrial Loans Southeast

GCP Secures $60M Refinancing from MetLife for Seven-Property Industrial Portfolio in Southeast

by Camren Skelton February 2, 2018

BIRMINGHAM, ALA. — Birmingham-based GCP has secured a $60 million loan from MetLife for the refinancing of a seven-property industrial portfolio located throughout Atlanta, Charlotte, Alabama and Florida. Speake Financial advised GCP on the 10-year, fixed-rate loan. The properties comprise nearly 1.8 million square feet of GCP’s 7.2 million square foot inventory across the Southeast. The refinanced portfolio includes Progress Center and Troon Circle in Atlanta, which total 611,200 square feet; the 465,0000-square-foot Twin Lakes in Charlotte; and four properties across Alabama and Florida totaling 707,834 square feet.

February 2, 2018

Alabama Industrial Southeast

Mazda, Toyota Select Huntsville for New $1.6B Auto Manufacturing Plant

by Camren Skelton January 18, 2018

HUNTSVILLE, ALA. — Mazda and Toyota leaders have selected Huntsville as the site of their new joint venture auto manufacturing plant. The automakers will invest $1.6 billion in the facility, located approximately 14 miles from Toyota’s existing Huntsville plant. The new plant will have the capacity to build 300,000 vehicles annually, with production split evenly between the two lines for each company to produce the Toyota Corolla and Mazda’s crossover model that will be newly introduced to the North American market. The facility is expected to create up to 4,000 jobs, and production is expected to begin by 2021. The joint venture plant marks the 11th U.S. manufacturing facility for Toyota.

January 18, 2018

Alabama Multifamily Southeast

Cushman & Wakefield Brokers $28.3M Sale of Apartment Community in Birmingham

by Camren Skelton January 18, 2018

BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $28.3 million sale of Chace Lake Villas, a 264-unit apartment community in Birmingham. Jimmy Adams and Josh Jacobs of Cushman & Wakefield arranged the transaction on behalf of the seller, Bluerock Real Estate. Myers Apartment Group acquired the property. Constructed in 1996, Chace Lake Villas is situated within walking distance to more than 2 million square feet of retail space, including Riverchase Galleria and Patton Creek Shopping Center. Community amenities include a 24-hour fitness center, resort-style swimming pool, lighted tennis court, clothing care center and a car care center.

January 18, 2018

Alabama Multifamily Southeast

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

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