TRUSSVILLE, ALA. — Senior Living Investment Brokerage (SLIB) has arranged the $4.5 million sale of Sunrise Ridge, a 45-unit assisted living community in the Birmingham suburb of Trussville. Atlas Senior Living, based in Birmingham, bought the property from a local partnership. The community was built in 2009 and features additional land for expansion. Bradley Clousing of SLIB arranged the transaction.
MOBILE, ALA. — Marcus & Millichap’s Chetek Group has arranged the $32.5 million sale of Eastern Shore Plaza, a 270,105-square-foot retail power center located at 10200 Eastern Shore Blvd. in Mobile. Built in 2004, the property was 96 percent leased at the time of sale to tenants such as Ross Dress for Less, Old Navy, Michael’s, PetSmart, Cost Plus World Market, Dollar Tree and Ashley Furniture. Brett Chetek and Alex Perez of the Chetek Group, along with Andrew Chason of Marcus & Millichap, represented the seller, a private Alabama-based development group. Michael Fasano is Marcus & Millichap’s broker of record in Alabama. The buyer was undisclosed.
SYLACAUGA, ALA. — Corporate Property Dispositions and Avison Young have represented The Home Depot in its sale of 3.6 acres of land in Sylacauga. The site is situated adjacent to The Home Depot store along U.S. Highway 280. Elcan & Associates purchased the land to develop a Dollar Store and additional retail space. Keith Valentine of Corporate Property Disposition’s Atlanta office and Patrick Arnold of Avison Young brokered the sale. Valentine represented The Home Depot on previous land sales at this location for Zaxby’s and Captain D’s.
Don’t worry about challenging a property tax value that is less than the taxpayer’s purchase price, right? Wrong! There are numerous factors that distinguish a purchase price from a taxable assessed value, and the failure to closely review an assessment can cost a property owner dearly. The legal standard for determining property tax values can differ from state to state, but it is generally equivalent to fair market value. That is the probable price that the property would bring in a voluntary, arms-length transaction between a willing and knowledgeable buyer and seller, in an open and competitive market, with neither party being under undue duress, as of the valuation date. While it is possible for a purchase price to be the same or similar to market value, there are many instances where the two deviate. Here are some common examples: Related Parties Sales A sale is not an arms-length market transaction if it occurs between related parties and isn’t exposed to the open market. A sale between a company and its subsidiary, for example, may not reflect fair market value. Fee Simple vs. Leased Fee For property tax purposes, fair market value is most often based on the fee simple …
MOBILE, ALA. — Wool Finance Partners has arranged a $7.9 million construction loan for the development of a 101,000-square-foot Publix-anchored shopping center in Mobile. The shopping center is a joint venture between Charlotte-based MAB American Retail Partners LLC and Oak Brook, Ill.-based Inland Retail Centers LLC. Publix will occupy a freestanding, 39,000-square-foot store within the development. Matt Lebenson of Wool Finance arranged the two-year construction loan through an unnamed regional bank. The loan features a 55 percent loan-to-cost ratio and an extension option for the joint venture.
BIRMINGHAM, ALA. — Sentinel Asset Management has provided a $32.4 million acquisition loan for Brookwood Office Center, a nine-story, 169,459-square-foot office building located at 569 Brookwood Village in Birmingham’s Mountain Brook/Midtown submarket. The office building is situated on 5.1 acres within the Brookwood Village mixed-use development. Built in 2007, the property is fully leased to tenants such as Kinder Morgan, Merrill Lynch and PricewaterhouseCoopers. Jos. A. Bank and O’Henry’s Coffees lease the office building’s ground-floor retail space. Ed Coco and Matt Casey of HFF led the debt placement team that represented the borrower, an indirect subsidiary of Preferred Apartment Communities Inc. The 15-year loan features a fixed 3.52 percent interest rate.
BIRMINGHAM, ALA. — Birmingham-based Medical Properties Trust Inc. (NYSE: MPW) has agreed to invest $1.25 billion in Steward Health Care System LLC through the sale-leaseback of nine acute care hospitals operated by Steward, and through the acquisition of a limited equity stake in the company. The transaction includes $1.2 billion for the hospital real estate and a $50 million equity investment in Steward. Properties in the sale-leaseback include Saint Anne’s Hospital in Fall River, Mass.; Holy Family Hospital at Methuen in Methuen, Mass.; Holy Family Hospital at Haverhill in Haverhill, Mass.; Carney Hospital in Dorchester, Mass.; Norwood Hospital in Norwood, Mass.; St. Elizabeth’s Medical Center in Brighton, Mass.; Good Samaritan Medical Center in Brockton, Mass.; Nashoba Valley Medical Center in Ayer, Mass.; and Morton Hospital in Taunton, Mass., according to reports by CoStar Group. The portfolio totals nearly 1,800 beds. An affiliate of Cerberus Capital Management — owner of Steward Health Care — agreed to invest $150 million in MPW’s common stock in a private placement transaction concurrent with closing. Medical Properties Trust Inc. is a self-advised real estate investment trust focused on acquiring and developing net-leased healthcare facilities. The company’s stock closed at $14.99 per share on Monday, Sept. …
INVERNESS, ALA. — Branch Properties LLC has acquired two shopping centers in the Birmingham suburb of Inverness from Bayer Properties. The acquisitions include Inverness Corners, a 242,635-square-foot shopping center anchored by Winn-Dixie and Kohl’s; and Inverness Plaza, a 74,818-square-foot shopping center anchored by PGA Superstore and Planet Fitness. The adjacent centers were renovated last year. The sales price was not disclosed.
BIRMINGHAM, ALA. — Daniel Corp. has purchased the Financial Center office building, an 18-story, 311,201-square-foot tower located in downtown Birmingham’s Financial District. As part of the acquisition, Daniel Corp. will relocate its headquarters to the office building. Built in 1982, Financial Center is located at 505 20th St. North at the intersection of 20th Street and 5th Avenue. The seller was undisclosed, but AL.com reports Allegiance Realty Corp. purchased the asset in 2013 for an undisclosed price.
MADISON, ALA. — Metropolitan Capital Advisors has arranged $18.8 million in construction financing for Shepherd Living at the Range, a 124-bed assisted living and memory care community in the Huntsville suburb of Madison. Cobalt Seniors and Shepherd Health are co-developing the 91,000-square-foot community, which is situated on 13.7 acres. Kevan McCormack of Metropolitan Capital arranged the loan through an unnamed regional credit union.