Alabama

Cypress Equities Sells Eight Walmart Neighborhood Market Stores in Alabama, South Carolina

by John Nelson March 31, 2017

DALLAS — Cypress Equities has sold eight Walmart Neighborhood Market grocery stores in Alabama and South Carolina to an undisclosed REIT. Dallas-based Cypress Equities has served as a preferred developer in the Walmart Neighborhood Market build-to-suit program that was established in January 2014. In the past three years, Cypress has constructed and opened 20 Walmart Neighborhood Markets, and this sale represents the final disposition of the 20-store portfolio, which also includes stores in Texas. Listing brokers for the portfolio include Glen Kunofsky, Lauren Veres, Mike James and Don McMinn at Marcus & Millichap; Pat Luther, Matt Mousavi, Kyle Stonis and Ryan Hoff of SRS Real Estate’s National Net Lease Group; and Brad Moulder of Stan Johnson Co. The sales price and store locations were not disclosed.

March 31, 2017

Alabama Retail Southeast

TSCG Secures 45,000 SF Lease for Surge Trampoline Park in Auburn-Opelika Area

by Taylor Williams March 27, 2017

OPELIKA, ALA. — The Shopping Center Group has secured a 45,000-square-foot lease for Surge Trampoline Park, which provides trampoline-themed parties and entertainment, in Opelika, a city approximately 65 miles east of Montgomery. The new tenant joins Planet Fitness, CitiTrends and Dollar General at Pepperell Corners, a 210,000-square-foot retail center situated at 2560 Pepperell Parkway. The center, which is 80 percent leased, is undergoing a $3 million renovation program slated for summer completion.

March 27, 2017

Alabama Multifamily Southeast

Berkadia Closes $10.75M Sale of 181-Unit Multifamily Property in Huntsville

by Taylor Williams March 22, 2017

HUNTSVILLE, ALA. — Berkadia, an investment sales and advisory firm, has finalized the sale of Belmont Hill Apartments, a 181-unit apartment complex located at 240 Martin Road in Huntsville. David Wilson of Berkadia represented the seller, Boston-based Stratford Management Co., in the transaction. HKSK, a Brooklyn-based corporation, purchased the property, which was 82 percent occupied at the time of sale.

March 22, 2017

Alabama Mixed-Use Southeast

Bayer Properties Completes $70M Restoration of Mixed-Use Property in Birmingham

by Taylor Williams March 17, 2017

BIRMINGHAM, ALA. — Bayer Properties has completed its 24-month, $70 million restoration of The Pizitz, a mixed-use property located at 120 19th St. in downtown Birmingham. The building now features 143 one- and two-bedroom apartments, a 13-vendor food court, two full-service restaurants, two 100-seat theaters and 13,000 square feet of co-working space. Prior to the restoration, The Pizitz, which was originally built in the 1920s to house a department store, had been closed for 28 years. Leasing began in December 2016.

March 17, 2017

Alabama Office Southeast

CBRE Arranges $131.6M Sale of Office Campus in Birmingham

by John Nelson March 10, 2017

BIRMINGHAM, ALA. — CBRE has brokered the $131.6 million sale of 3535 Colonnade, a 669,438-square-foot, Class A office campus in Birmingham. Griffin Capital Corp. purchased the property from Zurich Alternative Asset Management. Southern Co. Services Inc. fully leased the office campus in 2016 on a long-term basis with plans to take occupancy in 2019. Guy Ponticiello, Bruce Westwood-Booth, Jeff Shell, Maury Vanden Eykel and Kyle Sals of CBRE’s Chicago office represented Zurich in the transaction.

March 10, 2017

Alabama Industrial Southeast

GCP Inks Four Leases Totaling 833,927 SF with Automotive Suppliers in Alabama

by John Nelson March 8, 2017

BIRMINGHAM AND HUNTSVILLE, ALA. — Birmingham-based GCP has closed four separate lease deals totaling 833,927 square feet with automotive suppliers in Birmingham and Huntsville. The landlord has signed Mercedes-Benz U.S. International Inc. to a 225,496-square-foot lease for parts storage at Shelby Commerce Park, a 1.5 million-square-foot industrial park in Birmingham’s Shelby County submarket. The lease brings the project to full occupancy. Two of Mercedes-Benz’s vendor companies, Antolin Alabama Inc. and Neovia Logistics Services LLC, signed leases at GCP-Gazelle II within Jefferson Metropolitan Park in Birmingham’s I-20/59 West industrial submarket. Antolin Alabama signed for 240,240 square feet and expects to start operations at GCP-Gazelle II in late 2017, and Neovia Logistics Services renewed its 160,160-square-foot lease at the facility. In Huntsville, Navistar Inc. has renewed its 208,031-square-foot lease at GCP’s Airport Distribution Center.

March 8, 2017

Alabama Multifamily Southeast Student Housing

EdR Purchases Student Housing Community Near Auburn University

by John Nelson March 1, 2017

AUBURN, ALA. — EdR has acquired 319 Bragg, a 305-bed student housing community located within walking distance of the Auburn University campus in Auburn. Built in 2014, the property offers two-, three-, four- and five-bedroom units. Community amenities include a study lounge with individual study rooms, 24-hour fitness center, resort-style pool with cabanas, dog park and access gates. Ryan Lang of ARA Newmark’s Student Housing Group represented the seller, Barrett Development Group, in the transaction. The sales price was undisclosed.

March 1, 2017

Alabama Retail Southeast

The Shopping Center Group Arranges Leases for Academy Sports, PetSmart in Northwest Alabama

by John Nelson February 23, 2017

FLORENCE, ALA. — The Shopping Center Group has arranged leases for Academy Sports + Outdoors and PetSmart this fall at Florence Square in Florence. The 63,000-square-foot Academy Sports and 18,500-square-foot PetSmart will replace a former Kmart at the property this fall. Other tenants at Florence Square include T.J. Maxx, Essex Bargain Hunt, Tuesday Morning, The UPS Store, Cici’s Pizza and H&R Block. Outparcel tenants include Wells Fargo and Bojangles. The owner, a joint venture between Triangle Capital Group and Arcadian Cap Group LLC, is planning a $15.3 million redevelopment of the 241,000-square-foot center. The ownership has engaged Mobile, Ala.-based Delaney Property Group LLC to co-develop the remerchandising.

February 23, 2017

Alabama Mixed-Use Southeast Top Stories

White-Spunner, Poarch Band of Creek Indians to Deliver First Phase of $500M Resort in Alabama

by John Nelson February 23, 2017

FOLEY, ALA. — White-Spunner Construction (WSC) and the Poarch Band of Creek Indians are underway on OWA, a $500 million entertainment and retail district in Foley, a town in south Alabama near the Gulf of Mexico. WSC is constructing 154,000 square feet of retail and dining space for the $240 million first phase of OWA, which is set to open this summer. Phase I of OWA will also feature a themed amusement park and a 150-room Marriott TownePlace Suites hotel. Future phases call for a water park, additional hotels and a resort-level RV park. “This will be an exciting new family-friendly destination for locals and visitors alike in Baldwin County,” says John White-Spunner, president of WSC. “We’re proud to be a part of such an innovative entertainment concept that will bring thousands of new jobs and draw more tourism to the Gulf Coast.” When completed, the OWA development is expected to generate nearly 3,500 direct and indirect jobs and draw about 1 million visitors a year. Plans call for the development to include three themed districts that offer shopping, dining and other entertainment. Located off the Foley Beach Express and County Road 20, OWA is nine miles from Gulf Shores …

February 23, 2017

Alabama Hospitality Southeast

Hilton Opens New Homewood Suites by Hilton Hotel in Downtown Birmingham

by John Nelson February 20, 2017

BIRMINGHAM, ALA. — Hilton Worldwide has opened the new 105-room Homewood Suites by Hilton Birmingham Downtown near University of Alabama at Birmingham and Five Points South District. Wyatt Construction recently completed the hotel on behalf of the owner, AUM Enterprise Inc. Located at 1016 20th St. in downtown Birmingham, the hotel features studio and one-bedroom suites with kitchens and separate living and sleeping areas. Amenities include an indoor swimming pool, fitness center, game room, complimentary breakfast and a free shuttle within a seven-mile radius of the hotel.

February 20, 2017

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