Alabama

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

Alabama Retail Southeast

Colliers Brokers $12M Sale of Hoover Retail Property Leased to Field & Stream

by John Nelson February 17, 2017

HOOVER, ALA. — Colliers International has negotiated the $12 million of a 50,000-square-foot store along Interstate 495 in Hoover leased to Field & Stream, an outdoor gear retailer brand owned by Dick’s Sporting Goods. A private buyer purchased the asset from an undisclosed seller. Tony D’Ambrosio and Joe Montgomery of Colliers’ Southeast Retail Investment team represented the seller in the transaction.

February 17, 2017

Alabama Retail Southeast

Colliers Brokers $14.4M Sale of Shopping Center in Auburn

by John Nelson February 10, 2017

AUBURN, ALA. — Colliers International has brokered the $14.4 million sale of The Crossroads of Opelika, a 33,378-square-foot shopping center located at 2025 Interstate Drive in Auburn. The property’s tenant roster includes Chipotle Mexican Grill, Aspen Dental, Mattress Firm and AT&T. Bond Street Advisors Inc. purchased the center for more than $430 per square foot. Josh Randolph of Colliers International’s Birmingham office represented the undisclosed seller in the transaction.

February 10, 2017

Alabama Retail Southeast

L&B Realty Advisors Acquires Whole Foods-Anchored Center in Metro Birmingham

by John Nelson February 6, 2017

MOUNTAIN BROOK, ALA. — L&B Realty Advisors has purchased Cahaba Village, a 115,180-square-foot shopping center located along US 280 in the Birmingham suburb of Mountain Brook. The company purchased the property free and clear of existing debt for an undisclosed price on behalf of an institutional separate account client. Cahaba Village’s tenant roster includes Whole Foods Market, Mountain High Outfitters and Bryant Bank. Jim Hamilton, Richard Reid, Barry Brown, Ryan Shore, Mike Allison and Brad Buchanan of HFF represented the undisclosed seller in the transaction. Birmingham-based Bayer Properties developed Cahaba Village in 2007 and sold it to Clarion Partners in 2010, according to the Birmingham Business Journal.

February 6, 2017

Alabama Retail Southeast

Topgolf Expands in Alabama with New Huntsville Location

by John Nelson January 31, 2017

HUNTSVILLE, ALA. — Topgolf has confirmed Huntsville as its second location in Alabama. Topgolf will be located on the property that RCP Cos. is redeveloping into MidCity. Construction on the 53,000-square-foot Topgolf will begin in March, with an expected opening in late December 2017 or early January 2018. Topgolf will create 325 full- and part-time jobs at the new Huntsville location. The new three-level venue will feature 1,500 square feet of private event space and 72 climate-controlled hitting bays that can host up to six players at one time. Each venue features chef-driven food and beverage menu, music, private rooms for corporate and social events and hundreds of HD TVs.

January 31, 2017

Alabama Florida Seniors Housing Southeast

SLIB Brokers Sale of Two Seniors Housing Communities in Alabama, Florida

by John Nelson January 25, 2017

PRATTVILLE, ALA., AND ORMOND BEACH, FLA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of seniors housing communities in Alabama and Florida. In the first transaction, SLIB arranged the sale of Green Springs, a 32-unit assisted living community in the Montgomery suburb of Prattville. The 4.5-acre site will allow future expansion of the community. In the second transaction, SLIB arranged the sale of Seasons by Riviera, a 36-unit memory care community in Ormond Beach, a coastal town located between Jacksonville and Orlando. The buyer intends to re-open the vacant community. Bradley Clousing of SLIB brokered both transactions. The sales prices were undisclosed.

January 25, 2017

Alabama Florida Retail Southeast

Plaza Advisors Brokers $51M Sale of Shopping Center Portfolio in Florida, Alabama

by John Nelson January 16, 2017

TAMPA, FLA. — Tampa-based Plaza Advisors has brokered the $51 million sale of three Publix-anchored shopping centers totaling nearly 300,000 square feet in Florida and Alabama. The assets include Magnolia Plaza in Panama City Beach, Fla.; Palmer Ranch in Sarasota, Fla.; and Magnolia Place in Daphne, a suburb of Mobile, Ala. The shopping centers had an average occupancy rate of 98 percent at the time of sale. Jim Michalak and Mike Cvetetic of Plaza Advisors were the sole brokers involved and represented the seller, which developed all three shopping centers. The buyer was undisclosed.

January 16, 2017

Alabama Loans Retail Southeast

Bank of America Provides Refinancing for The Summit in Birmingham

by John Nelson January 11, 2017

BIRMINGHAM, ALA. — Bank of America has funded the refinancing of The Summit, a 1 million-square-foot trophy retail development in Birmingham. Built in phases in 1997 and 2009, The Summit’s retail tenant roster includes Apple, Trader Joe’s, Restoration Hardware, Carmike Cinemas, Bed Bath & Beyond, lululemon athletica, Anthropologie and West Elm. Restaurant tenants include P.F. Chang’s, Seasons 52, Cheesecake Factory, Macaroni Grill and California Pizza Kitchen. Situated on 102 acres at 125 Summit Blvd., The Summit is bordered by U.S. 280, I-459 and Cahaba Heights Road and was 99 percent leased at the time of financing. Jim Curtin led HFF’s debt placement team to place the 10-year, fixed-rate loan through Bank of America. The loan amount was not disclosed. The borrowing entity, a partnership between The Summit’s developer Bayer Properties LLC and Institutional Mall Investors LLC, which is a co-investment venture between Miller Capital Advisory Inc. and CalPERS, will use the loan proceeds to refinance an existing loan.

January 11, 2017

Alabama Multifamily Southeast

Berkadia Arranges $9.9M Sale of Two Apartment Communities in Huntsville

by John Nelson January 11, 2017

HUNTSVILLE, ALA. — Berkadia Real Estate Advisors has brokered the $9.9 million sale of two apartment communities in Huntsville totaling 375 units. The properties include the 223-unit Hillside Village at 4515 Bonnell Drive and the 152-unit Twickenham Village at 5001 Galaxy Way. David Oakley, David Etchison and David Wilson of Berkadia’s Birmingham office represented the sellers, Huntsville-based Hillside Village LLC and Twickenham Village LLC, in the transaction. The buyer, Huntsville-based VCP Twickenham LLC, plans to upgrade the interior and exterior of the communities, which were both built in 1985.

January 11, 2017

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