Alabama

Love Funding Provides $11.8M Loan for Historic Office Building Conversion in Montgomery

by Camren Skelton September 12, 2017

MONTGOMERY, ALA. — Love Funding, a subsidiary of Effingham, Ill.-based Midland States Bank Inc., has provided an $11.8 million loan for the conversion of an historic office building in downtown Montgomery into Historic Bell Lofts. The apartment community will offer 88 one- and two-bedroom units, as well as 4,478 square feet of commercial space. Constructed in 1907, the 12-story tower, formerly known as the Bell Building, is on the National Register of Historic Places. Holly Bray of Love Funding secured the funding through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program, which is HUD’s flagship product for financing the construction and/or redevelopment of market-rate and affordable housing communities. The transaction was supported by federal historic tax credit equity from National Trust Community Investment Corp. and state historic tax credits purchased by First Partners Bank. Red Leaf Development LLC and MAL LP, in conjunction with WDG Construction and Development Services, are developing the property. Rosemann & Associates is designing the community.

September 12, 2017

Alabama Florida Illinois Industrial Michigan Midwest Minnesota Southeast Top Stories

Brennan Investment, Arch Street Acquire $100M Industrial Portfolio in Midwest, Southeast

by Taylor Williams September 11, 2017

CHICAGO AND GREENWICH, CONN. — A joint venture (JV) between Chicago-based Brennan Investment Group and Greenwich-based Arch Street Capital Advisors LLC has acquired a portfolio of 11 industrial properties totaling roughly 2.5 million square feet. The portfolio is valued at approximately $100 million. The properties are located in various markets throughout the Midwest and Southeast, including Chicago, Minneapolis and Grand Rapids, Mich., as well as Jacksonville, Fla., and Birmingham, Ala. The transaction marks the JV’s sixth acquisition since its formation in 2011. Since that time, it has acquired more than $1 billion in single-tenant, net-leased industrial properties. “This acquisition represents the breadth and depth of our net-lease platform,” says Michael Brennan, chairman and managing principal of Brennan. “We have the ability to both acquire large portfolios and to aggregate individual long-term, net-lease assets and can invest across the U.S. in both long- and short-duration net-leased properties with an emphasis on mission-critical assets.” The JV will continue to target investment opportunities involving all types of industrial properties, including assembly plants, research and development facilities and distribution centers. Specifically, it will pursue properties that are located in a top 100 market, have a remaining lease term of at least 10 years and …

September 11, 2017

Alabama Industrial Southeast

HDA Architects Announces Delivery of 72,000 SF Distribution Center for Adams Beverages in Alabama

by Camren Skelton September 8, 2017

OPELIKA, ALA. — HDA Architects has announced that the construction of a 72,000-square-distribution center for Adams Beverages Inc. in Opelika is now complete. The building design utilizes brick, cast stone, tilt-up concrete and reclaimed wood. Adams Beverages is a full-service beer and non-alcoholic beverage distributor and a family-owned Anheuser-Busch wholesaler. HDA has designed over 150 beverage distribution centers nationwide with a team of six St. Louis-based companies: Gabriel Project Management, Murphy Co., Kasier Electric, Grimes Consulting, Color-Art and Alper Audi. McShane Construction Co. provided construction services for the project, which features a cold storage component.

September 8, 2017

Alabama Office Southeast

Patriot Equities Acquires 590,000 SF Office Portfolio in Suburban Birmingham

by Camren Skelton August 24, 2017

HOMEWOOD, ALA. — Patriot Equities LP has acquired 200, 210 and 220 Wildwood Parkway, three office buildings totaling 590,000 square feet in Homewood, roughly five miles south of Birmingham. The Class A buildings are situated on a 45-acre campus at the corner of Interstate 65 and Lakeshore Parkway. Patriot Equities purchased the portfolio from Wells Fargo for an undisclosed price. As part of the transaction, Wells Fargo agreed to a long-term leaseback for a portion of the campus whereby the company will occupy all of Building 220 and 50 percent of Building 200. The portfolio features conference facilities, a cafeteria and a 1,600-space parking deck, in addition to surface parking. Renamed Patriot Midtown Park, Patriot Equities has plans for capital improvements including lobby upgrades, restroom renovations, exterior enhancements and construction of a fitness center.

August 24, 2017

Alabama Multifamily Southeast

Inland Residential Trust Acquires 332-Unit Apartment Community in Montgomery

by Camren Skelton August 8, 2017

MONTGOMERY, ALA. — Inland Residential Properties Trust Inc. has purchased The Verandas at Mitylene, a 332-unit multifamily community located at 8850 Crosswind Drive in Montgomery. Mark Cosenza of Inland Real Estate Acquisitions and Brett Smith of The Inland Real Estate Group LLC represented Inland Residential Trust in the transaction. Constructed in 2007, The Verandas at Mitylene comprises 14 three-story buildings and includes a mix of one-, two- and three-bedroom units. The property also features a clubhouse, 24-hour fitness center, playground, car care center, business center and a swimming pool. The asset was 91 percent occupied as of June 30.

August 8, 2017

Alabama Mixed-Use Southeast

Heritage Land & Development to Build 225,000 SF Mixed-Use Project in Downtown Mobile

by Camren Skelton August 3, 2017

MOBILE, ALA. — Heritage Land & Development has unveiled plans for Merchant Plaza, a 225,000-square-foot mixed-use project in downtown Mobile. Formerly known as Merchants National Bank, the historic landmark spans an entire city block and will include 80,000 square feet of Class A office space; 26,000 square feet of commercial, retail and restaurant space; and roughly 82 loft apartments. NAI Mobile and Harbert Realty Services will handle the development’s leasing assignment and property management, respectively.

August 3, 2017

Alabama Multifamily Southeast

Cortland Partners, Harbert Realty to Break Ground on 318-Unit Multifamily Development in Birmingham

by Camren Skelton August 3, 2017

BIRMINGHAM, ALA. — Cortland Partners and Harbert Realty Services will break ground on Thursday, Aug. 17 for Vesta, a 318-unit apartment community situated at 2173 Highland Ave. S. in Birmingham. The project will include a 17-story concrete high-rise, five-story wood-frame mid-rise, 522-space parking garage and 6,500 square feet of ground-floor retail space. Residential units will feature one- and two-bedroom floor plans with an average size of 839 square feet. Amenities will include a rooftop pool and lounge, fitness center, yoga studio and a sun terrace. Vesta was designed by Smallwood Reynolds Stewart and Stewart, and is being built by B.L. Harbert International, an affiliate of the Harbert Corp., and Cortland Improvements, a division of Cortland Partners. Bill Leffler of CBRE arranged construction financing through Citizens Bank and ACRE Investment Real Estate Services. Vesta marks Harbert Realty Services’ first multifamily project.

August 3, 2017

Alabama Multifamily Southeast

Cushman & Wakefield Arranges Sale of Multifamily Portfolio in Mobile

by Camren Skelton July 18, 2017

MOBILE, ALA. — Cushman & Wakefield has brokered the sale of Mobile Midtown, a multifamily portfolio in Mobile. The portfolio consists of three properties — Bel Air, Estates at Lafayette Square and Pine Bend & The Hamptons — totaling 1,329 units. Cushman & Wakefield’s Jimmy Adams represented the seller, Toronto-based Morguard North America Residential REIT, in the sale to New York-based Lightstone. The sales price was not disclosed.

July 18, 2017

Alabama Hospitality Southeast

Hotel Equities Opens 161-Room Hotel on Alabama’s Gulf Coast

by Camren Skelton July 17, 2017

ORANGE BEACH, ALA. — Hotel Equities has opened Island House Hotel Orange Beach — a DoubleTree by Hilton hotel, located at 26650 Perdido Beach Blvd. in Orange Beach. The Atlanta-based company completed a multimillion-dollar renovation prior to opening. The 10-story, 161-room hotel features 6,000 square feet of meeting, ballroom and banquet space and is located on a private beach on Alabama’s Gulf Coast.

July 17, 2017

Alabama Market Reports Multifamily Southeast Southeast Market Reports

Job Growth, Limited Deliveries Elevate Birmingham Apartment Market’s Outlook

by John Nelson June 26, 2017

Urban submarkets have largely carried the Birmingham multifamily market’s recovery. However, going forward investors will look to capitalize on greater yields in suburban submarkets. Despite rising rents, absorption continues to climb and concessions are falling off. Greater absorption metrics will be a recurring theme this year as rising construction costs and tightening access to capital constrain new development. Supportive Economy Birmingham’s economy added 8,000 net jobs year-over-year as of December 2016, growing at an accelerated rate of 1.6 percent. Further, unemployment remains low at 5.4 percent. Industries such as transportation, education, healthcare, government, and finance are at the forefront of job growth in the market, accounting for 75 percent of the net jobs added. Moody’s projects that the metro will add more than 24,000 net jobs through 2020, expanding by approximately 4.7 percent. Recent expansion announcements in the market reaffirm this trend, including the Project Sunrise deal that will create 746 manufacturing jobs via a $120 million investment in the former Meadowcraft facility. Another needle-moving deal is Mercedes-Benz U.S. International’s $1.3 billion plant expansion in Vance, which has resulted in automotive suppliers growing their footprint in the market. For instance, Eissmann Group Automotive recently added 200 jobs in nearby Pell …

June 26, 2017

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