HOOVER, ALA. — AloStar has provided a $16.8 million acquisition loan for The Cliffs at Rocky Ridge, a 323-unit apartment community in Hoover. AloStar provided the loan to Elmington Capital Group, a Nashville-based commercial real estate investment and development firm.
ALABASTER, ALA. — Marcus & Millichap has brokered the $12.7 million sale of Whitestone Shopping Center, a 70,065-square-foot, Publix-anchored shopping center located at 9200 Highway 119 in Alabaster. Built in 2004, the shopping center was 97 percent leased at the time of sale to tenants such as ABC Liquor, Premier Cosmetic and Family Dentistry, Alabaster Eye Care, Jackson Hewitt, Subway and Palm Beach Tan. Also included in the sale was a 9,260-square-foot outparcel currently leased to Buddy’s Home Furnishings. The buyer, Publix Super Markets Inc., was represented internally. Andrew Chason and Brett Chetek of Marcus & Millichap’s St. Louis office represented the seller, a limited liability company based in Montgomery, Ala., in the transaction. Eddie Greenhalgh of Marcus & Millichap’s Mobile office is the firm’s broker of record in Alabama.
BIRMINGHAM, ALA. — Berkadia has brokered the sales of four apartment communities in metro Birmingham totaling $66.3 million. The properties include the 323-unit Cliffs at Rocky Ridge in Hoover and a portfolio of three communities known as the BHM 3Core Portfolio. The three properties in the portfolio include the 241-unit Abbey at Wisteria Crest in Hoover, the 198-unit Abbey at Lakeshore in Birmingham and the 120-unit Abbey at Vestavia Falls in Vestavia. David Oakley and David Etchison of Berkadia’s Alabama office brokered the transactions.
MOBILE, ALA. — Marcus & Millichap has brokered the $11.2 million sale of a 41,117-square-foot Walmart Neighborhood Market located at 1300 N. University Blvd. in Mobile. The store is situated less than two miles from the University of South Alabama and features a 20-year lease term with Walmart. Glen Kunofsky of Marcus & Millichap’s Manhattan office and Mike James of the firm’s Encino, Calif., office represented the seller, a major national developer, in the transaction. Eddie Greenhalgh of Marcus & Millichap’s Birmingham office is the firm’s broker of record in Alabama.
BIRMINGHAM, ALA. — Bayer Properties has plans to add a food hall on the ground floor of the historic Pizitz building in downtown Birmingham. The $66 million renovation of the circa 1923 department store building began in 2015. The Pizitz Food Hall will feature food and beverage options, two full-service restaurants, an outdoor seating and entertainment area and an interior bar. The food hall will also serve as an incubator for Birmingham’s up-and-coming chefs, with one of the stalls rotating quarterly to feature a new and different chef. Rule Joy Trammel + Rubio has been hired as the architect for the food hall, whose experience includes Krog Street Market in Atlanta. When complete, the Pizitz building will feature 143 rental apartment residences, 11,000 square feet of office space, The Pizitz Food Hall and an entertainment component in the basement. The Pizitz Food Hall will open concurrently with the project’s residential component in fall 2016.
BIRMINGHAM, ALA. — Cushman & Wakefield’s Atlanta retail investment advisors group has brokered the $25 million sale of Village at Lee Branch II, a 223,100-square-foot shopping center in Birmingham. Monarch Investments purchased the property from Rushmore Properties, a private real estate investment firm based in Chicago. Located at the intersection of U.S. Route 280 and Doug Baker Boulevard, the shopping center’s tenant roster includes Hobby Lobby, Carmike Theaters, Baumhower’s, Taziki’s Café, The Melting Pot and Sport Clips. The sale included several undeveloped pad sites. Mark Joines, Drew Fleming and Fain Hicks of Cushman & Wakefield’s Atlanta office, along with Mark Gilbert of the firm’s Miami office, represented the seller in the transaction.
BIRMINGHAM, ALA. — SK Commercial Realty represented Seavest Healthcare Properties in the acquisition of the 208,000-square-foot Grandview Physicians Plaza in Birmingham. The newly constructed, Class A medical office building is located on the Grandview Medical Center campus. The facility features an imaging center, multiple clinical spaces and physician offices covering several medical disciplines. Daniel Corp. sold the property to Seavest for an undisclosed price.
ORLANDO, FLA. — CBRE Capital Markets’ debt and structured finance team in Orlando has secured a total $67.3 million in permanent financing for four separate properties in Alabama, Mississippi and Florida. Glenn Housman of CBRE led the team that arranged the loans on behalf of four separate investment groups. The properties include the 321-unit Abbey at Riverchase in Hoover, Ala.; the 218-unit Arbor Landing on the River in Biloxi, Miss.; the 202-unit Redmont Gardens in Mountain Brook, Ala.; and the 135-unit Summer Glenn in Jacksonville, Fla. The financing includes a $25.3 million Fannie Mae loan that the borrower, Abbey Residential, will use to take out the construction/renovation loan for Abbey at Riverchase; a $22.2 million Fannie Mae loan that the borrower, Arbor Properties Inc., will use to take out the construction loan for Arbor Landing on the River; a $13.6 million Fannie Mae loan that the unnamed borrower will use to refinance debt on Redmont Gardens; and a $6.2 million CMBS loan that SMG Property Management Inc. will use to refinance a maturing Freddie Mac loan on Summer Glenn.
MONTGOMERY, ALA. — New York Life Real Estate Investors has provided a $58 million loan on behalf of institutional investors for The Shoppes at EastChase in Montgomery. The 389,084-square-foot power retail center is leased to tenants including AT&T Wireless, Banana Republic, Dillard’s, Earth Fare Organic Grocer, Kohl’s, LOFT, Moe’s Southwest Grill, Motherhood Maternity, PetSmart and Target. Phillip Cox and Bill Mattice of Grandbridge Real Estate Capital’s Greenville, S.C., office arranged the loan through New York Life. The 10-year loan featured a fixed interest rate.
HUNTSVILLE, ALA. — RCP Cos. has opened Phase I of The Shops at Merchants Walk, a 90,000-square-foot retail center in Huntsville. Phase I brings north Alabama its only Whole Foods Market. The 42,000-square-foot store anchors the center, which is roughly 90 percent pre-leased to tenants such as lululemon athletica, Farm Burger, Spa Sydell, Mountain High Outfitters, Maki Fresh, Orangetheory Fitness, Local Taco, The Masters Aveda Salon and DressUp Boutique. The shopping center is situated directly adjacent to the 650,000-square-foot Parkway Place, a regional mall.