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Alabama

AlabamaMarket ReportsOfficeSoutheastSoutheast Market Reports

Birmingham’s Office Market Presents Opportunities Amid Economic Uncertainty

by John Nelson

By Brad Jones of Cushman & Wakefield/EGS Commercial Real Estate Despite ongoing challenges facing the national economy, Birmingham’s commercial real estate landscape remains steady and consistent. Over the past seven years, encompassing both pre- and post-pandemic periods, the overall vacancy rate for Birmingham’s multi-tenant office market has exhibited fluctuations like most markets, ranging from 12.9 percent in 2017 to 19 percent in 2023, according to research from Cushman & Wakefield/EGS Commercial Real Estate. However, for perspective, Birmingham’s year-end vacancy rate of 19 percent remains below the national average vacancy rate of 19.7 percent recorded in 2023, according to research from Cushman & Wakefield. Office leasing activity in Birmingham has maintained momentum, experiencing a notable 12 percent year-over-year increase from 2022. Total leasing activity for 2023 totaled 718,219 square feet. Class A transactions dominated with 564,681 square feet leased, indicating a continued preference for Class A office space (i.e. a flight to quality). This is good news for Class A product in this supposed period of economic slowdown. Office investment sales activity in Birmingham has, however, decelerated in the current economic climate. The impending ripple of debt maturities poses challenges for large institutional owners and creditors. At the same time, it …

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AcquisitionsAlabamaRetailSoutheast

Cove Capital Acquires 130,056 SF Eastwood Village Retail Center in Birmingham

by John Nelson

BIRMINGHAM, ALA. — Cove Capital Investments has acquired Eastwood Village, a 130,056-square-foot retail center located in Birmingham. Tenants at the property, which was 96 percent occupied at the time of sale, include Ross Dress for Less, Five Below, Office Depot, Michaels, Party City and Starbucks Coffee. The acquisition marks the newest addition to Cove Capital’s DST portfolio, which includes 89 properties totaling 2.1 million square feet throughout the country. The seller and sales price were not disclosed.

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AlabamaDevelopmentSoutheastStudent Housing

Auburn University Breaks Ground on $63M First-Year Residence Hall

by John Nelson

AUBURN, ALA. — Auburn University has broken ground on a $63 million residence hall project along Haley Concourse on the university’s campus in Alabama. The 371-bed community will house first-year students upon completion, which is scheduled for summer 2026. The 125,651-square-foot development will feature amenities including multipurpose communal spaces and kitchens, group study rooms, laundry facilities on every floor and bike storage. The community will also be home to housing department offices and a storm shelter. The development team for the project, which is targeting LEED certification, includes Niles Bolton Associates and Rabren General Contractors.

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AcquisitionsAlabamaMultifamilySoutheast

Oakley Group Sells 96-Unit Apartment Community in Gulf Shores, Alabama

by John Nelson

GULF SHORES, ALA. — An affiliate of Birmingham-based Oakley Group has sold Marbella, a 96-unit apartment community located at 1910 E. First St. in Gulf Shores, a city near the Alabama-Florida border. Atlanta-based Arcan Capital LLC purchased the property from an entity doing business as OG Marbella LLC for an undisclosed price. The buyer also assumed a HUD-insured loan previously executed by Berkadia. Andrew Brown and Craig Hey of Cushman & Wakefield represented the seller in the transaction. Situated on a 4.8-acre site, Marbella features one- and two-bedroom residences, as well as a clubhouse, pool, outdoor gathering spaces and grill stations.

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AlabamaCivicDevelopmentHealthcareSoutheast

Hoar Completes Vertical Construction of $128M UAB Medicine Rehabilitation Facility in Birmingham

by John Nelson

BIRMINGHAM, ALA. — Hoar Construction has topped out the University of Alabama at Birmingham (UAB) Medicine’s new $128 million Inpatient Rehabilitation Facility in downtown Birmingham. Located along 7th Avenue South, the building will total 346,000 square feet across 11 stories. In addition to 136 patient beds, the facility will comprise two levels of administration, conferencing and mechanical space and four floors of parking. Construction, which began in May 2022, is scheduled for completion in early 2025.

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AlabamaDevelopmentLeasing ActivityMixed-UseOfficeRetailSoutheast

Merit Bank Opens New Office, Retail Branch at The Range in Huntsville, Alabama

by John Nelson

HUNTSVILLE, ALA. — Merit Bank has opened at The Range, The Beach Co.’s 49,229-square-foot office building located on Governors Drive in Huntsville. Merit Bank now occupies the third floor of the property, which spans roughly 17,433 square feet, in addition to a first-floor retail branch, with a total 20,000 square feet of occupancy. The Range features a common-area courtyard, high-speed Gigabyte internet and walkability to nearby restaurants, entertainment and retailers. The building is also situated adjacent to The Foundry, a 340-unit multifamily and townhome community, and STOVEHOUSE, a mixed-use development.

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AcquisitionsAlabamaIndustrialSoutheast

Graham & Co. Sells Warehouse in Bessemer, Alabama for $17M

by John Nelson

BESSEMER, ALA. — Graham & Co. has sold a Class A warehouse located at 4251 Turin Drive in Bessemer, about 15 miles southwest of Birmingham via I-20. The Birmingham-based developer broke ground on the 187,200-square-foot facility in 2021 and completed construction in June 2022. Barber Cos. purchased the facility from Graham & Co. for $17 million. Situated along the Lakeshore Parkway corridor, the rear-load warehouse features 32-foot clear heights and 31 dock-high doors. The property is best-suited for one or two tenants and offers proximity to nearby industrial distributors including FedEx, Dollar General, Amazon and Lowe’s Home Improvement. John Coleman and Matthew Graham represented Graham & Co. on an internal basis in the transaction, and Gifford Taylor and Merrimon Epps were Barber’s internal representatives.

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AcquisitionsAlabamaIndustrialSoutheast

Ironside Realty Acquires 7,500 SF Industrial Property in Huntsville, Alabama

by John Nelson

HUNTSVILLE, ALA. — Ironside Realty has acquired a 7,500-square-foot industrial property located at 376 Dan Tibbs Road N.W. in Huntsville. The property was fully leased to United Rentals at the time of sale. A local broker represented the undisclosed seller in the transaction, and Jimmy Goodman of Chicago-based The Boulder Group represented Ironside. The sales price was not disclosed.

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AlabamaHealthcareLoansSoutheast

First Citizens Bank Provides $37M Refinancing for Medical Office Building in Birmingham

by John Nelson

BIRMINGHAM, ALA. — First Citizens Bank has provided a $37 million loan for the refinancing of Grandview Physicians Plaza I, a medical office building (MOB) in Birmingham. Rethink Healthcare Real Estate was the borrower. Tenants at the property, which totals 200,000 square feet on the Grandview Medical Center campus, include practices specializing in endoscopy, imaging, orthopedics, women’s health services, internal medicine and physical therapy.

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AcquisitionsAlabamaMultifamilySoutheast

Marcus & Millichap Brokers $21.7M Sale of St. Andrews Villas in Madison, Alabama

by John Nelson

MADISON, ALA. — Marcus & Millichap has brokered the $21.7 million sale of St. Andrews Villas, a newly built, 96-unit townhome community in Madison, about four miles west of the Mazda Toyota Manufacturing plant in Huntsville. Josh Jacobs and Royce Emerson of Marcus & Millichap represented the developer, Keelon Development Inc., in the sale. The buyer was not disclosed. Built in 2023, St. Andrews Villas features one-level luxury rental townhomes with 9-foot ceilings, walk-in showers and garages featuring electric vehicle charging. Amenities include a swimming pool, coworking space and a fitness center.

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