Friday, April 19, 2024
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Alabama

AcquisitionsAlabamaIndustrialSoutheast

Ackerman & Co. Acquires 307,200 SF Distribution Center in Birmingham Leased to Dollar General

by John Nelson

BIRMINGHAM, ALA. — Ackerman & Co. has acquired a 307,200-square-foot distribution center located on a 45.6-acre site at 1532 Midfield Industrial Blvd. in Birmingham. Completed in 2005, the property was fully leased at the time of sale to discount retail giant Dollar General. The facility features 28-foot ceilings and a Norfolk-Southern rail line that feeds directly into the building, as well as 17 dock-high doors, one drive-in door, 11-inch thick floors and solar panels on the roof. The acquisition includes a 23-acre parcel that can accommodate an expansion, build-to-suit opportunities or outside/trailer storage. This is the first acquisition in Alabama for Atlanta-based Ackerman & Co. Philip Yost of CBRE represented the seller, Joe Piper Inc., in the transaction. The sales price was not disclosed.

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AcquisitionsAlabamaRetailSoutheast

Colliers Arranges Sales of Two Retail Strip Centers in Huntsville Area Totaling $10M

by John Nelson

HUNTSVILLE AND MADISON, ALA. — Colliers has arranged the sale of two retail strip centers in the Huntsville area totaling nearly $10 million. The properties include Magna Carta, a 22,378-square-foot property located at 11310 Memorial Parkway SW in Huntsville, and Madison Corners, a 14,400-square-foot center located at 1079 Balch Road in Madison. Magna Carter’s tenant roster includes Results Physiotherapy, Bedzzz Express, Marco’s Pizza, T-Mobile and Great Clips. Madison Corners is home to tenants including Stretch Zone, Tropical Smoothie and Firehouse Subs. Pacific West Land, an investment firm based in Washington, purchased Magna Carta, and a private family office based in Montgomery, Ala., purchased Madison Corners. Joe Montgomery, Henry Kushner and Scott Israel of Colliers represented the sellers in the transaction.

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AlabamaLoansMultifamilySoutheast

Berkadia Arranges $13M Refinancing for Multifamily Community in Riverside, Alabama

by John Nelson

RIVERSIDE, ALA. — Berkadia has arranged a $13 million loan for the refinancing of RiverHouse Apartments, a multifamily community located in Riverside. Located at 300 Riverhouse Loop, the property comprises 144 units and was recently renovated. Tom Genetti of Berkadia secured the financing through Fannie Mae on behalf of the borrower, Birmingham-based The Oakley Group.

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AcquisitionsAlabamaSeniors HousingSoutheast

Proveer Acquires 90-Unit Seniors Housing Community in Mobile, Alabama

by John Nelson

MOBILE, ALA. — Proveer Senior Living has acquired Vitality Living Regency, a seniors housing community featuring 70 assisted living units and 20 memory care units in Mobile. The community will be rebranded as Proveer at Port City, and the new owner will undertake interior and exterior renovations at the property, which are scheduled for completion by the end of this year. Renovations will include new flooring; fresh colors, furniture and fixtures; a full exterior makeover; and an upgraded technology platform. This acquisition marks the eighth overall for Proveer, its fifth in the state of Alabama and second in Mobile. Blueprint Healthcare Real Estate Advisors brokered the sale.

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AcquisitionsAlabamaHospitalitySoutheast

Hunter Hotel Advisors Arranges Sale of Four Hilton-Branded Hotels in Alabama Totaling 361 Rooms

by John Nelson

ATLANTA — Hunter Hotel Advisors, a national hospitality brokerage firm based in Atlanta, has arranged the sale of four hotels in Alabama totaling 361 rooms. The assets include Home2 Suites Madison Huntsville Airport, Hilton Garden Inn Madison, Home2 Suites Decatur Ingalls Harbor and Home2 Suites Opelika Auburn. Tim Osborne and Trey Scott of Hunter represented the seller, an undisclosed institutional investment firm, in the sale. The portfolio’s buyer and sales price were also not disclosed.

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AlabamaLoansSoutheastStudent Housing

WFI Receives $37.5M Refinancing for Student Housing Community Near Auburn University

by John Nelson

AUBURN, ALA. — WFI has received a $37.5 million loan for the refinancing of The Union at Auburn, a 501-bed student housing community serving students attending Auburn University in Alabama. The property is located at 900 W. Glenn Ave. and offers two-, three-, four-, five- and six-bedroom units. Tremont Realty Capital provided the financing through Seven Hills Realty Trust, a mortgage REIT managed by the company. The loan is structured with a 30-month initial term and the option for one 12-month extension. Shared amenities include a “state-of-the-art” clubhouse; two-story fitness center, including space for barre, yoga and TRX; business center; 19 study rooms; resort-style swimming pool with an outdoor jumbotron, kitchen and entertainment area; outdoor terrace; dog park; and a self-service bike shop.

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AlabamaDevelopmentIndustrialSoutheast

Farpoint, Doster Construction Deliver Building 100 at REAL Park in Tuskegee, Alabama

by John Nelson

TUSKEGEE, ALA. — Farpoint Development, along with general contractor Doster Construction Co., has delivered Building 100 at Regional East Alabama Logistics (REAL) Park in Tuskegee. Situated within the 638-acre site in Macon County, the 169,000-square-foot speculative facility is the first building within the 6.2 million-square-foot, multi-phase REAL Park. Situated off exit 42 on I-85 roughly 10 miles south of Auburn University, the building represents the only Class A manufacturing or distribution facility within a 40-mile radius, according to Farpoint. Project partners include construction lender Regions Bank and government entities Opportunity Alabama and Macon County Economic Development Authority. Once complete, REAL Park is expected to create $450 million of total economic output in the east Alabama region. Farpoint is currently marketing Building 100 for lease. The developer is based in Chicago and has a regional office in Asheville, N.C.

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AlabamaDevelopmentLoansMultifamilySoutheast

3650 REIT Provides $49.5M Construction Loan for Multifamily Development in Madison, Alabama

by John Nelson

MADISON, ALA. — 3650 REIT has provided a $49.5 million loan for the construction of The Gabriel, a multifamily community in Madison. Marc Tropp of Eastern Union Funding arranged the financing on behalf of the borrower, Hillcrest Acquisitions LLC. Located at 1542 Balch Road, The Gabriel will feature 288 units across 10 three-story buildings. Amenities at the community will include a swimming pool, cabanas, grilling/picnic areas, fitness center, playground, dog park, pet spa, car care center and electric vehicle charging stations. Construction, which broke ground in the third quarter of 2022, is scheduled for completion in July 2024.

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AcquisitionsAlabamaRetailSoutheast

Albanese Cormier Acquires 430,792 SF Shopping Center in Huntsville

by John Nelson

HUNTSVILLE, ALA. — AlbaneseCormier (AC) has acquired Valley Bend at Jones Farm, a 430,792-square-foot shopping center located in Huntsville. Tenants at the property include HomeGoods, Dick’s Sporting Goods, Hobby Lobby, Marshalls and PetSmart. A separately owned SuperTarget and 10 outparcels are also located at the center, which spans 57.8 acres and attracts 6 million annual visitors. The seller and sales price were not disclosed.

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AlabamaCivicDevelopmentRestaurantSoutheastStudent Housing

RISE, Jacksonville State University Break Ground on 513-Bed Residence Hall Project in Alabama

by John Nelson

JACKSONVILLE, ALA. — public-private partnership between RISE: A Real Estate Co. and Jacksonville State University has broken ground on North Village Residence Hall. Located on the university’s campus in Alabama, the 513-bed community will offer suites that include two double-occupancy bedrooms and two bathrooms. The development team for the project includes architect Niles Bolton & Associates and general contractor Choate Construction. Jacksonville State is also currently developing a new dining hall, which will replace the current main cafeteria on campus, and the Loring and Debbie White Football Complex. The Jax State Dining Hall will be operated by Sodexo and will feature a traditional food line with several concept stations and seating. The dining hall’s development team includes general contractor Brasfield & Gorrie, Williams Blackstock Architects and Kemp Management Services. The football complex will replace the existing field house at the university’s stadium and will offer modern art training facilities for student athletes; coaching offices and meeting rooms; a hall of fame honoring the history of the university’s football program; and new suites to enhance the game day experience for fans. The general contractor for that project is also Brasfield & Gorrie, the architect is Goodwyn Mills Cawood and the program manager …

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