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Alabama

AcquisitionsAlabamaRetailSoutheast

Marcus & Millichap Brokers Sale of 56,401 SF Jacksonville Crossing Shopping Center in Alabama

by John Nelson

JACKSONVILLE, ALA. — Marcus & Millichap has brokered the sale of Jacksonville Crossing, a 56,401-square-foot shopping center located at 1555 Pelham Road S in Jacksonville, a city in northeast Alabama. The sales price was not disclosed. Philip Levy and Zach Taylor of Marcus & Millichap represented the seller and secured the buyer, both of which are private investors that requested anonymity. Eddie Greenhalgh served as Marcus & Millichap’s broker of record in Alabama for the transaction. Situated about 36 miles from Talladega Superspeedway, Jacksonville Crossing was 67 percent leased at the time of sale to tenants including Dollar Tree, Baja California Grill, Cricket Wireless and Five Below, which recently signed a new 10-year lease at the center.

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AcquisitionsAlabamaIndustrialSoutheast

TruCore Purchases 96,000 SF Industrial Facility in Birmingham

by John Nelson

BIRMINGHAM, ALA. — TruCore Investments has purchased a 96,000-square-foot, Class B industrial facility located at 3230 Messer Airport Highway in Birmingham. The property had roughly 60,000 square feet of availability at the time of sale. The seller and sales price were not disclosed. Built in 1979, the concrete structure is situated on 4.4 acres and features 14 drive-in doors, 30 dock doors and 48 parking spaces. TruCore plans to improve the facility functionally and cosmetically, including an exterior refresh, as well as boost occupancy. The property represents TruCore’s first acquisition in Birmingham.

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AcquisitionsAlabamaRetailSoutheast

Marcus & Millichap Brokers Sale of Alabama’s First Wawa Gas Station and Convenience Store

by John Nelson

FAIRHOPE, ALA. — Don McMinn and Andrew Koriwchak of Marcus & Millichap’s Taylor McMinn Retail Group brokered the sale of the first completed Wawa in Alabama, a 6,119-square-foot gas station and convenience store located at 18968 Greeno Road in Fairhope. Situated 20 miles southeast of Mobile, the property features a new 20-year corporate ground lease in place with scheduled rent increases and renewal options. The seller, a preferred Wawa developer, delivered the property earlier this year. An undisclosed, locally based 1031 buyer purchased the Fairhope store for an undisclosed price. “In the current net lease market with a surplus of inventory and a constrained buyer pool, accessing local investors continues to be an essential ingredient to deal execution,” says McMinn. Atlanta-based Taylor McMinn Retail Group is currently marketing a new Wawa in Robertsdale, which is the second Wawa station in Alabama. The Pennsylvania-based gas station giant plans to open 10 stores in surrounding Mobile markets. Wawa has 1,058 locations in eight states with plans to reach 1,800 stores by 2030.

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AlabamaLoansRetailSoutheast

CBRE Arranges $16.5M Refinancing for Westbury Square Shopping Center in Huntsville

by John Nelson

HUNTSVILLE, ALA. — CBRE has arranged a $16.5 million loan for the refinancing of Westbury Square, a 117,689-square-foot shopping center in south Huntsville. Richard Henry, Mike Ryan, Brian Linnihan, and Taylor Crowder of CBRE arranged the financing through Delta Community Credit Union on behalf of the borrower, Branch Properties, which acquired the property in March 2018. Situated on 11.5 acres about 10 miles south of downtown Huntsville, Westbury Square was 98.5 percent leased at the time of financing to 20 tenants, including T.J. Maxx, Ross Dress for Less and pOpshelf.

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AcquisitionsAlabamaSelf-StorageSoutheast

Marcus & Millichap Brokers Sale of 302-Unit Self-Storage Facility in Bessemer, Alabama

by John Nelson

BESSEMER, ALA. — Marcus & Millichap has brokered the sale of Second Attic Storage, a 302-unit self-storage facility located on a three-acre site at 1760 4th Ave. SW in Bessemer, about 19 miles southwest of Birmingham. Eddie Greenhalgh, Jake Payne and Lee Thornton of Marcus & Millichap’s Birmingham office represented the seller and procured the buyer, both limited liability companies that requested anonymity, in the transaction. The sales price was also not disclosed.

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AlabamaLoansMultifamilySoutheast

Greystone Monticello Provides $47.5M Bridge Financing for Multifamily Community at MidCity District in Huntsville

by John Nelson

HUNTSVILLE, ALA. — An affiliate of Greystone Monticello has provided $47.5 million in bridge financing for Metronome at MidCity, a multifamily community located in Huntsville. Situated within the 140-acre master planned community of MidCity District (MCD), the property features 296 residential units within a five-story apartment building, as well as 35,584 square feet of street-level retail space. Randy Wolfe and Drew Marley of Northmarq arranged the 24-month floating-rate financing on behalf of the borrower, RCP Cos. Chris Hetzel of Greystone Monticello originated the loan. Amenities at Metronome at MidCity include a coworking lounge, sky lounge, firepit, pizza oven and grills, a game and media room, fitness room and saltwater pool. MCD also features a Trader Joe’s, 8,000-person amphitheater and 40-acre public park, as well as additional multifamily, retail, hospitality and office space.

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AlabamaFeaturesSoutheastSoutheast Feature Archive

Property Taxpayers Should Combat Inflated Tax Assessments

by John Nelson

Despite the Federal Reserve’s wishful thinking in 2021, inflation has persisted to create an inflationary environment not seen in 40 years. While investors welcome recent cooling trends, the Fed has yet to achieve its 2 percent annual inflation target. For landlords, tenants and other commercial taxpayers, it’s unsurprising that many tax assessors have increased property tax values in response to inflation. In many jurisdictions, taxable property values have surged regardless of property type or actual market demand. Taxpayers should not accept higher tax assessments without scrutiny, however. Instead, they should review their assessments to ensure the assessor has considered all factors influencing the property’s value. Here are several trends for taxpayers to consider when reviewing property tax assessments and preparing to protest inflated valuations: Cost vs. value Many assessment officials use the cost approach in mass appraisals of real property for ad valorem tax purposes. Without careful application — including proper classification of improvements, adjustments for depreciation and obsolescence and land adjustments for size and shape differences — the cost approach can lead to assessments inconsistent with a jurisdiction’s market value standard. While construction costs generally rise over time, some increases may only be temporary. For example, during the COVID-19 …

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AlabamaLoansMultifamilySoutheast

Greystone Provides $14.5M Agency Loan for 700 Riverchase Apartments in Hoover, Alabama

by John Nelson

HOOVER, ALA. — Greystone has provided a $14.5 million Fannie Mae loan for the refinancing of 700 Riverchase, a 216-unit apartment community located in the Birmingham suburb of Hoover. The non-recourse loan features a five-year term, fixed interest rate, interest-only payments for the full term and a 30-year amortization schedule. Rob Meehan of Greystone originated the financing, and HKS Capital Partners acted as correspondent. The borrower was not disclosed. Built in 1983, 700 Riverchase is a garden-style multifamily community with one-, two- and three-bedroom units. Amenities include a fitness center, laundry facilities, swimming pool, outdoor grill center, dog park, playground and a pickleball court.

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AcquisitionsAlabamaMultifamilySoutheast

DWG Capital Partners, Dorado Holdings Purchase 96-Unit Greenbriar Apartments in Montgomery, Alabama

by John Nelson

MONTGOMERY, ALA. — DWG Capital Partners and Dorado Holdings have purchased Greenbriar Apartments, a 96-unit multifamily community in Montgomery. Located at 4604 Virginia Loop Road, the property features 13 two-story buildings situated on 5.4 acres. Insight Management Group sold the community for an undisclosed price. Jonny Easterling of Wiley Real Estate Group represented the seller in the transaction.

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AlabamaDevelopmentRetailSelf-StorageSoutheast

U-Haul to Develop Three-Story Moving and Self-Storage Property in Athens, Alabama

by John Nelson

ATHENS, ALA. — U-Haul plans to build a new retail, moving and self-storage property on a 5.3-acre site at 16298 Athens-Limestone Blvd. in Athens, about 27 miles east of Huntsville, Ala. Set to open in 2026 along I-65, the three-story property will feature 1,100 indoor self-storage units, more than half of which will be climate-controlled. Amenities will include access to moving trucks, trailers, towing devices, U-Box containers, professional hitch installation, propane refills and propane exchange. The property will also feature a retail showroom that will sell boxes and moving supplies, bike racks, towing accessories and locks. Additionally, U-Haul Moving & Storage in Athens will feature a U-Box warehouse that will hold up to 1,000 portable moving and storage containers. The new facility will represent the first location in Athens for U-Haul.

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