Alabama

Retail Specialists to Break Ground on $13.6M Mixed-Use Project in Birmingham

by John Nelson April 26, 2016

BIRMINGHAM, ALA. — Retail Specialists will break ground tomorrow on The Waites, a four-story mixed-use building located at the corner of 7th Avenue S. and Richard Arrington Jr. Boulevard in downtown Birmingham. According to the Birmingham Business Journal, Williams Blackstock Architects is serving as the architect for the $13.6 million development. The project, which is a redevelopment of the former Waite’s Bakery building, will feature ground-floor retail space, covered outdoor seating, designated retail parking and three floors of loft apartment residences comprising 30 one-bedroom units and 15 two-bedroom units. Confirmed retailers at The Waites include Farm Burger, Blaze Pizza and Smoothie King.

April 26, 2016

Alabama Office Southeast

Adler Kawa, PointOne Holdings Acquire Office Complex in Metro Birmingham for $30M

by John Nelson April 6, 2016

HOOVER, ALA. — A joint venture between PointOne Holdings and Adler Kawa Real Estate Advisors (AKREA) purchased Riverchase Center, a 306,725-square-foot, single-story office complex in Hoover, a suburb of Birmingham. The venture purchased the property from a fund managed by DRA Advisors for $30 million. The asset was 89 percent leased at the time of sale to tenants such as Frito-Lay, Progressive Insurance, Walgreens, BioHorizons Implant Systems, Gentiva Health Services and WideOrbit Inc. Justin Parsonnet and Will Yowell of CBRE’s Atlanta office represented the seller in the transaction. PointOne Holdings and AKREA have retained David Fullington and Phil Yost of CBRE’s Birmingham office to manage and lease Riverchase Center. PNC Bank provided a seven-year, non-recourse acquisition loan to PointOne and AKREA.

April 6, 2016

Alabama Retail Southeast Virginia

PREIT Sells Three Non-Core Malls in Alabama, Virginia for $66M

by John Nelson March 31, 2016

PHILADELPHIA — Philadelphia-based PREIT has sold three non-core malls in Alabama and Virginia for $66 million. The malls include Gadsden Mall in Gadsden, Ala.; Wiregrass Commons Mall in Dothan, Ala.; and New River Valley Mall in Christianburg, Va. All three malls are anchored Belk and JC Penney. As part of its disposition strategy, PREIT has sold 13 non-core malls since November 2012, as well as a few retail power centers and land parcels, for roughly $600 million in gross proceeds. Average gross rents for the 13 malls sold were $28.82 per square foot, nearly 50 percent lower than PREIT’s portfolio average of $54.56 per square foot, excluding non-core malls. Average non-anchor occupancy for the 13 malls at the time of sale was 82.1 percent, which compares to a portfolio average of 92.9 percent at the end of 2015, excluding non-core malls.

March 31, 2016

Alabama Industrial Southeast

NAI Mobile Arranges 125,000 SF Warehouse Lease

by John Nelson March 29, 2016

SARALAND, ALA. — NAI Mobile has arranged a 125,000-square-foot lease for warehouse space at 252 Jacintoport Blvd. in Saraland, a suburb of Mobile. Situated within the Mobile River Industrial Park, the new facility is slated to open in April. The tenant, Danby Products, an appliance manufacturer, also plans to operate a small factory outlet retail store at the site. The company will employ 25 full-time workers once the facility is fully operational. David Dexter of NAI Mobile represented Danby Products in the lease transaction.

March 29, 2016

Alabama Multifamily Southeast

Berkadia Brokers $8.1M Sale of Apartment Community in Montgomery

by John Nelson March 28, 2016

MONTGOMERY, ALA. — Berkadia has arranged the $8.1 million sale of Woodmere at the Lake, a 200-unit apartment community located in Montgomery. Built in 1978, the garden-style property has an average unit size of 870 square feet. Woodmere Apartment Partners LLC purchased the community from ABACO Partners LLC. Josh Jacobs and David Oakley of Berkadia’s Birmingham office represented the seller in the transaction.

March 28, 2016

Alabama Hospitality Mixed-Use Southeast

RCP Cos. to Bring AC Hotel to CityCentre at Big Spring in Huntsville

by John Nelson March 23, 2016

HUNTSVILLE, ALA. — RCP Cos. has inked a deal with Marriott International to bring a 150-room AC Hotel to CityCentre at Big Spring, a $100 million mixed-use development in Huntsville. In partnership with Yedla Management Co., Marriott will bring the European-inspired hotel brand to only its 10th market in the U.S. Construction will begin this summer. Located on Williams Avenue, the hotel will feature a lounge area, kitchen with self-serve European fare, complimentary Wi-Fi, mobile check-in and check-out and a 24-hour fitness center. Yedla plans to bring another hotel concept yet to be named to CityCentre at Big Spring, according to RCP.

March 23, 2016

Alabama Multifamily Southeast

Berkadia Brokers $15.2M Sale of Apartment Community in Huntsville

by John Nelson March 14, 2016

HUNTSVILLE, ALA. — Berkadia has brokered the $15.2 million sale of Stone Crossing, a 276-unit apartment community located in Huntsville. Built in 1986 and renovated in 2009, the two-story, garden-style apartment community has an average unit size of 733 square feet. An entity known as Stone Crossing 2014 LLC purchased the asset from Engel Stone Crossing LLC. David Oakley and David Etichison of Berkadia represented the seller in the transaction.

March 14, 2016

Alabama Hospitality Southeast

Hunter Hotel Advisors Brokers $14M Sale of Hotel in Downtown Huntsville

by John Nelson March 2, 2016

HUNTSVILLE, ALA. — Hunter Hotel Advisors has brokered the $14 million sale of Homewood Suites Downtown Huntsville, a 101-room extended stay hotel in downtown Huntsville. The hotel was built in 2014 within the Twickenham Square urban center. Hunter Hotel Advisors represented the seller, PHD Hotels, in the transaction. A New York-based investment firm was the buyer.

March 2, 2016

Affordable Housing Alabama Georgia Loans Multifamily Southeast

Bellwether Enterprise Closes Two Loans for Affordable Housing Properties in Alabama, Georgia

by John Nelson February 19, 2016

TUSCALOOSA, ALA. AND THOMASVILLE, GA. — Bellwether Enterprise Real Estate Capital LLC has recently closed two loans totaling $8.4 million for Section 8 apartment communities in Tuscaloosa and Thomasville. The affordable housing properties include the 124-unit Creekwood Village Apartments in Tuscaloosa and the 88-unit Wood Valley Apartments in Thomasville. Creekwood Village, which uses two units for the Boys and Girls Club and a daycare center, was built in 1972 and renovated in 2002 with Low Income Housing Tax Credits (LIHTC). Wood Valley was built in 1974 and renovated in 2003 with LIHTC. Bellwether Enterprise arranged both loans, which featured seven-year terms, through Freddie Mac on behalf of the borrower, LEDIC Realty Co. LLC.

February 19, 2016

Alabama Loans Multifamily Southeast

AloStar Provides $16.8M Acquisition Loan for Apartment Community in Metro Birmingham

by John Nelson January 29, 2016

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.

January 29, 2016

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