Alabama

GBT Realty Completes Hobby Lobby-Anchored Retail Center in Alabama

by John Nelson June 7, 2016

ALBERTVILLE, ALA. — GBT Realty Corp. has completed the construction of The Shoppes of Albertville, a 135,000-square-foot shopping center located at the intersection of Carlisle Street and U.S. Highway 431 in Albertville. The $18 million property’s tenant roster includes Hobby Lobby, PetSmart, T.J. Maxx, Ross Dress for Less, Rack Room Shoes, Hibbett Sports, Kay Jewelers, Lee Nails and Marco’s Pizza. GBT Realty purchased the land for the shopping back in December 2014. The Brentwood, Tenn.-based developer is under contract on an 8-acre site across U.S. Highway 431 from The Shoppes of Albertville with plans to develop a new shopping center by 2018 known as Albertville Commons.

June 7, 2016

Brook Highland Place Apartments Birmingham

Alabama Loans Multifamily Southeast

Financial Federal Arranges $25.5M Acquisition Loan for Apartment Community in Birmingham

by John Nelson May 10, 2016

BIRMINGHAM, ALA. — Financial Federal Bank’s Memphis office has arranged a $25.5 million acquisition loan for Brook Highland Place Apartments, a 400-unit garden-style community in Birmingham. Built in 1987, the property was 94 percent occupied at the time of financing. Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the seven-year, floating-rate loan through Freddie Mac. The loan features two years of interest-only payments and a 30-year amortization schedule.

May 10, 2016

Alabama Georgia Retail South Carolina Southeast

Preferred Apartment Communities Purchases Grocery-Anchored Retail Portfolio for $68.7M

by John Nelson May 2, 2016

ATLANTA — Preferred Apartment Communities Inc. (PAC) has purchased six grocery-anchored retail properties in Georgia, South Carolina and Alabama for $68.7 million. The portfolio spans 535,000 square feet and comprises five Publix-anchored centers and one Walmart Supercenter-anchored property. PAC purchased the six properties through its wholly owned subsidiary New Market Properties LLC. PAC used roughly $25 million in debt from Unum Life Insurance Co. of America, Colonial Life & Accident Insurance Co. and First Unum Life Insurance Co. to purchase four of the properties. PAC used available funds to purchase the remaining balance of the four properties and to purchase the other two retail centers completely without debt.

May 2, 2016

Alabama Georgia Industrial South Carolina Southeast

CenterPoint Properties Acquires 1.2M SF Warehouse Portfolio in the Southeast

by John Nelson April 26, 2016

OAK BROOK, ILL. — CenterPoint Properties has purchased a three-building, 1.2 million-square-foot portfolio of Class A warehouses located in Savannah, Ga.; Charleston, S.C.; and Mobile, Ala. All three buildings are fully leased and feature 32-foot clear heights, cross dock loading configurations, 50- by 52-foot column spacing and parking for trailers. All three buildings are also located near the Ports of Savannah, Charleston and Mobile. CenterPoint purchased the portfolio from Johnson Development Associates Inc. for an undisclosed price. Frank Fallon of CBRE represented the seller in the transaction.

April 26, 2016

Alabama Mixed-Use Southeast

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

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