CULLMAN, ALA. — Atlanta-based Bull Realty has brokered the $4.9 million sale of a 13,600-square-foot freestanding CVS in Cullman. Michael Bull of Bull Realty represented the buyer, Guggie H LLC, in the 1031 exchange. John Glass of Marcus & Millichap represented the seller, LL Cullman AL LLC. Strategic 1031 Exchange Advisors LLC acted as a qualified intermediary for the sale. The retail property is triple-net leased to CVS and has 25 years remaining on its primary term.
BIRMINGHAM, ALA. — Berkadia has brokered the sales of nine multifamily communities in Alabama totaling $154.1 million in the past 90 days. The assets total 2,475 units. David Oakley led Berkadia’s sales team in representing the sellers in every transaction. The largest transaction was an Irvine, Calif.-based investment group purchasing Landmark at Magnolia Glen, a 1,080-unit property in Hoover, for $71.5 million. The most recent deal was the sale of two Center Point communities, Devonshire and Sun Valley, that sold together for a combined $14.1 million. Other Birmingham area sales include Inverness Landing, a 322-unit property, which sold for $27.6 million; River Place on the Cahaba, a 213-property, which sold for $17.7 million; Town Park, a 270-unit property, which sold for $15 million; TimberChase, a 94-unit property, which sold for $4.8 million; and Fox Hall, a 36-unit property, which sold for $2.3 million. In Mobile, Woodland Square, a 128-unit property, sold for $4 million. Royce Emerson and William Parkhurst of Berkadia brokered the River Place on the Cahaba and the Town Park transactions, and Josh Jacobs of Berkadia brokered the TimberChase and the Devonshire-Sun Valley transactions.
VALLEY, ALA. — Multi Housing Advisors (MHA) has brokered the $44 million sale of Apartments at the Venue, a 618-unit apartment property located at 100 Sydney St. in Valley, a town along the Alabama/Georgia border. The property is located roughly 10 minutes from the KIA Motors manufacturing plant in West Point, Ga. The community’s amenity package features three resort-style swimming pools with outdoor fireplaces and grilling areas, two clubhouses, laundry facilities and a fitness center. Atlanta-based Irinda Capital Management purchased the property from Haley Real Estate Group. Jimmy Adams and Robert Stickel of MHA represented the seller in the transaction.
AUBURN, ALA. — CA Student Living will begin development soon on a six-story mixed-use development named The Jackson near Auburn University. The development will include approximately 7,500 square feet of first-floor retail with student housing on the five upper floors. The Jackson will feature 126 units, or 456 beds, with two-, three-, four- and five-bedroom floor plans. Amenities at The Jackson will include a pool, bike parking and a parking deck that includes two subterranean levels and two levels of above-ground parking. The property is currently owned by Badger Downtown LLC and occupied by Center Court Apartments, which will be demolished to make way for The Jackson.
JACKSON, TENN. AND HUNTSVILLE, ALA. — RCG Ventures Fund III has purchased West Towne Commons, a 168,210-square-foot shopping center in Jackson, and Madison Plaza, a 99,108-square-foot center in Huntstville, for an undisclosed price. Located at the intersection of Highway 45 and Oil Well Road, the West Towne Commons’ tenant roster includes T.J. Maxx, Stein Mart, OfficeMax and Petco. Target is also a tenant but was not involved in the transaction. RCG Ventures was represented internally by Jeff Miller, and Johnny Lamberson and Terry Radford of CBRE represented the seller. Located across from Madison Square Mall at Old Monrovia Road and University Drive, Madison Plaza is anchored by Haverty’s and Mission Thrift Store. RCG Ventures was represented internally by Scott Tarbet in the transaction, and Margaret Caldwell of JLL represented the seller.
MOBILE, ALA. — New York-based Rouse Properties Inc. has unveiled plans for a redevelopment of Bel Air Mall, a 1.3 million-square-foot regional mall in Mobile. Once complete, the renovated property will be known as The Shoppes at Bel Air. Renovations will include the redevelopment of the enclosed mall space into a streetscape with retail and high-volume restaurant concepts fronting on Airport Boulevard, as well as an interior cosmetic revamp, improved lighting, interior landscaping, soft seating and high-end finishes and amenities. Rouse recently inked a lease with Belk Inc. to open a new 237,000-square-foot flagship store, which will take the place of an existing Sears location. Construction on the new store is slated to begin in January 2016 with completion slated for that fall. Other tenants to join The Shoppes at Bel Air include a P.F. Chang’s and Grimaldi’s Pizza, which will open 6,000-square-foot and 3,500-square-foot locations, respectively, on the newly designed streetscape.
ORANGE BEACH, ALA. — Winter Construction will build the new SpringHill Suites hotel at The Wharf in Orange Beach. The Wharf is an entertainment, retail and marina complex adjacent to the Gulf Intracoastal Waterway in Orange Beach, near the Florida-Alabama border. The five-story building will include 132 guest suites, meeting space, restaurant space and an exterior amenity area with a swimming pool. The architect of record for the new SpringHill Suites project is Rule Joy Trammel + Rubio. Winter Construction has built and renovated other Marriott-brand hotels across the Southeast. Winter is currently building the new AC Hotel by Marriott at Phipps Plaza in Atlanta.
HUNTSVILLE, ALA. — The U.S. Green Building Council has awarded the 120,000-square-foot Redstone Gateway Building 1100 in Huntsville with LEED Silver status. The office building was recently constructed by Hoar Construction and is currently owned by Corporate Office Properties Trust. The five-story office building is one of the first three buildings constructed at the Redstone Gateway development, an office complex located outside of Redstone Arsenal, a U.S. Army post. The office building’s sustainable components include a TPO membrane roof, indigenous plants in the landscaping, efficient mechanical systems, plumbing materials that reduce water usage by 35 percent and use of carpet and paint with low concentrations of volatile organic compounds. Hoar Construction used 26.4 percent recycled and 26 percent regional materials during construction.
AUBURN, ALA. — Merchants Retail Partners (MRP) has purchased Flint’s Crossing, a 100,000-square-foot shopping center located at 1550 Opelika Road in Auburn. Anchor tenants of the shopping center include Earth Fare and Panera Bread. The retail property is the cornerstone of the Opelika and University roads intersection, the busiest intersection in Auburn. MRP is planning a comprehensive redevelopment of the center that includes exterior renovations, fascia and signage upgrades and hardscape improvements. The acquisition and center improvements coincide with the intersection improvements that are part of the City of Auburn-Opelika Road Improvement District. The new improvements include new bike paths, pedestrian sidewalks, enhanced lighting and curated landscaping.
MOBILE, ALA. — The Memphis office of Financial Federal Bank has arranged an $18 million acquisition loan for The Campus Quarters Apartments in Mobile. The 533-bed student housing property, located one block from the University of South Alabama campus, was built in 2012. The property’s 165 units were 93 percent occupied at the time of closing. Rick Wood and Jon Van Hoozer of Financial Federal arranged the seven-year, fixed-rate loan with 40 months of interest-only payments and a 30-year amortization schedule through their relationship with a national CMBS lender.