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.
DECATUR, ALA. — Colliers International’s Southeast retail investment sales team has brokered the $10.9 million sale of The Market Shoppes, a power retail center located at 2407 6th Ave. in Decatur. Built in 2012, the Class A center was fully leased at the time of sale to tenants such as Kohl’s, Ulta Beauty, Lane Bryant and Mattress Firm. A family trust based in California purchased The Market Shoppes from Birmingham-based Blackwater Resources. Tony D’Ambrosio and Joe Montgomery of Colliers represented the seller in the transaction.
HOMEWOOD, ALA. — Rock Apartment Advisors has brokered the $3.1 million sale of Oxmoor Ridge Apartments, a 96-unit multifamily community located in Homewood. Sanders RH LLC and Highland Homewood Investments LLC purchased the asset from New Lexington Properties II LLC. Justin Uffinger of Rock Apartment Advisors brokered the transaction.
ALABASTER, ALA. — Birmingham-based Merchants Retail Partners has closed the $50 million refinancing of Alabaster Promenade, a Target-anchored shopping center in Alabaster. Located along I-65, the 450,000-square-foot property opened in 2007 and underwent renovations in 2014 to accommodate a new Dick’s Sporting Goods store. The other tenants that will join the shopping center this year include ULTA Beauty and Verizon Wireless. Merchants Retail Partners closed the loan on behalf of its unnamed investment partner.
HOOVER, ALA. AND MARIETTA, GA. — Steadfast Apartment REIT has acquired two apartment communities in Alabama and Georgia in two separate transactions totaling a combined $88.5 million. The two properties total 900 apartment units and include the 720-unit Ridge Crossings Apartments in Hoover and the 180-unit Rosemont at East Cobb in Marietta, a northern suburb of Atlanta. The REIT purchased Ridge Crossings for $72 million, making it the company’s first acquisition in Alabama. The property’s units average 1,107 square feet with average in-place rents of $862 per month. Ridge Crossings’ amenities include two swimming pools, a tennis court, playground, fitness center, laundry center, car wash area, pet park and walking trail. The property is currently 94 percent leased. Steadfast purchased Rosemont at East Cobb for $16.5 million, making it the company’s fourth acquisition in Georgia. The property is currently 96 percent occupied with in-place rents averaging $824 per month and unit sizes averaging 1,056 square feet. The property’s amenity package includes a fitness center, business center, tennis court, volleyball court, swimming pool and barbecue area. Steadfast is planning to extensively renovate both properties in the near future.
SPANISH FORT, ALA. — Passco Cos. LLC has purchased The Arlington at Eastern Shore, a 300-unit, Class A multifamily community located at 10558 Eastern Shore Blvd. in Mobile’s Spanish Fort suburb, for $43 million. Built in 2009, the property was designed to where each multi-unit apartment building resembles a large single-family home. The property features attached garages, an indoor basketball court, stocked fishing pond, pool with a sundeck, resident lounge, car care center and a fitness center. Passco plans to improve the apartment community with new exterior paint and the addition of a dog park. Passco funded its purchase of The Arlington at Eastern Shore using Fannie Mae debt. Rock Apartment Advisors brokered the transaction.
HOOVER, ALA. — Rock Apartment Advisors has brokered the sale of two apartment communities in Hoover. Cleveland-based Zaremba Management Co. purchased the assets, known as Crowne Falls and Crowne at Galleria Woods Apartments, from Birmingham-based Vista Communities LLC. The two properties are Zaremba’s first multifamily properties in the state of Alabama. Bo Flurry and Justin Uffinger of Birmingham-based Rock Apartment Advisors brokered the transaction. The transaction is the second portion of a $75 million portfolio deal totaling 696 apartment units.