Alabama

Birmingham’s Newest Multifamily Product Will Act as a Litmus Test for the Market

by John Nelson May 4, 2015

Spring has come to Birmingham, and with it the sound of multifamily developers breaking ground. Their success in finding tenants for these properties — numbering more than 1,000 units — will be a litmus test for the future of the Birmingham market. Right now, the market activity leads one to be cautiously optimistic. Work on the $66 million renovation of the historic Pizitz Building in downtown commenced in March, which will add 143 apartments to the market in fall 2016, and the newly dubbed 20 Midtown project is finally underway. This mixed-use project, featuring a Publix and a Starbucks, will have at least 122 apartments when completed. Construction has also started on the $22 million renovation of the Thomas Jefferson Tower, another mixed-use project that will yield 96 apartments. These projects join the 236-unit Venue at the Ballpark, which broke ground last year and promises views over the outfield fence into Regions Field. The cranes are also busy east of the expressway in Lakeview. Work there has started on the 67-unit Iron City Lofts and is slated to begin later this spring on the 260-unit Metropolitan Apartments. Testing the Millennial Market Taken together, these developments highlight a number of facts …

May 4, 2015

Alabama Multifamily Southeast

Berkadia Brokers $4.1M Sale of Apartment Community in Birmingham

by John Nelson April 29, 2015

BIRMINGHAM, ALA. — Berkadia has brokered the $4.1 million sale of Element 26, a recently remodeled apartment community in Birmingham. The 66-unit property is located on 14th Avenue and 17th Street on Birmingham’s south side. Element 26’s units average roughly 650 square feet that rent for an average $1.11 per square foot. The asset was fully occupied at the time of sale. Element 26 LLC, an investment group based in Birmingham, purchased the asset from Birmingham-based Highland Ridge LLC for $61,742 per unit. Joshua Jacobs of Berkadia represented the seller in the transaction. The new owner has retained ArbourValley to manage Element 26.

April 29, 2015

Alabama Retail Southeast

Wheeler REIT Acquires Company’s First Shopping Center in Alabama for $10.3M

by Haisten Willis April 6, 2015

ALEXANDER CITY, ALA. — Wheeler Real Estate Investment Trust (Wheeler REIT) has entered into Alabama with its $10.3 million purchase of Alex City Marketplace in Alexander City, roughly 40 miles northwest of Auburn. The 147,791-square-foot grocery-anchored shopping center was 98.3 percent leased at the time of sale to tenants such as Winn Dixie, Dollar Tree, Goody’s, Domino’s Pizza, Verizon Wireless, Advance America, Subway and Cato Fashion. The shopping center was built in 1995 and renovated in 2001.

April 6, 2015

Alabama Retail Southeast

MRP Signs Ross, Ulta Beauty to Leases at Cullman Shopping Center in Alabama

by John Nelson March 17, 2015

CULLMAN, ALA. — Birmingham-based Merchants Retail Partners (MRP) has signed Ross Dress for Less and Ulta Beauty to join the tenant roster at Cullman Shopping Center, a 325,000-square-foot center in Cullman. MRP has also signed The U.S. Department of Labor Career Center to occupy a renovated 8,000-square-foot outparcel building. The 22,000-square-foot Ross Dress for Less and 10,000-square-foot Ulta will join Publix, PetSmart, Dick’s Sporting Goods, Belk and Books-A-Million at the expanded Cullman Shopping Center. Publix, Dick’s and Ulta are slated to open in late 2015; Ross and PetSmart are slated to open in early 2016; and the career center is slated to open in early summer 2015.

March 17, 2015

Westbury Square Huntsville Alabama Stein Mart

Alabama Retail Southeast

Inland Real Estate Buys Shopping Center in Huntsville for $23.4M

by John Nelson March 13, 2015

HUNTSVILLE, ALA. — Inland Real Estate Corp. has purchased Westbury Square, a 115,000-square-foot shopping center in Huntsville, for $23.4 million in cash. The center is located at the intersection of Highway 53 (Memorial Parkway South) and Airport Road. Westbury Square was fully leased at the time of sale to tenants such as Stein Mart, TJ Maxx, Michaels, Jimmy John’s, Moe’s Southwest Grill, Jenny Craig and BB&T. The center is the publicly traded REIT’s fourth acquisition in the Southeast in the past 15 months.

March 13, 2015

Alabama Multifamily Southeast

Doster Construction Breaks Ground on Iron City Lofts in Downtown Birmingham

by John Nelson February 19, 2015

BIRMINGHAM, ALA. — Doster Construction Co. has broken ground on the Iron City Lofts, a 67-unit urban infill multifamily project in downtown Birmingham. The apartment complex will be located adjacent to Birmingham’s Lakeview district and Pepper Place, a farmers market establishment operating from April to December. The property’s amenity package includes a fitness center, elevated pool and deck, leasing center and surface level parking. The development team includes developer KRE Development Holdings and architect Hendon + Huckestein Architects PC.

February 19, 2015

Hotel Thomas Jefferson Downtown Birmingham

Alabama Mixed-Use Multifamily Southeast

Stewart/Perry Co. Breaks Ground on $20M Conversion of Former Hotel in Downtown Birmingham

by John Nelson February 18, 2015

BIRMINGHAM, ALA. — The Stewart/Perry Co., a construction firm based in Birmingham, has started construction at the former Hotel Thomas Jefferson site in downtown Birmingham. The $20 million project will convert the historic hotel into a mixed-use apartment building with 96 residential units and ground-floor retail space. The 20-story structure, which was built in 1929 as a 350-room hotel, is best known for having the world’s last zeppelin mooring mast on the rooftop, which will be preserved in the new project. Scott Reed of Reed Realty Advisors has partnered with Brian Beshara and Adam Beshara of Beshara Investment Group to develop the property. The team has utilized historic tax credits administered by the National Park Service, as well as a new funding program operated by the state of Alabama. The project team expects to deliver the new apartment tower in the second quarter of 2016.

February 18, 2015

Alabama Retail Southeast

GBT Realty Corp. to Develop $18M Shopping Center in Alabama

by John Nelson January 13, 2015

ALBERTVILLE, ALA. — GBT Realty Corp. will soon begin developing The Shoppes of Albertville, an $18 million, 135,000-square-foot retail center located on a 13.2-acre tract of land in Albertville. The property is currently 92 percent pre-leased to tenants such as PetSmart, T.J. Maxx, Hobby Lobby, Ross Dress for Less and Hibbett Sports. GBT Realty expects to deliver the property in spring 2016. GBT entered into a development agreement with the city of Albertville whereby the city agreed to sell bonds to provide $5 million of funding to offset pre-development and development costs. Upon completion, a portion of the sales tax generated at the shopping center will pay off the bonds.

January 13, 2015

Alabama Restaurant Retail Southeast

STREAM Capital Partners Brokers $23.3M Sale-Leaseback of KFC Portfolio in Alabama

by John Nelson January 13, 2015

CHICAGO — STREAM Capital Partners, a sale-leaseback advisory group based in Chicago, has brokered the $23.3 million sale-leaseback of 18 KFC restaurants in Alabama. The locations are all under long-term triple-net leases to a KFC franchisee. Adam English, Jonathan Wolfe and Jordan Shtulman of STREAM Capital Partners advised the undisclosed seller in the transaction. The buyer was a public REIT.

January 13, 2015

Alabama Retail Southeast

Marcus & Millichap Brokers $2.7M Sale of Shopping Center in Alabama

by John Nelson December 23, 2014

ADAMSVILLE, ALA. — Marcus & Millichap has brokered the $2.7 million sale of Adamsville Town Center, a 26,026-square-foot strip retail center in Adamsville. Built in 2006, the property’s tenant roster includes Dollar General, Advance America, 1st Franklin, Papa John’s Pizza, Alfa Insurance and Alabama Power. Andrew Chason of Marcus & Millichap’s Mobile office represented the seller, a limited liability company based in Birmingham, in the transaction. The buyer was a private investment firm based in Birmingham.

December 23, 2014

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