Alabama

Cushman & Wakefield Brokers $25M Sale of Shopping Center in Birmingham

by John Nelson January 13, 2016

BIRMINGHAM, ALA. — Cushman & Wakefield’s Atlanta retail investment advisors group has brokered the $25 million sale of Village at Lee Branch II, a 223,100-square-foot shopping center in Birmingham. Monarch Investments purchased the property from Rushmore Properties, a private real estate investment firm based in Chicago. Located at the intersection of U.S. Route 280 and Doug Baker Boulevard, the shopping center’s tenant roster includes Hobby Lobby, Carmike Theaters, Baumhower’s, Taziki’s Café, The Melting Pot and Sport Clips. The sale included several undeveloped pad sites. Mark Joines, Drew Fleming and Fain Hicks of Cushman & Wakefield’s Atlanta office, along with Mark Gilbert of the firm’s Miami office, represented the seller in the transaction.

January 13, 2016

Alabama Healthcare Southeast

SK Commercial Brokers Acquisition of Medical Office Building in Birmingham

by John Nelson January 6, 2016

BIRMINGHAM, ALA. — SK Commercial Realty represented Seavest Healthcare Properties in the acquisition of the 208,000-square-foot Grandview Physicians Plaza in Birmingham. The newly constructed, Class A medical office building is located on the Grandview Medical Center campus. The facility features an imaging center, multiple clinical spaces and physician offices covering several medical disciplines. Daniel Corp. sold the property to Seavest for an undisclosed price.

January 6, 2016

Alabama Florida Loans Mississippi Multifamily Southeast

CBRE Arranges Four Loans Totaling $67.3M for Multifamily Properties in the Southeast

by John Nelson December 16, 2015

ORLANDO, FLA. — CBRE Capital Markets’ debt and structured finance team in Orlando has secured a total $67.3 million in permanent financing for four separate properties in Alabama, Mississippi and Florida. Glenn Housman of CBRE led the team that arranged the loans on behalf of four separate investment groups. The properties include the 321-unit Abbey at Riverchase in Hoover, Ala.; the 218-unit Arbor Landing on the River in Biloxi, Miss.; the 202-unit Redmont Gardens in Mountain Brook, Ala.; and the 135-unit Summer Glenn in Jacksonville, Fla. The financing includes a $25.3 million Fannie Mae loan that the borrower, Abbey Residential, will use to take out the construction/renovation loan for Abbey at Riverchase; a $22.2 million Fannie Mae loan that the borrower, Arbor Properties Inc., will use to take out the construction loan for Arbor Landing on the River; a $13.6 million Fannie Mae loan that the unnamed borrower will use to refinance debt on Redmont Gardens; and a $6.2 million CMBS loan that SMG Property Management Inc. will use to refinance a maturing Freddie Mac loan on Summer Glenn.

December 16, 2015

Alabama Loans Retail Southeast

New York Life Originates $58M Loan for Power Retail Center in Montgomery

by John Nelson November 13, 2015

MONTGOMERY, ALA. — New York Life Real Estate Investors has provided a $58 million loan on behalf of institutional investors for The Shoppes at EastChase in Montgomery. The 389,084-square-foot power retail center is leased to tenants including AT&T Wireless, Banana Republic, Dillard’s, Earth Fare Organic Grocer, Kohl’s, LOFT, Moe’s Southwest Grill, Motherhood Maternity, PetSmart and Target. Phillip Cox and Bill Mattice of Grandbridge Real Estate Capital’s Greenville, S.C., office arranged the loan through New York Life. The 10-year loan featured a fixed interest rate.

November 13, 2015

Merchants Walk Huntsville Whole Foods Market

Alabama Retail Southeast

RCP Cos. Opens Phase I of The Shops at Merchants Walk in Huntsville

by John Nelson November 12, 2015

HUNTSVILLE, ALA. — RCP Cos. has opened Phase I of The Shops at Merchants Walk, a 90,000-square-foot retail center in Huntsville. Phase I brings north Alabama its only Whole Foods Market. The 42,000-square-foot store anchors the center, which is roughly 90 percent pre-leased to tenants such as lululemon athletica, Farm Burger, Spa Sydell, Mountain High Outfitters, Maki Fresh, Orangetheory Fitness, Local Taco, The Masters Aveda Salon and DressUp Boutique. The shopping center is situated directly adjacent to the 650,000-square-foot Parkway Place, a regional mall.

November 12, 2015

Alabama Multifamily Southeast

Berkadia Brokers $29.2M Sale of Apartment Community in Birmingham

by John Nelson November 11, 2015

BIRMINGHAM, ALA. — Berkadia has brokered the $29.2 million sale of Stonecrest at Double Oak Mountain, a 315-unit apartment property located in Birmingham. Built in 1998, the garden-style community features two- and three-story buildings housing units that average 1,176 square feet. Atlanta-based Waypoint Residential purchased the property from Rodman Properties. David Oakley and Royce Emerson of Berkadia’s Alabama office represented the seller in the transaction.

November 11, 2015

Alabama Multifamily Southeast

Berkadia Arranges Sale of 172 Units in Alabama for $3.8M

by Haisten Willis November 5, 2015

ALEXANDER CITY AND RAINBOW CITY, ALA. — Berkadia has arranged the sale of a multifamily portfolio encompassing a total of 172 units for $3.8 million. The properties include Azalea Court I & II, Sherwood Forest and Wildhaven. The properties are located in Alexander City and Rainbow City, Ala. David Oakley and Josh Jacobs of Berkadia’s Alabama office negotiated the portfolio sale representing the Birmingham-based seller. Suit Properties of Gadsden, Ala. was the buyer.

November 5, 2015

Alabama Loans Office Southeast

Meridian Arranges $35M in Acquisition Financing for Office Park in Metro Birmingham

by Haisten Willis November 3, 2015

HOOVER, ALA. — Meridian Capital Group has negotiated $35 million in acquisition financing for the purchase of the Meadowbrook North Office Park located in Hoover on behalf of The Matrix Group. The two-year loan, provided by Rialto Mortgage Finance, features a LIBOR-based floating-rate, interest-only payments for the full term and a one-year extension option. Tal Bar-Or, Judah Neuman and Kyle Kite of Meridian’s New York City headquarters negotiated the transaction. Meadowbrook North Office Park, located at 100, 300, 500 and 1200 Corporate Drive on U.S. Highway 280, includes four Class A office buildings totaling 509,000 square feet. Developer Daniel Corp. built the property. Amenities include a 13-acre lake, 1.3-mile walking trail, three daycare facilities and a post office. The Hoover submarket contains Birmingham’s highest concentration of Class A office stock, totaling 4.7 million square feet.

November 3, 2015

Alabama Mixed-Use Southeast

Retail Specialists Opens 79 Commerce Mixed-Use Project in Montgomery

by John Nelson October 22, 2015

MONTGOMERY, ALA. — Retail Specialists LLC has opened 79 Commerce, a mixed-use development comprising apartment units and retail space in downtown Montgomery. The property is located on Bibb Street across from the Montgomery Convention Center. The project features 54 Class A apartment residences and 15,800 square feet of ground-floor retail space. Mellow Mushroom, a pizza eatery chain, plans to open its new restaurant at the development by the first quarter of 2016. Retail Specialists developed the project and is leasing and managing the project’s retail portion. Partners Realty is managing and leasing the residential portion of 79 Commerce. The design team includes architect Live Design Group, general contractor Brasfield & Gorrie and engineer Goodwyn, Mills and Cawood. Golden Bell Capital, a REIT based in Birmingham, and Iberia Bank provided construction financing.

October 22, 2015

Alabama Mixed-Use Southeast

RCP Cos. to Develop $100M Mixed-Use Project in Downtown Huntsville

by John Nelson October 15, 2015

HUNTSVILLE, ALA. — RCP Cos. plans to develop CityCentre at Big Spring, a $100 million mixed-use development in downtown Huntsville’s central business district. Located on Williams Avenue between Monroe Street and Lowe Avenue, CityCentre at Big Spring will feature nearly 50,000 square feet of retail and restaurant space, more than 270 upscale apartment residences and office lofts. Plans also include two hotels operated by Huntsville-based Yedla Hotel Management that will span more than 230 rooms. The project’s structured and street-level parking will provide approximately 750 parking spaces. The new development will be integrated with Big Spring Park on nine acres downtown and between the popular Von Braun Center and Twickenham Square. Site demolition is complete, and construction is expected to begin by year-end. RCP Cos. plans to open Phase I in 2016. Pittsburgh-based Urban Design Associates serves as the project’s master planner and is providing insight on architectural patterns, building forms and the overall urban plan. Birmingham, Ala.-based CMH Architects is providing architectural services, and Retail Leasing Advisors and Dart Retail Advisors are the exclusive leasing agents for the new development.

October 15, 2015

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