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.
Alabama
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.
MOBILE, ALA. — Marcus & Millichap has brokered the $5.8 million sale of Vigouroux Marketplace, a 66,125-square-foot shopping center anchored by Winn Dixie and Rite Aid. The shopping center is located at 9948 Airport Blvd. in Mobile. Built in 1997, the asset was 92 percent leased at the time of sale. Andrew Chason of Marcus & Millichap’s Mobile office represented the seller, a Mobile-based limited liability company, in the transaction. Jason Cropper of Marcus & Millichap’s Little Rock office represented the buyer, a New York-based private investment group.
MERIDIANVILLE, ALA. AND MARIETTA, GA. — The Shopping Center Group (TSCG) has brokered the sale of two shopping centers in the suburbs of Huntsville, Ala., and Atlanta for nearly $10 million. Flint Crossing in Meridianville sold for $6.5 million and The Shoppes at Due West Pavilion in Marietta sold for $3.3 million. The 65,000-square-foot Flint Crossing is fully leased to tenants such as Publix, Rite Aid, Mattress King, Regis Salons, Subway, Domino’s Pizza, China One and Madison County Commission. TSGC represented the seller, Flint Crossing Market Center LLC, in the transaction. The buyer was Real SUB LLC. The 18,200-square-foot Shoppes at Due West Pavilion is 92 percent leased to tenants such as Nature’s Corner Market, Blimpie, Peace Love Pizza and Daily Grind. TSCG represented the seller, The Shoppes at Due West Pavilion LLC, in the transaction. The buyer was SCGV-Due West LLC, a private fund based in the Southeast.
MOBILE, ALA. — Banyan Investment Group and Investra Investments have acquired an 86-room Homewood Suites hotel on Providence Park Drive in Mobile. The hotel features a business center, fitness center, outdoor pool, barbecue area, onsite convenience store and 400 square feet of meeting space. Loxi Hospitality provided advisory services with the transaction. Banyan and Investra plan to implement a $2.7 million renovation to upgrade the hotel.
HUNTSVILLE, ALA. — GBT Realty Corp. has signed Sprouts Farmers Market as part of the $16 million Phase II of Strong Station, a neighborhood retail center in Huntsville. The property is located at the intersection of US Highway 72 and Nance Road. Phase II, which spans 95,000 square feet, is nearly 96 percent leased to Sprouts, Hobby Lobby and Another Broken Egg. Phase I, which opened in 2012, includes Academy Sports + Outdoors. Phase II is currently under construction.
BIRMINGHAM, ALA. — PointOne Holdings and ESJ Capital Partners have partnered up to acquire three Class A office buildings totaling 377,921 square feet in Birmingham for $51 million. The properties, known as International Park and Blue Lake Center, have a blended occupancy of 90 percent. International Park and Blue Lake are leased to tenants such as Tyco, Prudential, Hoffman Media, Command Alkon, BE&K, Martin Marietta Materials, Principal Financial, RxBenefits, EBSCO, BASS, McKesson Corp., Home Mortgage of America and IBM. The office portfolio will be managed and leased by CBRE’s Birmingham office, which is also one of its current tenants. PointOne Holdings obtained a non-recourse, fixed-rate CMBS loan with a 10-year term from Starwood Mortgage Capital to complete the acquisition. Charles Foschini and Jason Hochman of CBRE Capital Markets arranged the acquisition loan.
BIRMINGHAM, ALA. — Marcus & Millichap has brokered the $17 million sale of Eastwood Village, a 134,256-square-foot regional power center located at 1604-1624 Montclair Road in Birmingham. The property was 99 percent leased at the time of sale to tenants such as Ross Dress for Less, Office Depot, Party City, Shoe Carnival and Tuesday Morning. A 24-hour Walmart Supercenter shadow anchors the property. Phil Sambazis and Thomas Ladt of Marcus & Millichap’s Sambazis Retail Group in San Diego represented the undisclosed seller in the transaction. Zachary Taylor and Don McMinn of Marcus & Millichap’s Atlanta office represented the undisclosed buyer. Andrew Chason of the firm’s Mobile, Ala., office assisted in the transaction.
BIRMINGHAM, ALA. — An affiliate of Tampa-based Blue Rock Partners LLC and Boca Raton-based Rose Group have purchased Forest Ridge Apartments in Birmingham for $11.1 million. The 268-unit apartment community is located at 660 Valley Crest Drive. Financing for the project involved the assumption of a senior mortgage in the amount of $8.3 million, and Berkadia was the lender/servicer for a Fannie Mae loan.
BIRMINGHAM, ALA. — Multi Housing Advisors (MHA) has brokered the $33.1 million sale of Springs at Trussville, a 328-unit apartment community located at 3539 Mary Taylor Road in Birmingham. Jimmy Adams of MHA’s Birmingham office represented the seller, Continental 166 Fund LLC, in the transaction. The buyer was Somerset Partners LLC. Built in 2007, the gated apartment community features a clubhouse, car care center, 24-hour fitness center, resort-style pool and a business center with free WiFi and computer access.