FOLEY, ALA. — Strategic Storage Trust II Inc., a non-traded self storage REIT, has purchased a 1,050-unit self storage facility located at 8141 Highway 59 S. in Foley for $8 million. The property spans 142,000 square feet and features 78 boat/RV spaces, climate controlled units and grade level drive up. Built in 1985 and renovated in 1996 and 2006, the asset was 91 percent occupied at the time of sale. The REIT plans to make capital improvements to the 10-acre facility, including new roofs and drive areas. Strategic Storage Trust’s portfolio includes 18,000 self storage units spanning approximately 2 million square feet.
HOOVER, ALA. — American Realty Capital – Retail Centers of America I & II, a non-traded retail REIT, and Lincoln Property Co. Southeast have acquired the 512,871-square-foot Patton Creek in Hoover for $83.5 million. Patton Creek comprises 65.7 acres of open-air retail space occupied by tenants such as Dick’s Sporting Goods, Rave Motion Pictures, Ross Dress for Less, Cost Plus World Market, DSW, Barnes & Noble, buybuyBABY and Christmas Tree Shops. Patton Creek was approximately 95 percent leased at the time of sale. The seller was Patton Creek Holdings LLC.
GULF SHORES, ALA. — Langley Properties Co. has sold Pelican Place at Craft Farms, a 229,911-square-foot shopping center located at 3800 Gulf Shores Parkway in Gulf Shores. Atlanta-based RCG Ventures purchased the asset from Langley Properties for $18.5 million. The shopping center’s tenant roster includes Bed Bath & Beyond, Cobb Theatres and Books-A-Million. Target and Publix shadow-anchor the center. Fred Victor of Transwestern represented the seller in the transaction. Scott Tarbet represented the buyer internally.
TUSCALOOSA, ALA. — InterContinental Hotels Group (IHG) and Chance Partners have broken ground on Hotel Indigo Tuscaloosa Downtown, a 91-room hotel located at 120 Greensboro Ave. within Riverfront Village, a $60 million mixed-use development. Riverfront Village fronts Black Warrior River in downtown Tuscaloosa. The new hotel will be the first LEED-certified hotel in Alabama and Tuscaloosa’s first riverfront hotel. IHG and Chance Partners expect to open the hotel in winter 2016. Upon completion, the hotel will feature 1,000 square feet of executive meeting space, a fitness center, restaurant, rooftop bar, business center and a 2,500-square-foot outdoor terrace. Interstate Hotels & Resorts will manage the hotel upon completion.
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.