Alabama

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

Alabama Retail Southeast

Marcus & Millichap Brokers $5.8M Sale of Shopping Center in Mobile

by John Nelson December 19, 2014

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.

December 19, 2014

Alabama Retail Southeast

The Shopping Center Group Brokers $10M Sale of Two Retail Assets in Alabama, Georgia

by John Nelson December 8, 2014

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.

December 8, 2014

Alabama Hospitality Southeast

Banyan, Investra Acquire Homewood Suites Hotel in Mobile

by John Nelson December 4, 2014

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.

December 4, 2014

Alabama Retail Southeast

GBT Realty Signs Sprouts to Phase II of Strong Station in Huntsville

by John Nelson November 26, 2014

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.

November 26, 2014

Alabama Office Southeast

PointOne Holdings, ESJ Capital Buy Three Office Buildings in Birmingham for $51M

by John Nelson November 24, 2014

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.

November 24, 2014

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