Monday, May 12, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Alabama

AcquisitionsAlabamaDevelopmentMultifamilySoutheastStudent Housing

Audubon Acquires Student Housing Tower in Birmingham, Plans Conversion to Market-Rate Apartments

by John Nelson

BIRMINGHAM, ALA. — Audubon has purchased Scholar Birmingham, a 198-unit student housing high-rise in Birmingham’s Five Points neighborhood. The tower was developed as an off-campus student housing property in 2020 due to its proximity to University of Alabama at Birmingham (UAB). The seller and sales price were not disclosed. Audubon plans to transition the property to market-rate housing in a retrofit that includes modernizing the interiors and enhancing community amenities. According to the Scholar Birmingham property website, the community offers fully furnished, pet-friendly studio, one-, two-, three- and four-bedroom apartments. Amenities include package lockers, a fitness center, sauna, gaming room, theater and a rooftop amenity deck with a pool, covered lounge and barbecue grills.

Continue Reading
FacebookTwitterLinkedinEmail
AlabamaGeorgiaLoansLouisianaSeniors HousingSoutheastTennessee

Dwight Mortgage Trust Provides $142M Acquisition Financing for Southeast Skilled Nursing Portfolio

by John Nelson

MIAMI — Dwight Mortgage Trust, the affiliate REIT of Miami-based Dwight Capital, has provided a $142 million bridge acquisition loan for a portfolio of 10 skilled nursing facilities in urban areas surrounding Atlanta, Memphis, Mobile, Ala., and Shreveport, La. The properties include Bell Minor Home in Gainesville, Ga.; Cambridge Post Acute Care Center in Snellville, Ga.; Nurse Care of Buckhead in Atlanta; Riverside Health Care Center in Covington, Ga.; Rockdale Healthcare Center in Conyers, Ga.; Westminster Commons in Atlanta; Millington Healthcare Center in Millington, Tenn.; Parkway Health and Rehabilitation Center in Memphis; Kensington Health and Rehabilitation in Mobile; and Highland Place Rehabilitation and Nursing in Shreveport. Collectively, these facilities total 1,371 beds. Adam Offman and Sheldon Frankel originated the loan. Details on the buyer and seller were not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsAlabamaRetailSoutheast

JLL Negotiates Sale of 432,158 SF Shopping Center in Spanish Fort, Alabama

by John Nelson

SPANISH FORT, ALA. — JLL has negotiated the $33.2 million sale of Eastern Shore Centre, a 432,158-square-foot power shopping center located at 30500 Highway 181 in Spanish Fort, a suburb of Mobile, Ala. Jim Hamilton, Brad Buchanan and Andrew Nichols of JLL represented the seller, Allied Development, in the transaction. Chip Sykes, Hunter Goldberg, Hamp Gibbs and Mikey Minihan, also with JLL, arranged an undisclosed amount of acquisition financing on behalf of the buyer, Wicker Park Capital Management. Situated on 42.7 acres and shadow-anchored by Dillard’s, Eastern Shore Centre’s tenant mix includes Belk, Shoe Station, Barnes & Noble, Stock & Trade, California Dreaming, Half Shell Oyster House and Mountain High Outfitters. Wicker Park, along with property manager affiliate Crawford Square Real Estate Advisors, has plans to continue to elevate the tenant profile and activate the place-making opportunities within Eastern Shore Centre.

Continue Reading
FacebookTwitterLinkedinEmail
AlabamaDevelopmentSeniors HousingSoutheast

SRI Management Opens 135-Unit Seniors Housing Community in Daphne, Alabama

by John Nelson

DAPHNE, ALA. — SRI Management has opened Seagrass Village of Daphne, an independent living and assisted living community in the Gulf Coast city of Daphne. The property offers 45 independent living apartments, 45 independent living villas and 45 assisted living apartments across a 184,000-square-foot building. Project partners include Sage Development Group, Arrive Architecture Group, Lori Bates Interiors and EMJ Construction.

Continue Reading
FacebookTwitterLinkedinEmail
AlabamaDevelopmentMultifamilySoutheast

Arey Group Begins Leasing 198-Unit Taylor Apartments in Historic Downtown Opelika, Alabama

by John Nelson

OPELIKA, ALA. — Arey Group has begun leasing The Taylor, a 198-unit apartment community underway at 411 S. 10th St. in historic downtown Opelika, about seven miles from Auburn, Ala. Designed by Geheber Lewis Associates, the property will feature one-, two- and three-bedroom apartments available at monthly rates starting at $1,250. Focus Design Interiors designed the apartments, which will feature stainless steel appliances, quartz countertops and black and wood tone accents. Amenities will include a fitness center and an entertainment area. Arey Group plans to deliver The Taylor in the third quarter.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsAlabamaMultifamilySoutheast

Oakley Group Purchases 110-Unit Deerfield Place Apartments in Florence, Alabama

by John Nelson

FLORENCE, ALA. — Birmingham-based Oakley Group has acquired Deerfield Place, a 110-unit apartment community located at 137 Deerfield Place in Florence. Built in 2018 and totaling 137,500 net rentable square feet, the property comprises 13 one- and two-story buildings. Pinehurst Investments, the original developer, sold the community to Oakley Group for an undisclosed price. David Sizemore of CommerceOne Bank arranged acquisition financing on behalf of the buyer in the form of a fixed-rate, five-year loan. The property was 95 percent occupied at the time of sale. Oakley Group plans to implement improvements to the community, including the addition of a fitness center and outdoor gathering place. Arlington Properties will continue to serve as the onsite management firm on behalf of the new owner.

Continue Reading
FacebookTwitterLinkedinEmail
AlabamaDevelopmentIndustrialOfficeSoutheastTop Stories

Coca-Cola United to Develop $330M Office, Warehouse Facility in Birmingham, Alabama

by Jeff Shaw

BIRMINGHAM, ALA. — Coca-Cola Bottling Co. United Inc. has announced plans to invest $330 million in the construction of a new office and warehouse facility located in the Kingston neighborhood of Birmingham. Coca-Cola United is a Birmingham-based bottler of Coca-Cola products, and the Coca-Cola Co. does not own any part of the company. Plans for the development include a 150,000-square-foot office complex and a 300,000-square-foot warehouse. The warehouse will feature a Vertique case picking system, which is designed to increase the efficiency of packing cases for order fulfillment. The facility will serve as the Birmingham Coca-Cola sales center, as well as Coca-Cola United’s corporate, Central region and North Alabama division headquarters. The property will also house the company’s Classic Food and Vending arm, customer solutions center and services department. A development timeline was not disclosed. Coca-Cola United purchased the development site in 2013. The land previously housed the Stockham Valves and Fittings plant, which closed in 1998. According to Alabama Gov. Kay Ivey, the project will create up to 50 new jobs and retain over 750 positions. “For over 120 years, Coca-Cola United has been a stand-out member of Birmingham’s business community,” says Ivey. “Coca-Cola United’s landmark growth project will create new …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsAlabamaRetailSoutheast

SRS Negotiates $3.8M Sale of New Gas Station in Daphne, Alabama Leased to Circle K

by John Nelson

DAPHNE, ALA. — SRS Real Estate Partners has negotiated the $3.8 million ground lease sale of a newly built gas station and convenience store located at 26072 Highway 181 in Daphne, about 13 miles east of Mobile, Ala. Circle K has a 15-year, corporate-guaranteed lease in place at the 5,200-square-foot property, which is situated on a two-acre site at the intersection of State Highway 181 and Daphne Road. Patrick Nutt and William Wamble of SRS represented the seller, a Southeast-based development group, in the transaction. The buyer, a local private investor, purchased the property at a 5.5 percent cap rate, according to SRS. Both the buyer and seller requested anonymity.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsAlabamaSoutheastStudent Housing

Muinzer, T2 Capital Management Acquire 486-Bed Student Housing Community Near Auburn University

by John Nelson

AUBURN, ALA. — Muinzer, alongside capital partner T2 Capital Management, has acquired Evergreen Auburn, a 486-bed student housing community located near Auburn University in Alabama. The property was recently renovated and offers units in one-, two- and four-bedroom configurations. Shared amenities include a 24-hour fitness center, swimming pool, computer lounge, clubhouse, dog park, hot tub, fire pit and a coffee bar. The student housing community is 88 percent preleased for the 2024-2025 academic year. Terms of the transaction and the seller were not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsAlabamaIndustrialLeasing ActivitySoutheast

MAG Capital Purchases 105,986 SF Manufacturing Facility in Northern Alabama in Sale-Leaseback Deal

by John Nelson

HARTSELLE, ALA. — MAG Capital Partners has purchased a 105,986-square-foot manufacturing facility located at 1101 Young Drive SE in Hartselle, a city in northern Alabama. The Dallas-based investor purchased the single-story asset from the tenant, Excel Interior Door, a manufacturer of interior wooden doors. Daniel Macks and Phil DiGennaro of Stream Realty Partners represented the seller in the sale-leaseback transaction, the terms of which were not released. Situated on a 10-acre site, the facility features 20-foot clear heights, four loading docks and 22 grade-level doors.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts