BESSEMER, ALA. — Range Light Investment Partners has acquired the former Mall at Westlake, a 323,000-square-foot shopping and dining destination located southwest of Birmingham in Bessemer, Ala. The Ohio-based investment firm plans to redevelop the property into an industrial flex complex that will be known as Marvel City Business Park.
The former mall, which originally opened in 1969, permanently closed 40 years later in 2009 after retail activity migrated elsewhere, according to Range Light, leaving the property available for alternative purposes.
“Shopping malls built from the 1960s through the 1990s were the distribution centers of that era,” says Pat Foran, founder of Range Light Investment Partners. “All of the features that made them great malls years ago are the same features light industrial and flex tenants are looking for today.”
“There are many more tenants looking for 30,000 to 50,000 square feet than 300,000 to 500,000 square feet in the Birmingham area, and there are virtually no options for them,” adds Foran. “Marvel City Business Park will cater to those smaller bay-sized tenants that don’t need 36-foot-high ceilings and want more affordable rent than what the newer big box developments demand.”
Situated on a 40-acre site at the intersection of interstates 20 and 459, the forthcoming Marvel City Business Park is designed to meet the increasing demand for 30,000 to 50,000-square-foot light industrial and manufacturing spaces. The redevelopment will include the removal of the former interior and exterior retail components, the addition of new roofing, upgraded lighting and electrical systems and the enhancement of the façade. Dock positions and drive-in doors will be available based on tenant specifications.
Additionally, the park will offer a range of flexible spaces with ample parking, outdoor storage and yard space, as well as abundant power to support the needs of today’s light industrial and flex users. The first suites are expected to be available for lease in the fourth quarter.
Jenna Gauntner and Philip Yost of CBRE’s Birmingham office represented Range Light Investment Partners in the acquisition of Mall at Westlake. Brad Moffatt and Wirth Doss of Cushman & Wakefield/EGS Commercial Real Estate, as well as Jenna Gauntner of CBRE, will lease the property. First Horizon Bank is financing the development, while Chris Dyson and Ross Halloran of BWE arranged the debt.
Founded in 2012, Range Light Investment Partners specializes in value-add, Class B and C industrial deals, focusing primarily on small- and medium-bay product. Range Light’s target markets are rooted in the Rust Belt of the Midwest and growing towards the Sun Belt of the Southeast.
— Abby Cox