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June and July, 2010 Transaction Highlights
• Jonathan Lindsey, CCIM represented G’nosh in the leasing of 2,475 SF in Richardson, Texas. G’nosh is an interactive art studio where individuals or groups can go to express themselves on canvas. G’nosh opened at this site in July, 2010.
• Jonathan Lindsey, CCIM represented the purchaser in the sale of an office building in the CBD. The 2,500 SF building at 2117 16th Street will be the new location of Kevin Roberts, PC. The attorney will be relocated by the end of June, 2010.
March and April, 2010 Transaction Highlights
• John Lauriello, CCIM, SIOR and Stephen Lazarus represented the Purchasers in the sale of a 26 unit apartment complex located at 1925 14th Ave South. The apartment complex sold for $1,000,000.00. The complex was owned and managed by members of Dobbins-Harvill Realty, Co.
• David Ashford, CCIM represented the owner in leasing retail space at 1817-B 29th Ave. South in downtown Homewood to Centuries Antiques. The 2,370 SF space is next to Dave’s Pizza. Centuries Antiques moved from Mountain Brook Village and was represented by Jim Hicks with Chase Commercial.
• Michael Randman represented the purchaser in the sale of three acres in Vestavia Hills. The site is in front of a Wal*Mart Neighborhood Grocery Store. A Zaxby's restaurant is planned for this site with an August/September, 2010 completion date. The sale price was $800,000.00.
• David Ashford, CCIM represented the owner in the sale of a former Church’s Chicken on 6th Ave. South for $160,000. The 1,350 square feet building was sold to a restaurant group and will be re-opening a restaurant in the space.
• Michael Randman has recently leased two spaces in Downtown Homewood. The former Smith’s Variety, 2824 S. 18th Street, is now Ambiance. Ambiance is a gift shop offering unique collections of jewelry, furniture, accessories, etc. Before moving to Homewood, they were in the Riverchase Galleria. The former 2,111 SF Anchorage space is now Pure Barre. Pure Barre is a facility offering the Pure Barre workout technique, which was created in 2001 by a professional dancer and choreographer. In 2006, through franchises, Pure Barre began expanding throughout the US.
• Blake Crowe, CCIM represented the buyer in the purchase of a 13,500 SF building in Greystone. The building was owned by Whitcomb Properties. January 2010 Transaction Highlights
• Greg Despinakis represented a local investor in the purchase of a Burger King on University Boulevard. The Burger King is recently completed and plans to open in February. Greg originally represented the land owner of this 22,000 SF site in the sale to the Burger King developer. The sale price of the restaurant was $1,350,000.
• Jonathan Lindsey, CCIM represented The Lemak Group of Properties Company in the sale of two buildings on the corner of 22nd Street and 2nd Avenue South to the Birmingham Chapter of the Red Cross. The Lemak Group acquired the property, which was formerly home to the Screening Room adult entertainment establishment, in October of 2008. It has undergone almost a year of restoration and rehab by Golden Construction. The Red Cross will begin plans for build-out in the next few weeks, and plans to relocate its executive offices to the 2nd at 22nd development in the coming months. The sale price was $1,205,825.00.
● Jim Collins, CCIM represented T. M. Burgin Demolition Company, Inc., et al, in the sale of former Think Pink location on Princeton Parkway Southwest to CTV Group, Inc., a Birmingham based privately held company. The property, which had been owned by the Burgin interests for over 50 years, will be redeveloped as a warehouse and distribution facility. CTV Group, Inc. also purchased the adjoining property on Princeton Parkway. This acquisition allowed CTV Group to consolidate the two pieces of property into a larger and more useable configuration. The total sale price of both properties was over $400,000.00.
November 2009 Transaction Highlights
• David Ashford, CCIM represented the landlord in leasing 2,000 SF at 2627 Cahaba Road. The retail space is located in Mountain Brook Village and was the former Jane Simon space. Etc. Jewelry & Accessories has leased the space. They have moved from their previous space on Montevallo Road and plan on opening in early 2010.
• Andrew Loveman, CCIM represented the landlord in leasing 3,600 SF at Rainbow Plaza in Rainbow City, Alabama. Rainbow Plaza is a 214,000 SF retail center anchored by Food World and Dollar General. Asahi Steak and Seafood took the former CiCi’s Pizza space. They opened in the Fall, 2009.
• Jonathan Lindsey, CCIM represented Radio Shack in the leasing of office space in Vestavia. Radio Shack’s district office leased 1,145 SF in the Highpoint Shelby Building on Vestavia Parkway. Jonathan also represents Radio Shack in identifying new retail locations throughout central and north Alabama.
• Andrew Loveman, CCIM represented the landlord in lease negotiations with Dollar General at Village in Pinson. Dollar General was in 6,000 SF. They have now expanded to 10,000 SF and signed a new lease with a 10 year term. The Village in Pinson is an 80,000 SF shopping center located on Highway 75 in Pinson, AL. Southpace Management also took over the property management duties of the center in 2007.
September 2009 Transaction Highlights
• Nick Nesmith, CCIM represented the Southwestern Athletic Conference (SWAC) in leasing 6,214 SF in the Colonial Plaza building. They have signed a ten (10) year lease term in the downtown building. SWAC is relocating from the AG Gaston Building at 1527 5th Avenue North. The SWAC is comprised of the following universities: Prairie View A&M, Alabama A&M, Southern University, Alabama State, Texas Southern, Alcorn State, Arkansas at Pine Bluff, Grambling University, Jackson State, Mississippi Valley State, and Texas Southern University.
• Nick Nesmith, CCIM leased a retail/showroom building in Trussville to Aamco Transmissions. The 4,000 SF building is located at 199 Chestnut Street. Aamco Transmissions signed a five year lease term. Nick was the sole broker in the transaction. Aamco Transmissions will open this location in October, 2009.
• John Hardin, CCIM and Steve Lazarus represented CMMC Development Company, LP in the sale of a 20 year ground lease with Rally’s Hamburger. The 18,900 SF site is located at 2520 12th Avenue N. The ground lease was purchased by ERDA, LLC, a California-based investment group. The transaction value was $210,000.00. Former Texaco Sells June 2009 Transaction Highlights
• David Ashford, CCIM and Andrew Loveman, CCIM, have completed several retail leases recently. They leased 1,900 square feet at Midfield Park Shopping Center to Southeast Financial d/b/a Instant Tax Service. Ashford and Loveman represented the landlord, Cal-Mid Properties LP. Andrew Loveman, CCIM, renewed Advance America, a 1,500 SF tenant, at the Village In Pinson. Loveman represented the center’s landlord. Southpace Management handles the property management of the 79,000 SF center.
• John Hardin, CCIM and Steve Lazarus represented the landlord of two former Carraway properties in two different transactions. Omni Transport Systems Alabama renewed its 7,200 SF lease in the former Carraway Life Saver Building. Omni Transport Systems is a medical helicopter and life flight operations company. Hardin and Lazarus also sold an office/warehouse building at 2401 26th Street N. The 42,766 SF building will be used for a trucking company’s office.
• Rich Vanchina, SIOR, CCIM and Jonathan Lindsey, CCIM leased 4,000 SF at 2301 Morris Avenue. Cayenne Creative will move into the office space by August 1, 2009. Vanchina represented the tenant and Lindsey represented the landlord, 2301 Morris Avenue Partners LLC.
• Jonathan Lindsey, CCIM represented Sips N Strokes in the leasing of 3,500 SF at 2314 Sixth Street in Tuscaloosa. Sips n Strokes, a locally owned retailer, specializes in teaching painting classes to a wide range of students from the novice to the experienced. Jonathan has now represented four franchisees opening locations in Pelham, Fultondale, Auburn and Tuscaloosa.
April 2009 Transactions
• John Lauriello, CCIM, SIOR and Blake Crowe, CCIM recently leased 6,500 SF to New Capital Partners in an office building at 2900 1st Avenue South. The owner of the building, Lamb Law Firm, is located on the first floor. New Capital Partners will relocate to their new space in April. John and Blake represented both the tenant and the landlord in the transaction.
• David Ashford, CCIM and Andrew Loveman, CCIM leased 5,100 SF to Simply Fashion Stores in the Village Hills Center. Village Hills Shopping Center is a 48,405 SF shopping center on Forestdale Boulevard, and its tenants include Piggly Wiggly and Family Dollar. David and Andrew represented the landlord, Flint Village Realty Associates.
• Nick Nesmith, CCIM and David Ashford, CCIM of Southpace Properties represented Steve Spencer in the sale of his 6,000 SF building located at 300 Shadow Wood Park in North Shelby County. The purchaser, J & J Partnership, will occupy the entire facility.
March 2009 Transactions Former Standard Furniture Store Sells Land Sale on Grandview Parkway Former Pike Nursery Sold November, 2008 Transactions September, 2008 Transaction Highlights July, 2008 Transaction Highlights
• John Lauriello, CCIM and Blake Crowe, CCIM represented 2160 Highland Avenue Partners , LLC in the sale of an office building located at 2160 Highland Avenue. The 20,000 SF building was sold to a local investor. After some renovations, they will move their corporate headquarters here. Summit Products specializes in designing children's toys. There will be 4,164 SF available for lease, and John and Blake will be handling the leasing of that space. The building’s purchase price was $1,850,000.
• John Hardin, CCIM and David Ashford, CCIM represented Lakeshore Memorial Chapel, LLC in the sale of their 10,982 SF funeral home. The building is located at 131 Oxmoor Court and encompasses a 4.75 acre site. Oxmoor Real Estate Holding LLC bought the building to use as a religious facility.
• Julie Gieger, CCIM represented the owners of 112 24th Street North in the sale of their 7,520 SF building. The property was sold to WSK Realty LLC, and Anthony Barnes of Barnes and Associated represented the purchaser. The transaction price was $278,000.00.
• David Ashford,CCIM represented the landlord in the lease renewal of Out Takes delicatessen in Homewood. Out Takes occupies 3,009 SF at 2901 18th Street South and signed for an additional five year term. Southpace Management, Inc. manages the property as well.
• John M. Hardin, CCIM and David Ashford, CCIM represented Doster Construction Company in the sale of the former Doster Construction Company office building in Irondale to Capitol Care South, Inc. for $1,325,000. The building located at 2619 Commerce Blvd. totaled approximately 15,000 square feet. Capitol Care South was the tenant in the building.
• Steve Lichter and Steve Lazarus sold a 40 unit apartment complex located at 3001 Exeter Avenue in Bessemer. The complex consisted of 1,2, and 3 bedroom units and was 95% occupied. Steve Lichter represented the seller, and Steve Lazurus represented the buyer. The purchase price was $800,000.
May, 2008 Transaction Highlights
• Eric Cooper, CCIM, SIOR, and Jim Collins, CCIM represented Davis & Wammock, LLC, in the sale of two shopping centers, one in Midfield and one in Eastlake, containing a total of 40,566 SF. The Midfield center included Aaron’s Rents and Family Dollar. The Eastlake center included Aaron’s Rents. The total sales price for both properties was $2.2 million. Jeff Mann of Leitman-Pearlman-Rich, Inc. represented the buyer, Bailey Building and Loan, LLC
• Michael Randman and Gregory Griffith of Rock Apartment Advisors represented a local investment group in the purchase of Alpine Village Apartments. The 160 unit complex is located on Lorna Road in Hoover, Al. The complex is 98% occuppied and sold for $7,200,000.
• Rich Vanchina, CCIM, SIOR represented the owners in the sale of an office building on Skyline Drive in Warrior. The 3,000 SF building sold for $300,000.00. Elite Employment Connections purchased the building for general office use.
• Blake Crowe, CCIM represented RR Donnelly in the renewal of their office space for an additional 4 years. They are in 3,500 SF at River Ridge Center in Riverchase. RR Donnelly is an international paper products company based in Chicago.
• Rich Vanchina, CCIM, SIOR represented the owners of Crest Building in the leasing of expansion space to Mary Kay Cosmetics. An additional 1,283 SF was leased for 5 years. Crest Building is also managed by Southpace Management, Inc.
• Edenton Village, an office condo development by Signature Homes and marketed by Southpace Properties has three new tenants. Blake Crowe, CCIM and Nick Nesmith, CCIM represented Signature Homes in the leasing of office space to Mantissa Corporation, Shelby Law, and Civil Systems. Mantissa Corporation and Civil Systems each leased 4,184 SF and Shelby Law leased approximately 3,000 SF. To learn more about this commercial development, please visit www.edentonvillage.com.
February/March Transaction Highlights
• Julie Gieger, CCIM brokered a five year lease for Bennette's Motor World at 2212 3rd Avenue South. Bennette’s Motor World is at the site of the former Tom Williams Import Car Service Center in Southside.
• David Ashford, CCIM represented the owners of Country Club Park in the renewal of Fire restaurant. The popular restaurant leases approximately 2,400 SF in the Crestline retail center. Country Club Park is also managed by Southpace Management, Inc.
• Steve Lichter and Steve Lazarus sold the 214 units apartment complex located at 301 3rd Avenue S.W. known as Montevallo Gardens Apartments for $2,250,000.00. Lichter and Lazurus represented the Seller, Montevallo Gardens, LLC. The Purchaser, Montevallo Apartments, LLC. was represented by RE/MAX Beach and Golf.
• Bill McDavid sold a 15,000 SF warehouse at 201 39th Street North. It was purchased by TAT Holdings for their own use, and the price was $330,000. Bill McDavid represented the Seller, Molokai, LLC and John Coleman with Graham & Company represented the Purchaser.
January 2008 Transaction Highlights
• Steve Lichter was the sole agent in the sale of Woodland Villa Apartments in Jasper, Alabama. At the time of the sale, the 64 unit apartment complex was 95% occupied. The seller was Woodland Villa, LTD, and the buyer was Bretwood, LLC. The transaction price was $1,100,000.00.
• Andrew Loveman, CCIM and David Ashford, CCIM of Southpace Properties, Inc. represented the Roebuck-Nolen Land Company, LLC in the sale of a 1.4 acre corner site of Hwy 431 and Beulah Road in Albertville, AL. The buyers, Splash N Dash LLC, were represented by Garrett McKone and Gordon Henderson of Henderson Spurlin, Inc. The purchase price was not disclosed. The property will be used for a carwash.
• ClearLinx Design, a civil engineer firm, has bought a 3,000 SF unit at Edenton Village, an office condo development by Signature Homes and marketed by Southpace Properties. Blake Crowe, CCIM and Nick Nesmith represented Signature Homes. ClearLinx will be relocating from Meadowbrook Office Park. To learn more about this commercial development, please visit www.edentonvillage.com.
• Law Partners, LLC has leased 2,836 SF at Hitchcock Plaza. John Lauriello, CCIM, SIOR represented Law Partners, and David Ashford, CCIM represented the building owners, PW Partners, LLC. Hitchcock Plaza is a 13,500 SF building on 20th Street South. Law Partners are relocating from their former offices on 4th Avenue North.
December 2007 Sales Highlights
• John Hardin, CCIM and David Ashford, CCIM represented Larry E. LeBerte in the sale of a 22,500 SF office/showroom/warehouse. The building was the former Nuncie’s Music store’s downtown location. Bruce Office Supplies was the purchaser. They will use the store for its corporate office and headquarters.
• Bob Vines represented Financial Partners in the sale of a 2,000 SF office building on Columbiana Road. After renovating the building, Crow Friedman Insurance will relocate their offices in March, 2008. The building’s listed price was $275,000.00.
Southpace Brokers' Deals in the CBD
• The former Jimmy Hale Mission on the corner of 24th and 3rd Avenue North is getting a facelift. Totaling 27,000 +/- SF, the buildings will become New Vulcan Ale House, an upscale restaurant and brewpub, in the spring of 2008. Retired economics professor Gary Dale and a former student who is now a chef, Brian McMillan, have leased the property with an option to buy. Julie Gieger, CCIM represented the owners, Leo and Ed Ticheli, in the lease negotiations. Earlier this year, Julie represented the Tichelis in the purchase of the buildings. The Tichelis were part of an investment team who were initially going to redevelop the two buildings into condominiums. The first to be redeveloped will be the smaller 9,000 SF building, which was the mission’s chapel. New Vulcan Ale house is planning to draw the lunch crowd from the busy CBD, and then attract the growing number of loft dwellers in downtown and southside.
Transaction Highlights from September, 2007
• John Lauriello, CCIM, SIOR and Julie Gieger, CCIM represented the law firm of Wallace, Jordan, Ratliff, Brandt in the renewal of their office space. The law firm occupies 26,100 SF in the First Commercial Bank Building on Shades Creek Parkway. The firm agreed to a lease term of ten additional years.
• 3MW, LLC has purchased 8.7 acres of land at 4308 Lewisburg Road in Birmingham from T. M. Burgin Demolition Co., Inc. The purchase price was $111,500. Jim Collins, CCIM of Southpace Properties, Inc. represented T. M. Burgin Demolition Co., Inc. and David Ashford, CCIM of Southpace Properties, Inc. represented 3MW, LLC.
• Steve Lichter was involved in the sale of West Lee Apartments at 1012 33rd Street SW. The 105 unit apartment complex is 98% occupied. Steve represented the seller, Grove Lee Homes, Inc. The transaction price was $1,800,000.00.
Transaction Highlights from the Office Division
• Woody Nunis represented Innovative Benefits Consulting in their lease at the Southbridge Building. They leased 3,100 SF for a five year lease term.
• Blake Crowe, CCIM also leased space to Legalink in the Concord Center. LegaLink is a provider of court reporting and legal videography. LegaLink leased 5,000 square feet of sublease space on the 9th floor, and they were represented by Brookmont Realty. Blake was representing the sublandlord.
• Rich Vanchina, CCIM, SIOR leased 1,850 SF to Mary Kay Cosmetics at the Sain Centre. Rich Vanchina represented the landlord, Sain Centre Ltd. Sain Centre is now 100% occupied. The 25,000 SF building is also managed by Southpace Management, an affiliate of Southpace Properties, Inc.
• Rich Vanchina, CCIM, SIOR also represented Boiler Supply Company in leasing 1,550 SF at Williamsburg Office Building. Williamsburg Office Building is a 7,000 SF multi-tenant building in Vestavia Hills. David Ashford, CCIM represented the landlord. The building is now 100% occupied.
• Rich Vanchina, CCIM, SIOR represented the seller in the sell of 120 West Park Drive. The 12,500 SF building is fully leased to ADT. Jonathan Lindsey, CCIM represented the purchasers. The transaction amount was $1,300,000.00.
More Transactions from the Office Group
• Nick Nesmith recently represented Adventure Mortgage and The Fowler Group LLC in their office relocations. Adventure Mortgage leased approximately 2,850 SF in Riverchase Center. They will occupy the new space in August. The Fowler Group took 2,800 SF in 600 University Park. Daniel Corporation represented the building’s owner.
• Jonathan Lindsey, CCIM represented 615 Pleasant Grove Partners LLC in the purchase of a medical office building in Pleasant Grove. The 4,821 SF building is leased to Baptist Health Systems for seven years. The purchase price was $945,000.00.
• Rich Vanchina, CCIM, SIOR leased 1,575 SF in the Crest Building to Mary Kay Cosmetics. The Crest Building is a 40,000 SF office building located in Homewood. Rich Vanchina represented the landlord.
Transactions from the Retail Group
• Michael Randman has leased 2,600 SF at 2820 20th Street South in Homewood to Soca Clothing. Soca Clothing, formerly located in 5 Points South, is a high end women’s clothing boutique. Michael Randman represented the landlord.
• Bob Vines represented the owners of B&A Warehouse in purchase of a 6,000 square foot building on 3700 5th Avenue South. This new venture, Fith Avenue Development, will house a full service catering kitchen and event space. Bob Vines also represented Moutain High Design in a 1,500 square foot lease space in Avondale Commerce Park. Mountain High Design is a full sevice promotions and marketing firm.
• David Ashford, CCIM represented the owners of Green Springs Shopping Center in a ground lease negotiation with Aldi Grocery. Aldi Grocery has developed a 15,000 SF store on the 64,000 SF pad site. Aldi Grocery is an international retailer specializing in a limited assortment of private label, high-quality products at the lowest possible prices. Aldi is schedule to open mid-August, 2007. The Shopping Center Group represented Aldi in this transaction.
• La Paz Mexican Restaurant has renewed for five years at Country Club Park in Mountain Brook. La Paz has 5,700 SF within the 59,000 SF shopping center. David Ashford, CCIM represented the shopping center’s owners. Southpace Properties, Inc. leases and manages Country Club.
Investment Transactions
• Steve Lichter was the sole agent in the sale of the Phoenix Building. Located at 2717 2nd Avenue South, the 17,400 SF building was renovated a few years ago for showroom design space. The purchase price was $1,375,000.00.
• John Hardin, CCIM and Steve Lazarus represented Twenty-Second St Properties in the sale of a 14 unit apartment complex to Kumbla, LLC. The property is located at 1022 & 1028 22nd Street South. The sale price was $457,500.00.
• Steve Lazarus represented the buyer, BOG, Inc. in the purchase of a 24 unit apt complex at 1029-1075 12th St N. The Seller was Montcreek Land Company, and the purchase price was $145,000.00.
• TRW, LLC, a private investment group, recently purchased a 4,000 SF industrial building from City View Mortgage Company. The sales price was $169,000. Jim Collins, CCIM represented the Purchaser in the transaction.
• Steve Lichter sold a 101 unit apartment complex in Cullman, Alabama. The complex was 96% occupied. The buyer was Evergreen LLC, and the seller was Krout Properties. The sale price was $3,310,000.00.
2007 Begins with a Great Start
• Eric Cooper, CCIM, SIOR and Bob Vines represented the owners in the sale of the Village at Gadsden. The retail center is located at the intersection of Hwy. 411 & 77 in Rainbow City. The 16,500 SF center is 95% leased. The purchaser was an Atlanta based investor with 1031 exchange money. The sale price was $1,650,000.00. Eric Cooper and Bob Vines were the only agents in the transaction.
• Julie Gieger, CCIM brokered the sale of the Jimmie Hale Mission to developers Ed and Leo Ticheli for $550,000. The new owners are considering retail and residential units for the 27,000 +/- SF site
• Eric Cooper, CCIM, SIOR represented the purchasers of an 180,000 SF industrial manufacturing facility in Gadsden, Alabama. Two tenants, National Set Screw and Super Steel South, are in long term leases. The purchaser was Stag II Gadsden LLC and the seller, represented by Jack Key with Graham and Company, was Hickory Hills LLC. The sale price was $5,200,000.00.
Transaction Highlights from Year End 2006
• Greg Despinakis has sold the Olive Tree Restaurant in Hoover. Formerly known as Grammas Restaurant, this 4,300 SF building and the 1.6 acre site were sold to Gary Beard. The new owners plan on continuing a food and catering business from this location.
• Alan Davis represented M&F Bank in the sale of .47 acres in Pelham. Located on Highway 52, this was one of a property portfolio the bank appointed Alan to market and sell. Murphy Investments purchased the land for $235,000.00.
• David Ashford, CCIM represented Premiere Homes in the sale of 7.69 acres in Pelham. Matthew Day of JH Berry & Gilbert represented the purchaser, Donohhoo Auto, LLC. This property, known as Broadview Commercial Park, will be used as a car dealership.
Office Market Deals
• John Hardin and David Ashford sold the Harris Building at 100 First Alabama Bank Drive in Pelham. The building is a 10,500 SF, two-story Class “A” office building. The building was 50% occupied at purchase time. The purchaser will occupy the remaining space in the building. The Purchaser is Triad Building, LLC, and the sale price was $1,325,000.00.
• Nick Nesmith sold the 3,200 SF building at 2344 Valleydale Road in Pelham. Available for sale or lease, MLS Network bought the building in an owner/user capacity. MLS Network is an automated payroll service for smaller businesses. The building sold for $400,000.00
• Blake Crowe represented TCR Corporation in their office relocation to 85 Bagby Drive. TCR Corporation leased approximately 6,000 SF in the Homewood office building.
• Blake Crowe represented the landlord in two office leases at Corporate Center in Homewood. Murphree Chiropractic leased approximately 1,800 SF. Nick Nesmith represented the tenant. Dr. Pamela Parker also leased space for a five year term.
Southpace Transaction Highlights
Eric Cooper CCIM, SIOR represented Stag Capital, a Boston, MA based private equity firm, in the purchase of a 60,000 SF office facility in Oklahoma City, OK. This transaction represented a single tenant net lease investment with the tenant CIT, a NYSE publicly traded company. The total value of this transaction was $5,362,500 and represented a 10% plus rate of return to the buyer. Eric also represented Stag Capital in the purchase of a 359,000 SF distribution facility in Huntsville, AL. The facility is leased to Cinram, a Canadian company that manufactures and distributes movie DVD and CD’s throughout the world. The property was purchased for $7,440,000 from an investment group formed by Graham & Company. The sellers were represented by Jack Key, SIOR, and Jeff Wilke, CCIM, SIOR of Graham and Company.
Steve Lichter sold Coosa Deville Apartments in Childersburg. The purchasers are Evergreen LLC and C & C, LLC, and the sellers were Luther and Linda Cale. Edwin Moss with J.H. Berry represented the sellers. The transaction price was $620,000.00. The new owners plan to rehab the townhouse apartments.
Julie Gieger, CCIM and Bob Vines brokered the sale of the building located at 312 20th Street South. The seller was RW Realty, Inc. and the buyer was 3rd Rock, Inc. Formerly a nightclub, this 7,500 SF building is already undergoing construction for a mixed use residential and office space.
John Lauriello, CCIM, SIOR and Blake Crowe, CCIM brokered the sale of an office building at 2146 Highland Avenue. This 12,500 SF building was completely renovated in 2001. The sellers were HBVD, LLC, and the purchasers were 2146 Highland Properties, LLC. John and Blake were the only agents in the transaction. The list price of the building was $1,925,000.00. The new owners plan on occupying the entire building.
Steve Lichter sold Knoll Crest Apartments on Robert Jemison Road in Homewood. The purchasers of the 150 unit complex are Markle, LTD and Connor & Walker, LLC, and the sellers were Knoll Crest Apts., LLC. Steve Lichter was the sole agent in the transaction. The transaction price was $5,800,000.
The Famous Theater Building located at 1721 4th Ave. North has been sold by the Famous Theater Partnership to The Famous Theater Development Group, LLC. The Purchaser plans on redeveloping the space for its own use and leasing the remaining space. Alan S. Davis represented the Famous Theater Partnership. The Massey Mercantile Building at 2419 2nd Ave. North has been sold by Peggy Massey to Birmingham Massey Mercantile, LLC. The purchaser plans on developing the space for both residential and commercial. Alan Davis represented the Seller.
Southpace Recent Transactions
Blake Crowe, CCIM, has leased 14,847 SF to Berney Office Solutions at River Place. Berney Office Solutions have been in business since 1962 and have offices in Auburn, Mobile, Huntsville, Birmingham, Decatur, Dothan and Columbus, Georgia. Located off Riverchase Parkway, River Place is a 39,000 SF building completely renovated in 2002. Blake represented the owner, David House Enterprises, and Sam Carroll of Graham and Company represented the tenant. Berney Office Solutions will occupy their new space in June. Blake Crowe has also leased 7,000 +/- SF to Diamond Studios at River Place. Blake represented the owner, David House Enterprises and John Boone represented the tenant. Diamond Studios will be moving in April 1. Blake has leased 8,400 SF in the Easter Seals building on Beacon Parkway West. Better Basics, a nonprofit United Way agency, will be occupying the space in April. Better Basics is an organization with the mission to assist young children who have a deficiency in reading and bring their reading up to grade level. Austin Blair of LAH represented the tenant, and Blake Crowe represented the landlord.
A 1.5 acre site at West Park has been purchased by Glen Owens Properties, LLC. Located in the West Oxmoor area, the site will have a 5,000 sf proposed facility for Alabama Traffic Systems. Nick Nesmith represented the seller, MWR Properties, LLC. The purchase price was $130,000.00.
Through the collaborative effort of Jonathan Lindsey and Jay Briley and Watson McCollister, both of Engel Realty, the apartments at 1317 17th Avenue South were sold. Grand View, a 9 unit complex, and South View, a complex of 36 efficiencies, were sold by BH Holding, LLC to G & H Tampa Developers, LLC for $1,425,000.00.
Southpace Properties Investment Division announces Eric Cooper, CCIM, SIOR, represented a private equity investment group in the purchase of a 180,710 SF single tenant net leased industrial facility in Fort Wayne, Indiana. The facility is currently leased to Alpha Shirt, which is a wholly owned company of Bain Capital, also a private equity group. The purchase price of $3,925,000.00 represented an unleveraged return of 11% to the investors.
January/February 2006 Transactions
Blake Crowe, CCIM and Rusty Stewart, SIOR, in conjunction with CB Richard Ellis, have sold the former Walmart in Pelham, Alabama. Located on Pelham Parkway/Highway 31 South, this 130,000 SF building was vacated when the new Walmart Supercenter opened last summer in Alabaster. The asking price was $6,014,000.00. A California-based investor purchased the property.
David Ashford, CCIM and Andrew Loveman have sold the office building located at 201 Summit Parkway. The 28,500 SF building was bought by AA Management LLC. Teklinks, a Birmingham-based network and technology consultant company, will use the majority of the building. Mr. Ashford and Loveman represented the Seller, Ed Warrington.
Steve Lichter sold Sand Piper Apartments, a 110-unit apartment complex at 741 Barcelona Court. The seller was Connor and Walker, LLC and the purchaser was Forest Park Cove, LLC. The apartments are 95% occupied. The transaction amount was $4,150,000.00. Steve Lichter was the sole broker in the transaction.
• John Lauriello, CCIM, SIOR represented Burr & Forman in the 15-year lease renewal and expansion of their space within Wachovia Tower. Formerly known as SouthTrust Tower, Burr and Forman was one of the original tenants in Birmingham’s tallest office building. Burr and Forman renewed the lease on their existing 110,000 SF, and once their expansion is complete, they will occupy a total of 122,000 SF. The law firm will relocate to Floors 28-34. The lease value exceeds $40 million.
Rich Vanchina, CCIM, SIOR and Andrew Loveman sold a 290,000 SF manufacturing facility in Gadsden, AL. The warehouse is 100% leased. Vanchina and Loveman represented the seller, Gerber Plumbing Fixtures, LLC, a division of Globe Union Group. Southpace Properties was instrumental in fully leasing the facility to Crown Column and Millworks last year. The sale price was $2,600,000.00.
Recent Southpace Transactions Steve Lichter and Steve Lazarus participated in the sale of a 21 unit apartment building at 2340 10th Court South. The apartment complex is 100 % occupied. Steve Lichter represented the seller and Steve Lazarus represented the buyer. The transaction total was $550,000.00 Jonathan Lindsey represented the Landlord in the office expansion of ITAC Solutions. Located at 2229 1st Avenue South, ITAC Solutions expanded their office space from 2,779 SF to 7,348 SF. Stutts Everette of Corporate Realty represented the tenant. Nick Nesmith represented Bill Lloyd, PC in the leasing of 2,000 SF at 3500 Colonnade. Colonial Properties represented the landlord. Bill Lloyd, PC already occupies their new space. Southpace Redevelopment Awarded Local Magazine Moves Offices Recent Transactions Completed in January, 2005
• The former Jimmy’s Restaurant in Homewood has been sold. The 9,900 SF building located at 509 Brookwood Blvd. has been purchased by HHH Investments from Lakeshore Development LLC. Medical Imaging Solutions, an MRI group, will take space in the building. CLA Architecture has been chosen to redesign the building. Bob Vines represented HHH Investment in the purchase of the building.
• Coldstone Creamery is taking 1,600 SF at Valley Bend at Jones Farm in Huntsville. This lifestyle center is anchored by SuperTarget, Barnes & Noble and Marshalls. Coldstone Creamery will open in April. Bob Vines represented Coldstone, and Sembler Properties represented the center’s owner.
• Alan Davis represented John and Kathryn Perusini and Center Court Apartments Ltd. in the sale of their land located at 2726 and 2728 Central Avenue in Homewood. The two parcels, totaling 16,630 SF, were bought by Cyprus Partners, LLC. The purchaser plans to develop the land for commercial purposes.
• Steve Lichter sold Lawnwood Apartments to Grandview Realty, LLC. The 26-unit apartment is located at 5812 1st Avenue South. The purchase price was $470,000.00.
• The Magnolia Building on 1st Avenue North has been sold to James L. Rowland. The 15,730 SF building was owned by Loft 2121. The purchaser plans to redevelop the space for commercial use. Alan Davis represented the Seller, and Bill Gunn of JH Berry represented the Purchaser.
• The building located at 2413 2nd Avenue North has been sold to David and Jean Kassouf. The purchasers plan on redeveloping the 10,000 SF building for both residential and commercial use. Alan Davis represented the Seller, J.L. Yancey Real Estate and Insurance Company, Inc.
• Eric Cooper, CCIM sold two 11,000 SF CVS Drug Stores. Located in South Carolina and Virginia, the stores were owned by a private investor in South Carolina. The CVS in Pickens, SC sold for $1,892,987, and the CVS in Richmond, VA sold for $2,500,000.00. The stores were sold to two different private investors based in California.
The Investment Division Announces the Following Transactions:
• John Lauriello, CCIM, SIOR and Allen Hawkins represented First Commercial Bank in the acquisition of a new bank branch site in Crestline. Construction is underway for the new branch at the corner of Dexter and Church Street. The branch is set to open at the end of the year. Hunter Williams of Brigham-Williams represented the property owner.
• Steve Lichter has sold an apartment complex at 1441 Monroe Avenue. The 10 unit complex is 100% occupied and sold for $201,000.00. Both the purchaser and seller were represented by Steve Lichter.
• Allen Hawkins and Bryan Holt, CCIM brokered the sale of a shopping center in Anniston, Alabama. Bruno’s, Inc. is the tenant in the 35,035 square foot center. The property was sold for $1,755,000.00 to an investor based in New Jersey.
• Allen Hawkins represented the purchaser of 1.1 acres in Alabaster. The purchaser, T & V Leblanc, LLC, bought an outparcel in White Stone Shopping Center. White Stone Shopping Center was completed in 2003 and is anchored by Publix. T & V Leblanc, LLC will build a Zaxby’s restaurant which should be completed in December. Aronov Realty represented the shopping center’s owner.
• Greg Despinakis represented the City of Birmingham in the purchase of a building and land at 4113 & 4117 2nd Avenue South. Bill McDavid, CCIM represented the sellers. The property was sold for $295,000. The City of Birmingham plans to use the property as part of the offices for the Birmingham Homeownership Program.
• Eric Cooper, CCIM represented the owners in the sale of 22 acres in Huntsville, Alabama. The land is located at Research Parkway and Plumber Road. Grace Community Church of Huntsville purchased the land for $600,000.00.
• Eric Cooper, CCIM also represented Hickory Second Street, LLC, an investment group, in the purchase of a 44,000 SF industrial flex property in Hickory, North Carolina. The property is 100% leased by Dynisco, which designs and manufactures plastic extrusion equipment for global clients. The sales price was $3,050,000.00. The new owners have also appointed Southpace Management as property manager.
Centerpoint Land Sale Southpace Assists Bank in Disposition and Acquisition Downtown Building Sells Manufacturing Facility Sells in South Carolina Recent Retail Transactions Southpace Broker Markets Office Condo Development Kress Building Undergoes Renovation The Investment Group Announces the Following Transactions Hotel Development in Inverness Southpace Brokers brought a successful 2003 to a close with the following transactions: The Investment Division Annouces the Following Transactions: Eric V. Cooper, CCIM represented the buyer, a private investor, in the purchase of two CVS drug stores. Utilizing a 1033 exchange, stores in Pickens, SC and Richmond, Virginia were bought for approximately $4.4 million. Eric V. Cooper, CCIM also represented an out of state investment group in the purchase of a 180,000 SF distribution center in Shreveport, Louisiana. The property is 100% leased by Tire Rack, the nation’s leading internet distributor of high performance tire and wheel products. Owned by local investors, the purchase price was $3.7 million. The new owners have also appointed Southpace Management as property manager. Steve Lichter represented MountainSide Capital in the purchase of a building at 701 Montgomery Highway. Located across Montgomery Highway from Vestavia Hills City Center, the 17,800 SF building is leased by Dollar General and Castle Mortgage. The purchase price was $2,017,000.00. Moore Wallace Relocates Meadow Brook Sublease Space Off The Market Southpace Principal Relocates Major Law Firm | May 2010 Transaction Highlights
• David Ashford, CCIM sold the former First Commercial Bank branch in Roebuck, consisting of approximately 2,600 square feet, for $312,500 to a private investor. The new owner will put the property on the market for lease.
• David Ashford, CCIM represented the owners in leasing 1,866 square feet in Country Club Park to 32° Yogurt Bar. 32° Yogurt Bar will open this summer in Country Club Park and at the Summit.
February, 2010 Transaction Highlights
• Rich Vanchina, CCIM, SIOR represented the owner in the sale of Village Hills Shopping Center. This 50,000 SF Fultondale center has Piggly Wiggly and Family Dollar as anchor tenants. The purchaser is a local, private investor. The sale price was $1,100,000.00.
• Andrew Loveman, CCIM represented the owner of Crestwood Plaza in the leasing of 7,000 SF. Iron Beach Gym relocated to Crestwood Plaza from another Irondale location. The gym was able to double their space so they could offer more classes. The gym is already open for business in their new location.
• O’Carrs Deli makes it's downtown debut in the Title Building! Michael Randman represented O’Carrs in leasing 2,900 SF in the lobby/first floor. Formerly a coffee shop, the space is a perfect fit for O’Carrs lunch crowd. O’Carrs began in Homewood in the ‘70’s, and this downtown restaurant will be its fourth location.
• Rich Vanchina, CCIM, SIOR and Blake Crowe, CCIM represented Promise Network, Inc. in the sale of their Irondale building. The 10,000 SF building was purchased by Cornerstone Media, Inc. Cornerstone Media produces both print and audio materials to help parents, teachers, youth ministers, pastors, and others who work with teens. The sale price was $550,000.00.
December 2009 Transaction Highlights
•John Lauriello, CCIM, SIOR represented Chicago Bridge and Iron in the purchase of the Air Industrial Center and 25 acres of land. Air Industrial Center is 498,150 total SF. The building is a partially vacant warehouse/manufacturing/office facility. The site is next to the Birmingham-Shuttlesworth International Airport’s aircargo facility. The sale may be an indication of the airport’s plans for the future expansion of their cargo operations. The purchase price was $7,020,000.00.
•Blake Crowe, CCIM represented Easter Seals in the sale of their Birmingham headquarters. The 42,000 SF building is located on Beacon Parkway West in Homewood. The office building was purchased by an LLC. TriVis Inc., a complete engineering and management solutions company, will occupy the building and use for their headquarters.
•Rhett Loveman, CCIM and John Hardin, CCIM represented Krebs Architecture and Engineering in the renewal of their lease at River Ridge Centre. River Ridge Centre is on River Haven Dr. in Riverchase. Krebs Architecture and Engineering occupies 11,993 SF in the office building.
•Greg Despinakis represented GK Properties, LLC in the sale of an Advance Auto in Pell City, Alabama. Despinakis represented GK Properties, LLC when the group initially purchased the property approximately nine years ago. Advance Auto Company, Inc. is now buying the store back. The sale price of the 7,000 SF store was $789,000.00.
•Steve Lazarus and John Hardin, CCIM represented CMMC Development Company in the sale of a 23,000 SF medical clinic at 2401 15th Avenue North. Physicians Plaza III is located on the former Carraway Medical Clinic campus. Synergy Real Estate Holdings, LLC purchased the building for $1,075,000.00. The building is currently used by a private medical practice now.
•Steve Lazarus and John Hardin, CCIM represented CMMC Development in the sale of a 61,000 SF land site. The site at 1425 25th Street is the current location of a retirement home, which had a long term ground lease on the site. Northway Health Realty, LLC purchased the site for $300,000.00. The site is on the campus of the former Carraway Medical Center.
• Rhett Loveman, CCIM, David Trott and John Hardin, CCIM leased a portion of the former Pike Nurseries property to Woerner Landscaping Source, Inc. Woerner Landscaping will occupy 7.5 acres, one greenhouse and the 4,500 SF wholesale/warehouse building. Woerner Landscaping will be making their entrance into the Birmingham market in January, 2010. Earlier in the year, Southpace Properties represented the purchaser and seller in the sale of the former Pike Nursery property. The seller was a national banking corporation and the purchaser was a local investment entity. The current owners then put the property back on the market for lease and hired Southpace Properties to handle the leasing of the facility.
•David Ashford, CCIM represented the owner in leasing a former Hardees restaurant on Allison Bonnet Memorial Parkway. The Hueytown building is 2,948 SF. Fino Foods leased the property and it is currently used for a chicken wings restaurant.
October 2009 Transaction Highlights
• Southpace Net Lease Advisors, a division of Southpace Properties has recently advised on the sale of two transactions involving net leased Dollar General stores. Michael Randman and Parrish Holley, Principals of Southpace Net Lease Advisors, consulted for the developer, Buchalter Capital Growth. In September, the first transaction involved a portfolio of nine Dollar General locations in Texas. The second transaction consisted of a single Dollar General store in Missouri. Both transactions traded at competitive cap rates based on current market conditions.
• Rhett Loveman, CCIM represented Alpine Farm, LLP in the sale of their 30 acre farm site located at 1010 Glovers Ferry Road in the Talladega County community of Alpine.
August 2009 Transaction Highlights
• Blake Crowe, CCIM represented The Ross Group in the sale of their office building in the Altadena area. The building is approximately 10,600 SF and the site is 1.5 acres. The Purchaser, G2, Inc., will use the building for their corporate headquarters.
• Andrew Loveman, CCIM and David Ashford, CCIM represented the landlord, Hoover Square Properties, in leasing 10,600 SF in Hoover Square to Flooring America. Hoover Square is a 93,218 SF retail center on US Highway 31 in Hoover, Alabama. Flooring America is a company specializing in floor laying, refinishing and restoration. They have leased the former Tweeters Electronics outparcel building and will use it a showroom.
• Rich Vanchina, CCIM, SIOR and Jonathan Lindsey, CCIM sold a 1.3 acre tract of land in Calera. The land is located on Highway 25 and can be seen from I-65 North. Rich and Jonathan represented the owners, Jackson Hines, Jr. and Jackson Hines, III, and the land was purchased by Henry Turner.
• Julie Gieger, CCIM represented the owner in the sale of their 2 story, 4,500 SF office building. The building is located at 100 41st Street South in Avondale. Payscape Properties, the purchaser, bought the building for $370,000.00.
July, 2009 Transactions
• Jonathan Lindsey, CCIM represented Sips N Strokes in the leasing of 2,000 SF for a five year term in Franklin, Tennessee. Sips N Strokes, a locally owned retailer, specializes in teaching painting classes to a wide range of students from the novice to the experienced. The newest Sips N Strokes location will be at Carothers Park Shoppes and opened July 16th.
• David Ashford, CCIM represented the owner in the investment sale of an Advanced Auto in Fairfield. The 8,075 SF building was purchased by Miller Development Co.
• Andrew Loveman, CCIM and David Ashford, CCIM represented the landlord, Cal-Mid Properties LP in leasing 3,000 SF in Midfield Park Shopping Centers. MQ Wireless, a cell phone accessories and electronic store, will be opening there soon.
• Jonathan Lindsey, CCIM represented The Brooks Firm in leasing downtown office space at 2 North 20th Building. The law firm has taken 2,055 square feet and opened in July, 2009.
May 2009 Transactions
• John Hardin, CCIM and David Trott represented a private investor in the sale of 1.57 acres of land within the Brookhighland subdivision. The land is zoned for office use and has been subdivided for two separate users. The purchaser was D & M, LLC. The sale price was $400,000.00.
• John Hardin, CCIM and Steve Lazarus represented CMMC Development Company, L.P in the sale of the former Carraway Medical Clinic in Tarrant. The 5,088 SF building is located at 2038 Springdale Lane. The purchaser was SRS Enterprises, LLC, and the building will be used by Norwood Clinics for one of the clinic locations. The purchase price was $224,500.00.
• Michael Randman represented a medical clinic leasing space in Shelby County. The tenant leased 2,249 SF at Medplex I in the Southlake area. The clinic opened in May, 2009.
• Michael Randman and Parrish Holley represented the developer in the investment sale of a portfolio of Dollar General Stores. The stores were each approximately 9,000 SF and on 15-year primary lease terms. The total sales price was $4,222,156.00.
Southpace Represents CMMC Development in Real Estate Deals
• The Birmingham Jefferson Civic Complex has purchased approximately 128,000 SF of land from CMMC Development Company. CMMC Development Company is a Texas firm who owns the Carraway Medical Center and its surrounding properties. The 12 parcels of land encompass almost the entire 2500 block between 12th & 13th Avenue North. John Hardin, CCIM and Steve Lazarus represented CMMC Development. The land will be used for parking for the future dome and entertainment district development. The transaction value was $1,117,843.00.
Southpace Industrial Transactions
• Iron Mountain Information Management, Inc. renewed in 67,050 square feet of warehouse space in Continental Gin Industrial Park. Rich Vanchina, CCIM, SIOR represented the landlord, Hill Realty Company LLC.
• Steel City Heating and Air, LLC has leased 7,425 SF at Commerce Square Business Park in Irondale for a five (5) year term. Nick Nesmith, CCIM represented the Lessee.
January and February, 2009 Transactions Clinic Sold by Southpace Brokers December, 2008 Transactions October 2008 Transactions August, 2008 Transaction Highlights
• John Hardin, CCIM and Steve Lazarus represented CMMC Development Company in the leasing of a 4,784 SF building. Peppermint Patty Christian Academy leased the former Carraway Clinic in Forestdale for a day care facility. Peppermint Patty Christian Academy leased the property for 5 years. Southpace Management, Inc. manages the property as well.
• John Hardin, CCIM and David Trott represented Key 7 LLC in the purchase of an office warehouse property at 7650 Commerce Lane, Trussville. The 14,400 SF building is on a 2 acre site. The investment entity purchased the building for a related service company’s Trussville office. The seller was Bama Paint and Decorating, Inc. The purchase price was $925,000.00.
• David Ashford, CCIM and Andrew Loveman, CCIM represented the owner of Anchi Plaza in Attalla, AL in leasing 1,000 SF for an emergency training and supply store owned by Jim McConnell. David and Andrew also represented Elliottsville Plaza, LLC in leasing 4,760 SF at the Alabaster retail center. Tropical Pet Cove, a full line pet store specializing in exotic animals, will occupy their space in August. Southpace Management, Inc. manages the property as well.
• Julie Gieger, CCIM represented Capital Strategies Advisors, Inc. in leasing 3,478 square feet in Colonial Bank Building for a five year term. Capital Strategies Advisors is a middle market merchant banking firm focused on advising on merger and acquisition transactions and making private equity investments.
• Rich Vanchina, CCIM, SIOR represented Concrete Form Walls, Inc. in the sale of their warehouse located at 5524 East Cliff Industrial Loop. The 12,000 SF warehouse was purchased by Office Insights, Inc. The sale price was $455,000.00.
June 2008 Transaction Highlights
• Blake Crowe, CCIM represented the owners in the sale of a 2,252 SF office building. The building is on Buena Vista Drive in Vestavia. Blake represented the seller, P & M Leasing, and sold the property to a local medical user. The sale price was $315,000.00.
• Blake Crowe, CCIM represented Rite Aid Regional Headquarters in leasing office space. Rite Aid has leased 8,500 SF at 210 Inverness Parkway. The building was completed this year. Nick Nesmith, CCIM represented the building owner/developer, Selkirk Partners LLC in the lease transaction.
• John Hardin, CCIM represented Bishop Robert J. Baker of the Diocese of Birmingham in Alabama in the purchase of the Daughters of Charity living facility on 2724 Hanover Circle. The Bishop plans to convert the facility into an assisted living facility for the priests of the Diocese. The Daughters of Charity facility is an approximate 16 unit living facility located behind St. Vincent’s Hospital in Birmingham. The sale price was $450,000.00. Philip Currie of J.H. Berry & Gilbert represented the seller, Daughters of Charity of St. Vincent Depaul of Indiana.
April, 2008 Transaction Highlights
• David Ashford, CCIM represented the owners in the sale of a property at 4836 10th Avenue North. This former church is on a 3.71 acre site. The Laborers Southeastern Training Fund purchased the building for future use. The sales price was $386,000.00.
• John Lauriello, CCIM, SIOR represented Haskell Slaughter Young & Rediker, LLC in the leasing of additional office space. The law firm currently occupies 38,000 SF, and has taken an additional 13,000 SF. Haskell Slaughter Young and Rediker initially moved to Park Place Tower in 2002.
• John Hardin, CCIM and David Trott sold 13.2 acres on Highway 119 in Shelby County. Emile & Faris Lutfi purchased the land for investment purposes and future development. Hardin and Trott represented the sellers, a local investment group. The purchase price was $452,500.00.
• Birmingham Coal & Coke has expanded their offices at Edenton Village. They recently bought an additional 900 SF office condominium, which increases their space to 3,000 SF. Nick Nesmith, CCIM and Blake Crowe, CCIM represented the developer, Signature Homes.
• Rich Vanchina, CCIM, SIOR and Bill McDavid, CCIM leased 12,500 square feet of office/warehouse space located at 1894 Woodlands Industrial Drive to Morris Materials Handling for 5 years. Rich Vanchina represented Morris, and Bill McDavid represented the landlord in the transaction. The lease value was $336,266.00.
Former Sara Lee Facility Sells Leasing News from the Retail Division
• David Ashford, CCIM and Andrew Loveman, CCIM leased 6,216 SF in Midfield Park Shopping Center to Bestway Rental To Own. Midfield Park Shopping Center is a 166,180 SF shopping center at the corner of Highway 11 and Aaron Aronov Drive, and its tenants include Piggly Wiggly, America’s Thrift Store and Family Dollar. Ashford and Loveman lease the shopping center for the property owners, Brookhill Group.
Transaction Highlights from November, 2007
• The RA Siegel Company leased 30,000 SF of distribution space at Shades Creek Industrial Park for four years. The R.A. Siegel Company is a third generation, family owned Wholesale Flooring Distributor serving and meeting the needs of the Alabama, Georgia and Florida markets. This will be their first Birmingham office. Rich Vanchina, CCIM, SIOR represented the tenant and EGS Commercial Realty represented the landlord.
• John Hardin, CCIM and Steve Lazarus represented CMMC Development Company, LP in the sale of its Carraway Pinson Clinic to the City of Pinson. After renovating the former clinic, the city will use it as their new city headquarters. The sales price for the 12,683 SF building was $534,000.00.
• Roskam Automatic Machinery, Inc. has renewed 60,000 SF of manufacturing space in Valley East Industrial Park. Roskam Automatic Machinery manufactures printing machinery, automatic stacking machines, and assembly machines utilizing state of the art robotic equipment. Bill McDavid, CCIM represented ABB Inc., the landlord, in lease negotiations. Roskam has been at this location for three years.
October, 2007 Transaction Highlights
• Nick Nesmith negotiated the sale of a former industrial building on 216 12th Street South. The 15,500 SF building was once home to Exterior Interior Building. Alabama Power purchased the 1.3 acres site to develop a power substation to service the CBD and UAB area of Birmingham. The purchase price was $1,150,000.00
• Steve Lichter was the sole agent in the sale of a 40 unit apartment complex at 2727 Jefferson Avenue. The seller was Jefferson Avenue Associates LP, and the buyer was J & C Homemakers Inc. The transaction price was $615,000.00.
• John Hardin, CCIM and David Trott negotiated a restaurant lease at 900 9th Avenue in Bessemer. Bessemer Taqueria is leasing the space for 3 years. The property is a 20,000 SF site with two small buildings totaling 3,000 SF.
• Greg Despinakis represented FSR Trust, Roebuck in the sale of a retail center on Parkway East in Roebuck. The buyer plans to redevelop the 39,704 SF center for a national retail tenant. The transaction price was approximately $5,700,000.00.
August, 2007 Sales Highlights
• Green Isle Apartments, a 168 unit apartment complex in Bessemer, has recently been sold. Michael Randman of represented the Sellers, Green Isle Associates L.P. The property was identified for a qualified intermediary 1031 Exchange, and the purchaser was an investor from California. Gregory Griffith with Rock Associates represented the Purchaser. The buyers already own other similar properties on the street and plan on having Green Isle undergo an extensive renovation. The purchase price was $4,400,000.00.
• Michael Randman and Dean Nix of Harbert Realty Services represented the Cahaba Landing Partners Ltd. in the 1031 purchase of a medical office building. The 20,114 SF building on Patton Chapel Road in Hoover is leased to several private medical practices. Steve Butler with Engel Realty represented the Seller, Hoover Medical Plaza LLC. The purchase price was $1,725,000.00.
• Eric Cooper CCIM, SIOR represented Stag Capital, a Boston based private equity group in their purchase of a 175,000 square foot office, distribution and manufacturing facility in Elkhart, Indiana. The investment was a 10 year sale leaseback with the national tenant Siemens VDO Automotive Group. The purchase price was $4.44 million.
• Rich Vanchina, CCIM, SIOR sold the 12,000 square foot Roebuck Office Plaza to a private investor from Huntsville for $490,000. The seller was Roebuck Office Plaza, LLC. Southpace Management, Inc. will also take over the management and leasing of the property.
• Alabama Thrift Store Wholesale, LLC renewed its 20,000 square foot space for an additional 3 year term at Continental Gin Industrial Park. Continental Gin is 100% occupied. Rich Vanchina, CCIM, SIOR represented the owners of Continental Gin.
Sales from Southpace Brokers
• John Hardin, CCIM represented Gallet and Associates in the purchase of the former Entrepreneurial Center at 110 12th Street North. Gallet and Associates is an environmental engineering company with 12 offices in the southeast. They plan on moving their headquarters from Homewood to this 46,500 SF building. The sale price was $2,000,000. John also represented GAI Properties, LLC in its lease negotiations for Verari Systems Software Inc. at the Gallet Headquarters Office Building. Verari leased 8,646 SF for a three year term.
Office Market Highlights
• Ram Tool and Supply Company has purchased the 33,317 square foot Overlook Building, located at 3628 8th Avenue South, for its new corporate headquarters. Ram Tool’s Birmingham branch will remain at its current location on 3rd Avenue South in Avondale. Rich Vanchina, SIOR, CCIM represented Ram Tool and Supply, and Sam Carroll of Graham and Company represented the seller.
• John Lauriello, CCIM, SIOR represented the law firm of Pate and Cochran in their lease renewal for 4,000 sq. ft. in the Title Building. John also represented White, Arnold & Dowd in a lease renewal and expansion totaling 8,000 sq. ft. in the Massey Building and the firm Farris, Riley & Pitt in a new 4,000 sq. ft. lease in the Massey Building.
• Jonathan Lindsey, CCIM represented 4200 Colonnade Partners, LLC in the purchase of a 10,500 SF building located within Colonial TownPark Colonnade. The building is fully leased by Safeway Insurance. The sale price was $1,815,000.00. Graham & Company represented the seller, 4200 Colonnade, LLC. Two weeks later, Jonathan Lindsey, CCIM then represented 4200 Colonnade Partners in the sale of this building to Barber Companies.
• John Lauriello, CCIM, SIOR represented Burr Forman on a 18,500 SF expansion of their current space in the Wachovia Tower. John Lauriello exclusively represented the law firm during lease negotiations of their initial 15 year, 120,000 sq. ft. lease. The firm will move into their expanded space in December 2007.
Highlights from the Industrial Group
• Rich Vanchina, CCIM, SIOR represented GE Capital Small Business Finance in the disposition of a 4,700 SF warehouse at 4322 3rd Avenue South. Allstate Electric was the purchaser.
• Eric Cooper CCIM, SIOR represented the owner in the renewal of three leases, each for 3 years, at the Multiple Distribution Center in Pinson Valley. The total square footage renewed was 138,000 SF. Southpace handles the leasing and management of this 152,700 SF multi-tenant industrial building.
• Rich Vanchina, CCIM, SIOR represented ScanSteel in the leasing of a 37,000 SF manufacturing facility. ScanSteel is from Jeffersonville, Indiana and is a metal wholesale company. ScanSteel leased the building at 919 Thomason Avenue for three years. Graham and Company represented the landlord.
• All My Sons Moving and Storage leased 13,580 SF of warehouse space in Continental Gin for three years. Continental Gin, located at 4500 5th Avenue South, is a 562,000 +/- SF industrial facility. Rich Vanchina, CCIM, SIOR represented the owner, Hill Realty Company, and Graham and Company represented All My Sons.
Sale/Leaseback Transactions Investment Highlights from 4th quarter 2006
• TurnerBatson Architects will relocate their headquarters from Riverchase to Liberty Park beginning January, 2007. The firm recently purchased 1950 Stonegate, a 26,000 SF multi-tenant building. They will occupy roughly 11,000 SF of the building, and with the addition of new employees, future expansion will be likely. First National Title Company and Holland & Holland Advertising will also lease space in the building. Nick Nesmith was TurnerBatson’s exclusive representative in the transaction. Sorrell Chew of Stonegate Realty represented the building’s seller. There is still roughly 4,000 SF available for lease, and Nick Nesmith will be the leasing contact. The sale price was $3,275,000.00.
• Jonathan Lindsey, CCIM was involved in the sale of a Pier One Imports in Tuscaloosa, AL. The 9,000 SF building is located on 1525 Skyland Drive, an outparcel to the Walmart Supercenter. Pier One is on a single tenant NNN lease. MAP Development represented the seller and Jonathan and Dick Schmalz of RGS Properties represented the buyer. The transaction price was $1,918,000.00.
Fall 2006 Transaction Highlights
• Steve Lazarus sold Sycamore Apartments, a 24-unit complex at 1248 22nd Street South. Steve Lazarus represented the buyer, Sterling Capital and Shirley Boyd of Remax represented the seller. The sale price was $1,000,000.
• Steve Lichter sold Highland Court Apartments at 700 34th Street South. Highland Court is a 40 unit complex that will be redeveloped into condominiums. The sale price was $1,491,000.00.
• John Hardin and David Ashford represented David E. Foley, Administrator of the Catholic Diocese of Birmingham in Alabama, in the sale of the Holy Infant of Prague Catholic Church. Located in Trussville, the Holy Infant of Prague Church includes three properties: a 9,000 SF church, a 4,100 SF parish hall and an 800 SF kindergarten building. The transaction price was $1,165,000.00. The property was purchased by First Baptist Church of Trussville.
• Greg Despinakis and Steve Lazarus leased a 4,600 SF restaurant on Highway 119 in Alabaster. Originally a BBQ restaurant, the new tenant will be Swamp Johns. Swamp Johns is based in North Alabama and specializes in fried catfish, chicken and shrimp. This new Swamp Johns location opened this past summer.
Recent Transaction Highlights
• Jonathan Lindsey represented private investors in the purchase of a warehouse in the Lakeview area. The 24,000 SF warehouse is located at 2800 5th Avenue South. The warehouse is fully leased to Stegall Mechanical. The purchase price was $975,000.00. Stegall Mechanical is on a 7-year, triple net lease.
• Steve Lichter was involved in three different apartment transactions. The first was a 6 unit apartment complex at 614 34th Street S. The sale price was $192,500. Steve and Patrick Harwell of Bayer Properties co-brokered the sale of Emerald Terrace Apartments. This 9 unit complex sold for $315,000. Steve sold Mountainside Apartments. This is a 196 unit complex located at 1800 Penthouse Drive. The sale price was $6,700,000.00.
• Jonathan Lindsey, John Lauriello, and Gip Plott of Plott & Company brokered the investment sale of property with a long term lease to a Goodyear Tire Store in Pelham, Alabama. Located on US Highway 31, the 23,302 SF is located in the fastest growing city in the state of Alabama. The sale price was $325,000.00.
• Blake Crowe represented the purchaser in the sale of a 1 acre property in Dothan, Alabama. Located on Hwy. 231, the land is a Wal Mart out parcel. The Purchaser is a Pizza Hut developer. The sale price was $500,000.00.
• Bill McDavid and Rich Vanchina sold a 74,000 SF office warehouse complex on Amber Hills Road. The warehouse is 100% occupied and is on 5 +/- acres within Woodlands Industrial Park. The purchase price was $1,475,000.00.
Designations Awarded
Stan graduated from the University of Alabama, Commerce & Business Administration, with a degree in Management. He has been a part of Southpace Management, Inc. for over six years. Stan manages over 1.1 million square feet of the 2.3 million square feet of property in Southpace Management’s commercial portfolio. Outside of his professional organizations, Stan is a Co-Chairman of the City Stages Associate Board and a fundraising coordinator for Big Brothers Big Sisters.
Southpace Properties, Inc is proud to announce Eric Cooper, CCIM, Associate Broker, has been awarded the Society of Industrial and Office Realtors (SIOR) designation. Eric was awarded the SIOR with a Industrial Specialist designation on April 1, 2006. A professional affiliate of the National Association of REALTORS®, SIOR is dedicated to the practice and maintenance of the highest professional and ethical standards. The prestigious SIOR designation is professional recognition of the highest level of achievement, knowledge, accountability, and ethical standards in today’s real estate industry. The global SIOR network includes nearly 3,000 members in 480 markets in 20 countries on six continents.
Southpace Brokers Win 2005 Deals of the Year 2005 Commercial Million Dollar Sales Club Automotive Service Location Sells Kress Building Honored Southpace Principal assists City of Homewood in Aquisition
90 Bagby - 60,000 SF building on 2.76 acres
70 Bagby - 50,000 SF building with an extensive parking lot and a 8,000 SF building (66 Bagby). Site is 6.45 acres
Two additional lots on Goodwin Crest Drive totaling- 4.69 acres
The City is considering whether to redevelop the existing 70 Bagby Drive building or replace it with a new structure. This facility will house the city court, police station and jail. The 8,000 s.f. building on that site will be home to the City’s Traffic and Engineering Department and the extensive parking will be utilized to maintain the city’s vehicles. No immediate decision has been made as to what the function the 90 Bagby Building will play. The two additional parcels of land will be used a buffer for the City's buildings.
Stewart began working with City Council President Ginger Busby to find alternative locations for existing city owned buildings as part of the revitalization plan for downtown Homewood. City Council President Busby stated that the city is in discussions with several developers who propose to purchase and redevelop properties currently housing the city departments which will move to Babgy Drive Properties.
Southpace Principal Takes Part in Economy Conference
John Lauriello was also a guest lecturer to Birmingham Southern University students. The class is led by Phillip Morris, former editor of Southern Living. John spoke about Urban Redevelopment issues and the real estate activity in Birmingham's Central Business District. The Office Group Announces the Following Transactions:
• Norman Wood Kendrick & Turner have leased 7,100 square feet at the Financial Center. The law firm will be moving from southside to the downtown financial district. Barbara Bushnell with Eason Graham & Sandner represented the landlord.
• Mauldin & Jenkins have signed a five year lease at Southbridge. The accounting firm will occupy 7,100 square feet on January 1, 2005. Grayson Glaze of Carter & Associates represented the landlord.
• James N Gray has leased 3,800 square feet at 2204 1st Avenue South. James N Gray, a general contracting firm, will gain occupancy on January 1, 2005. 2204 1st Avenue South is one of the first warehouse conversions along 1st Avenue South. Williams Blackstock Architects occupy the top floor and designed the renovation of this building. David Ashford, CCIM and Rich Vanchina, CCIM of Southpace Properties represented the building’s owner.
• The Blach’s Annex Building at 308 20th Street North has been sold by Gathings Properties, LLC to The Owens and Woods Partnership. The Purchaser plans on redeveloping the building along with the Blach’s building adjacent to the Annex. The 11,500 sf building will be redeveloped into commercial and residential space. Alan Davis represented the buyer and John Lauriello, SIOR, CCIM and Julie Gieger, CCIM represented the seller.
• The ADT Building at 708 17th Street North has been sold by Caldwell Office Building LLC to Lawrence Cooper. The purchaser plans to relocate his law firm to the 6,400 SF building. Alan Davis of Southpace Properties represented the seller, and Alvin Johnson of Johnson Realty Company represented the purchaser.
• Rusty Stewart, SIOR and Allen Hawkins represented SouthTrust Bank in the sale of their Alabaster bank branch. Located across Hwy. 31 South from Shelby Baptist Hospital, the 5,150 SF building was purchased by a local medical group. The sale price was $525,000.00.
• The Massey Corral Building at 2421 2nd Ave. North has been sold by Hugh and Peggy Massey to Ed Ticheli.. The purchaser plans on developing the 10,000 +/- SF building for both residential and commercial use. Alan Davis of Southpace Properties represented the Masseys and Julie Gieger, CCIM and John Lauriello, CCIM, SIOR represented the Tichelis.
New Retail Transactions: Southpace Brokers Sell Shopping Center Hoover Retail Center Sells Interior/Exterior Relocates Shell Oil Sales Southpace's Recent Office Sales Jim Collins represented the Burgin family in the sale of the former Alabama Gas Company Building at 1918 1st Avenue North. The five-story, 78,000 SF building has been empty for several years. The purchaser was Inman Park Properties, who also owns other properties in the Birmingham CBD. It was previously reported the purchaser’s plans for this building involve the development of loft apartments and commercial space. Associate Brokers Awarded CCIM Designation Southpace Principal Takes Part In Continuing Ed Class Southpace Assists With Parking Deck Expansion Baptist Health Centers Relocates Local Physicians Move to New Building New Development in Vestavia Southpace Broker Sells Buildings Southpace Goes Naked The Principals of Southpace Properties, Inc. have unanimously agreed the company will no longer be affiliated with any one national commercial network. In short, Southpace Properties is “Going Naked”. John Lauriello, CPM, CCIM, SIOR, one of Southpace’s principals, describes an amicable parting. He explains that although Southpace has had a very good relationship with a leading international network over the past seven (7) years, the company was receiving more referrals from other networks and firms outside the Birmingham, Alabama market area, i.e. Grubb & Ellis, Cushman & Wakefield, Insignia, Jones-LaSalle, CB Richard Ellis, Trammel Crow and others, than from its own network. When referring our clients to other brokers outside our market, we will refer to the best available broker, more than likely a CCIM and/or SIOR designee, for our clients’ needs-no matter the company. Qualified local brokers will have thorough market knowledge that is not available to outside brokers. In our opinion, any broker who attempts to represent a client in an outside market without the assistance of a qualified local broker is doing their client a disservice. When affiliated, we are required to refer business to other affiliated brokers. At times, our clients have been disappointed by the knowledge and effort of the affiliated broker. That is completely unacceptable to Southpace Properties, Inc. This action by our company is totally against the national trend. Most firms have joined a national network or company. We are being told that long-term Southpace will not survive because national and international affiliations are a must. Over the years, many national commercial real estate firms or networks have approached us concerning our identity. Recently, the discussion has turned to offers of affiliation and/or selling the company. We want Southpace Properties to remain independent and Birmingham based. We do not believe we can sustain this independence while also being branded by an international network. Additionally, we take pride in the Southpace name and identity. Our mission since January 1, 1984 has been to be an absolutely independent, full service commercial real estate company. We represent our clients, whether they are tenants, landlords, buyers, sellers, developers, investors, the court systems, etc, without compromise. Southpace does not own properties, so we are never in conflict with our clients. If doing what is best for the client locally, nationally or internationally puts our company at risk, so be it. We have more CPM, CCIM and SIOR designees than any other company in Alabama. Southpace Management, Inc. is one of a few management companies in Birmingham to earn the Accredited Management Organizations (AMO) designation by the Institute of Real Estate Management (IREM). Our brokers are recognized as the most knowledgeable group in the metro Birmingham area. Although our focus is the metro Birmingham area, our experience is equal to anyone in the United States. Our market/research department is second to none, and we continue to improve this area by constantly updating our information and resources. Regardless of the location, we still believe that honest efforts and great local market knowledge are essential in representing clients. Only time will confirm if our recent action is right or wrong. Therefore, we are happy to announce we are “Going Naked”. Our brokers are available locally to work with any other commercial broker or client in the world without conflict. Conversely, we will refer our clients to outside brokers, predominantly CCIM and SIOR designees, we deem best represents their respective needs. |
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