source – bizjournals.com
The prime real estate formerly occupied by Village Wine Market in English Village has a new mystery owner with new plans, according to our deals database this week.Perennial LLC, whose principals were not disclosed, bought the 16,117-square-foot lot in April for $1.4 million, or $86.86 per square foot, said research firm Xceligent.
Not a bad deal for the seller. Or at least not when you considered that the county tax assessor’s office valued the property, which is on Cahaba Road at 21st Avenue South in Mountain Brook, at $853,300, or $52.94 per square foot.
David Ashford of Southpace Properties represented the seller, the estate of Gail Morton, and John Coleman of Graham & Co. represented the buyer.
Perrenial LLC has asked brokers to keep its members and plans in the shadows for now, but sources say it has already hired an architect and plans to redo the building for offices, which it will eventually occupy.
CRE database
Also in the database this week, NDI Office Furniture recently leased 61,658 square feet vacated by RockTenn.
Southpace Properties represented the landlord, a California-based investment group, and Jordan Tubb of Graham & Co. represented NDI, the database entry said.
Cutbacks at RockTenn led the company to pull out of Birmingham, although it still has locations elsewhere in the state, according to its website.
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