The building at 1928 Second Ave. N., home to Paramount Bar in downtown Birmingham, was recently purchased by new ownership.
A local investor, Fun City North LLC, purchased the property for $2.575 million, according to brokers involved in the deal. The Paramount building sits at the corner of Second Avenue North and 20th Street.
Len Shannon of Shannon Waltchack represented the sellers, while Matt Gilchrist and Sam Carroll of Graham & Co. represented the buyer.
Gilchrist said the building is 100 percent occupied. Paramount, a popular bar and restaurant, is located on the ground floor. Logistics company Action Resources occupies the top floors, and also recently expanded into the adjacent former Parisian building. Gilchrist said the buyers were excited at the chance to own a successful downtown Birmingham property.
As we previously reported, a group of investors led by Shannon Waltchack purchased the 15,000-square-foot Paramount building in 2014 for $1.27 million.
A good amount of real estate activity has happened in the area in the past few years, including the opening of the Pizitz a block west on Second Avenue North and plans for a health care technology hub at a string of adjacent properties on 20th Street.
Investor activity is also a common site in metro Birmingham overall, but particularly in downtown Birmingham.