A prominent building along Birmingham’s “Main Street” has sold to local investors.
Carter Hughes and Bret Connor acquired the Paramount building along 20th Street North as a long-term hold. The tenancy-in-common deal which closed on Dec. 31, went for $2.85 million, according to public records.
Selling entity Fun City North LLC, which belongs to Matthew Hogan, had closed on the property for $2.575 million in 2017, according to public records.
Matt Gilchrist and Sam Carroll of Graham & Co. represented the seller in the deal.
In addition to the popular Paramount restaurant and bar on the ground floor, the building is home to the Birmingham office of Action Enterprise Logistics.
H2 Real Estate is managing the property.
The investment deal is another vote of confidence for Birmingham and especially the downtown area, which has been hard hit by the coronavirus pandemic. Despite the economic uncertainty, Helen Restaurant opened nearby last year in another property owned by Hughes.
More activity is expected for downtown with the redevelopment of the AT&T City Center building for mixed-use.