International Park office buildings sell for $34M

//International Park office buildings sell for $34M

International Park office buildings sell for $34M

A local real estate investment group bought two office buildings in Hoover.

Shamrock Investments purchased 1800 International Park and 1900 International Park for $34.5 million. Sam Carroll of Graham & Co. represented the company in the purchase.

Both buildings are Class A office properties. The 1900 building is approximately 65,000 square feet and is 100 percent occupied. The 1800 building is 147,000 square feet and leasing will now be handled by Carroll and Matt Gilchrist of Graham & Co. and will be managed by Shamrock Property Management.

The seller was POH International Park LLC, represented by Kevin Markwordt of Transwestern.

The transaction is significant because it adds yet another office investment transaction in the Birmingham metro area, which has seen several prominent buildings trade in the last few years. It’s also an example of the strength of the the Interstate 459/U.S. 280 office submarket.

Nearby in International Park, IberiaBank purchased the building at 2000 International Park Drive in 2017 for $13.5 million. The building is the growing bank’s operations center and regional headquarters.

Three office buildings in the Colonnade area sold for $65 million in a summer 2018 deal.

Even as many office tenants have considered moving to the revitalizing downtown area, local commercial real estate pros say the suburban office submarkets are still strong and attractive for many office users. The occupancy strength of the suburban office properties are part of what has attracted the investment deals.

[Read Article Here]

By |2019-02-27T13:34:22-06:00February 27th, 2019|Categories: News|0 Comments

About the Author: