An office building in the middle of all the action in Parkside has a new owner.
A Shannon Waltchack affiliate acquired the 101 Parkside building at the corner of First Avenue and 12th Street South right next to the Hesco building.
The Dec. 31 deal went for $2.3 million, or about $188 per square foot, with financing from Community Bank of Mississippi, according to Jefferson County public records.
The selling entity, Superior Commercial Properties LLC, which belongs to Matthew Hogan, had acquired the property in late 2017 for $1.095 million, or about $90 per square foot. Hogan also sold the Paramount building downtown recently, as we reported.
Matt Gilchrist and Sam Carroll of Graham & Co. represented the seller.
Formerly known as the BFGoodrich warehouse building, according to David Schneider of Schneider Historic Preservation, 101 Parkside was redeveloped for 12,231 square feet of office space and now houses Airship, Knight Eady, and Pihakis Restaurant Group. Built in 1951, it is located in the Birmingham Wholesale Warehouse Loop (West).
“This is a strategic long-term investment to add to our portfolio of well positioned real estate within the dynamic Parkside district,” said Andrew Patterson, managing partner at Shannon Waltchack.
In addition to its other properties near Railroad Park, the Birmingham commercial real estate firm had bought and redeveloped the Hesco building next door over the past few years.
With several luxury apartment buildings going up in the area and part of Orchestra Partners’ Urban Supply project in the same block, the 101 Parkside building is witnessing the continued transformation of the Parkside area. Another multifamily project by Residential Ventures may be in the works across the street at the former Sherman Industries plant as the Denver-based firm recently acquired more property for that potential project.