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BIRMINGHAM, Alabama — Commercial real estate firm Graham & Co. said it completed $31.5 million in deals during the second quarter.

The firm had 36 lease transactions, worth more than $21 million, along with 16 sales, valued at $10.5 million.

The combined value of Graham’s sales and leasing deals showed a 52 percent increase over the first quarter.

Some of the activity is still a result of the purging of distressed assets, Graham’s senior vice president, Jack Brown, said.

“However, we are simultaneously seeing a return to value in higher quality assets. So overall, there is a balance returning to the market,” he said in a prepared statement.

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