An industrial property in Jefferson Metropolitan Industrial Park in McCalla has sold to a Missouri-based real estate firm.
By Illyshia Parker – Commercial Real Estate Reporter, Birmingham Business Journal
Feb 29, 2024
The 111,983-square-foot property was fully leased in 2023 to Mobis, a Tier 1 automotive supplier. The company uses the facility for assembly and distribution to support Mercedes-Benz, which is located in nearby Vance. Located at 6800 Jefferson Metro Parkway, the newly constructed concrete tilt-up industrial building has 30-footclearance heights, 21 dock-high doors, two drive-in doors and 88 parking spaces. According to Jefferson County public records, AMR REIT Prestige Industrial II LLC sold the industrial property to PMUDO Alabama LLC on Feb. 15. The deal closed for $13 million. Sonny Culp with Graham & Co. and Doug Longyear with Cushman & Wakefield represented the seller in the deal. There was no buyer representation. The selling entity, AMR REIT Prestige Industrial II LLC, has an address listed at 200Crescent Ct. Ste. 240 in Dallas, Texas, that it shares with AMR Capital LLC, indicating some affiliation. The privately owned real estate investment firm developed the speculative property in 2022.
The purchasing entity, PMUDO Alabama LLC, has an address listed at 2600 Grand Blvd.in Kansas City, Missouri, that it shares with Kessinger Hunter & Co. LLC, indicating some affiliation. According to the company's website, Kessinger Hunter is a full-service commercial real estate firm that currently manages over $26.3 million square feet spanning more than 200 properties across the U.S. and European countries. The company has been in business since 1879.
Culp said in general, the Birmingham industrial market is seeing an overall slowdown inactivity, mirroring corporate America's pullback in the economy. However, he said despite moving at a slower pace, the local market is not overbuilt and remains stable.
Used by permission from the Birmingham Business Journal