Source: al.com

BIRMINGHAM, Alabama — William & Carrigan is moving to Morris Avenue with new offices and a large stone yard that will allow the artistic masonry company to grow into retail sales.

William & Carrigan recently closed on the purchase of a 1.1 acre lot at the southeastern end of Morris Avenue and 25th Street. Sam Carroll of Graham & Co. brokered the $275,000 deal, one of several Graham & Co. completed in February.

William & Carrigan also purchased an old building across Morris Avenue from the property, which it plans to renovate and relocate its offices from the Oxmoor Valley.

“Where we are now, our stone yard is only big enough for our current projects,” David Carrigan, owner of the company, said. “This will give us room for a much larger stone yard and allow us to get into the retail side of the business.”

Carrigan said stone and wrought-iron fencing will encircle the stone yard. He said being located downtown near a number of architecture and design firms is perfect for marketing the various stones, bricks and masonry that will be kept there.

“I’ve been eyeing this property for about three years,” Carrigan said. “It’s a perfect location with great visibility and access off the (Elton B. Stephens) Expressway.”

Though it is located next to the railway, Carrigan said there are no immediate plans to use rail to bring in stone. He plans on moving stone to the yard in the coming days.

Carrigan said renovating the building for the company’s offices will likely take a few months.

Carrigan said his company takes pride in the heritage of masonry and views its work as both craft and art. The company was formed in 2001 as a boutique installer of local natural stone and has grown to over 15 employees offering a full range of stone masonry services.

The firm’s work is in three major categories — architectural, flatwork and walls. Architectural is the use of custom cut and carved stone, especially limestone, used as casings, moulds, sills, lintels, coping, and similar detailing. Flatwork includes stone paving, banding, and curbing in a wide selection of natural stone. Walls encompass any vertical surface ranging from dry stack and solid masonry retaining walls to dimensional stone veneers on homes and buildings.

Graham & Co. completed six other real estate sales and 14 lease deals in February, an encouraging sign for the new year.

“We continue to see local companies willing to expand and taking advantage of ample supply and low interest rates,” Carroll said. “We remain bullish for the balance of 2012.”

Other February deals included:

>>>Carroll represented the buyer in the $1.2 million purchase of the 10,000-square-foot Four Riverchase Ridge building. Graham’s Dan Lovell and Walter Brown represented the seller of the office building.

>>>Graham broker Sonny Culp sold 3.3 acres at 3225 Montevallo Road in Mountain Brook for nearly $1.07 million. The new owner of the former Knesseth Israel Synagogue site plans to do a residential development there with possibly one to four homes or he could seek new zoning to allow up to eight homes to be built there.

>>>Culp also brokered the nearly $1.84 million sale of 16 acres on Montclair Road once part of the John Carroll High School athletic fields. Culp represented Baptist Health System in its sale to Arlington Properties. Arlington has started work on the site building the $23 million Tapestry Park apartment project, which will have 223 apartments in six buildings when it is completed in the next 12 to 14 months.

Graham’s John Coleman and Jack Brown leased 19,620 square feet in the former Keebler office and warehouse building at 165 Oxmoor Road to Bailey Holding Co. The lease brings the building to full occupancy.

>>>Coleman also represented the landlord in two distribution space leases in Birmingham’s Airport Highway Park. Ryder Logistics leased 15,000 square-feet at 516-B 35th Street North in a deal that also included Graham’s Culp. Crothall, a provider of hospital housekeeping services, leased 25,000 square feet at 608 37th Street North. Patrick Denney of Cresa Birmingham represented Crothall.

>>>Graham broker Brad Jones represented the landlord of the Meadow Brook 100 building off U.S. 280 in a 7,900-square-foot lease to Centex Payments, which was represented by Phillip Currie of J.H. Berry & Gilbert.

>>>Graham’s Lovell represented the landlord of 110 Office Park Dr. in Mountain Brook in its 2,850-square-foot lease to Morgan Keegan, which was represented by Joe Sandner III of Sandner Commercial Real Estate.

[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][ Read article at al.com ]
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Source: al.com

Birmingham’s Graham & Co. said it has made promotions.

Charlie Crane, who has been with the commercial real estate firm for 16 years, has been promoted to senior accountant.

Maria Goldschmidt, with the firm for 11 years, has been promoted to vice president of finance.

Betsy Lumpkin, who joined the firm last year and has more than eight years of accounting experience, was named accounting manager.

Alli Gross, who has been with Graham since 2008, has been promoted to property manager.

[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][ Read article at al.com ]
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Source: bizjournals.com

Pickings are still slim in the Birmingham metro’s industrial real estate market, but experts say a national uptick in sales and leases could foreshadow a local boost.

The vacancy rate among Birmingham metro industrial properties fell to 24.2 percent at the end of 2011 from 29.8 percent at the end of 2010, according to a new quarterly market report from real estate research firm Xceligent.

“We’ve started seeing corporate America coming back on the leasing side,” said Sonny Culp, senior vice president of Graham & Co.’s industrial group. “The tide is rising in all categories.”

Although local industrial real estate deals slacked off in the second half of 2011 and absorption levels reached their lowest point in the fourth quarter, Cassidy Turley Chief Economist Kevin Thorpe said there was a “robust recovery” nationally in 2011.

“No one cheers about that too much because the (industrial sector) really got hit hard by the recession,” Thorpe said.

As the housing market improves in 2012, he said, demand should increase for construction materials warehouses, which are a large chunk of the industrial sector.

Nick Nesmith, industrial agent at Engel Realty Co. Engel Realty Co. Latest from The Business Journals Kinetic Communications renovating, moving to caboose on Morris AvenueReal estate roundup: Salon franchise grows in AlabamaBlue Canoe acquires Engel small apartment division, eyes more growth Follow this company Inc., said sales activity has lagged for smaller facilities, but that he’s seen more startup businesses signing leases.

“We’re seeing a lot of activity – not really deals, but a lot of leasing activity this quarter,” he said. “So, we’re optimistic.”

For Birmingham, the big bump in 2011 came in the second quarter, when net absorption was at a high 539,251 square feet, Xceligent said. But from there, net absorption fell to 163,321 square feet in the third quarter and 76,909 in the fourth.

Jack Brown, also a Graham & Co. industrial group senior vice president, said he expects absorption to climb back up in 2012 as the inventory of foreclosed properties dries up, prices continue to soften and lenders loosen regulations for owner-occupants.

“It’s a little bit of a thawing of the pipeline, so to speak,” Brown said.

The tornadoes also contributed to an increase in activity, he said. The destruction of several properties, including the 100,000-square-foot Marmon/Keystone warehouse on Alabama 79 North, is expected to lead to additional leases, construction and renovations in the Birmingham metro.

Although most of the activity is – and will continue to be, according to Thorpe – in the form of leases, other brokers said they’ve seen a jump in industrial sales.

Although there are sales in the works, most of the activity in the national market is from the “flight to quality” trend, where businesses take advantage of low rental rates to move into new spaces, Thorpe said.

Harbert Realty Services Inc. Harbert Realty Services Inc. Latest from The Business Journals Real estate roundup: New Taco Bell for Valleydale VillageKinetic Communications renovating, moving to caboose on Morris AvenueCRE Roundup: Office, industrial pros see flat market Follow this company industrial broker James Proctor said there’s a dearth of out-of-town companies or investors entering the Birmingham metro market.

“I’m seeing more people wanting to move locations,” he said. “I’m also seeing a lot of consolidation.”

The most recent local multimillion-dollar industrial real estate deal was Prime Properties of Alabama LLC’s recent purchase of the 45,000-square-foot, $2.45 million facility at 350 Industrial Drive in the Oxmoor area. SCP 350 Industrial LLC – which was formed by Graham & Co. and has Shelby Commerce Park LLC listed as a member, according to the Secretary of State’s Office – was the seller.

In the fourth quarter, the largest sale was also in the Oxmoor area, according to Xceligent and public records. Alton Court LLC sold the 184,723-square-foot bulk warehouse at 120 West Oxmoor Road to Arkansas-based Priority Wire & Cable Inc.’s Hamilton & Newman LLC for $2.7 million.

[ Read article at bizjournals.com ]

Source: bizjournals.com

Big-box retailers are leaning away from big-box spaces, and experts say that’s pushed Birmingham area property owners to think outside the big box to find new tenants.

Since the recession, when several large retailers closed in the area, real estate professionals say they’ve seen a surge in creative reuse – when space is used for something other than it was originally intended.

That’s lowered vacancy rates and reduced the number of blighted properties in metro Birmingham and could foreshadow a rash of new big-box construction projects, said Retail Specialists Inc. President Robert Jolly.

But, he added, the trend is also driving rents down, costing local governments sales tax revenues and leaving shopping centers without their anchor stores.

“I think (the trend) is a blessing and a curse,” Jolly said. “It’s causing anxiety and desperation for property owners.”

Even though several large retailers have pulled out of the area, the vacancy rate for the metro’s 35 big-box spaces, which have a combined square footage of nearly 4.5 million, was at 5.4 percent at the end of 2011, according to real estate research firm Xceligent’s latest report.

Cushman & Wakefield’s Cushman & Wakefield Latest from The Business Journals Follow this company fourth quarter 2011 Birmingham retail real estate report said that rate has remained flat in recent years, despite the loss of major retail.

In metro Birmingham, big-box spaces that have been renovated for creative reuse include the former Bruno’s grocery store on Montclair Road, now an iStore Self Storage; the former Mazer store in Homewood, set to become a Pep Boys Pep Boys Latest from The Business Journals Follow this company franchise location; and the former Bruno’s on U.S. 31, now Hoover Tactical Firearms.

The large empty spaces and discount leases are also attracting thrift stores, which has led to several tiffs lately. The Jimmy Hale Mission recently lost a bid to move into a former Food World Food World Latest from The Business Journals Follow this company in Vestavia Hills Plaza and Trussville signed an expensive lease for a former Main Street Food World to keep America’s Thrift Store from taking the space.

But as big retailers begin to grow with the economy, The Shopping Center Group’s The Shopping Center Group Latest from The Business Journals Follow this company Will Akin said, they’ll find they’re late to the party.

“They were just sitting and waiting on the economy to improve, and while they were waiting, the existing cheaper big-box spaces were all taken,” Akin said. “Now, they’re going to be forced to go in and do ground-up construction.”

Mickey Gee, retail market expert and professor at the University of Alabama at Birmingham University of Alabama at Birmingham Latest from The Business Journals Follow this company , said the trend could hurt some retailers in the long run as local governments try to make up the lost sales tax revenue.

But, he continued, creative reuse is sometimes an easy out for landlords when the market is depressed and tenants are few.

“Retailers are going to find the best and brightest use for locations,” said Gee, who also co-owns the Pants Store.

The creative-reuse trend hasn’t been limited to retail stores. The Church of the Highlands recently purchased the 50,750-square-foot former headquarters of AIG Baker Shopping Center Properties in Lee Branch out of foreclosure for more than $4 million from BBVA Compass, which was represented by Graham & Co.’s Dan Lovell, Walter Brown and Sam Carroll.

Carroll said there has recently been a “ton” of creative reuse deals in the area.

“Once these properties sit there,” he said, “there (aren’t many) options but to change the use.”

Brown said the trend is partly being driven by big retailers like Target Target Latest from The Business Journals Follow this company and Walmart Walmart Latest from The Business Journals Follow this company , which are changing up their store concepts.

“I think it’s just an overall trend of people trying to be creative with real estate out of necessity and because values are down,” he said. “It opens the door.”

[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][ Read article at bizjournals.com ][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

Source: al.com

Graham & Co’s Jacksonville Office Team Awarded U.S. Green Building Council (USGBC) North Florida Chapter’s annual Building Design And Construction Award, naming 550 Water Street as its 2011 recipient project. Pictured are: Peter Crolius, Managing Broker; Genny Spence, Administrative Assistant; Ron Kirkland, Director of Property Management and Mark Scott, Senior Director/Industrial Markets

[ Read article at al.com ]

Source: al.com

BIRMINGHAM, ALABAMA — Arlington Properties has started work on the $23 million Tapestry Park apartment project on 16 acres off Montclair Road, once home to John Carroll Catholic High School’s athletic fields.

The development will have 223 apartments in six buildings when it is constructed in the next 12 to 14 months, with the first apartments becoming available in October.

Arlington Properties, which also developed Hallman Hill in Homewood, is the developer of the property. Arlington Construction Services is building the project.

David Ellis, head of development with Arlington, said the company completed the purchase of the property on Wednesday and began site work on Thursday. The work comes a year after Arlington began planning for the project, but it took time to get the property rezoned for use as apartments. The city approved rezoning in November.

“It’s our hope this will help spur additional development along the Montclair corridor,” Ellis said. “We would like to be the first domino that starts a chain reaction of growth there.”

Ellis said the apartments will rent for $1,150 per month on average, with one-bedroom units starting at around $900 and two-bedroom units at around $1,200. More firm pricing will be in place closer to opening.

According to the project’s site plan, Tapestry Park will include a number of amenities that include a large central lawn and quad area, pool, bocce court, pavilion with televisions, grills and an fire pit for residents to gather around.

Ellis said the apartments will also have a hotel lobby feel, an upscale clubhouse, fitness center, cyber cafe and library for congregating. The apartment units will have stainless appliances, granite countertops, garden tubs, walk-in closets and other features, he said.

“This property is only two miles from downtown and is surrounded by great neighborhoods,” Ellis said. “There is a shortage of high-quality, multi-family communities near the city core. The market is really tight and demand for rental housing is rising, so we feel this is a good time to be delivering this product.”

Ellis said the likely relocation of Trinity Medical Center from across the street from Tapestry Park to the unfinished former HealthSouth hospital on U.S. 280 is a concern but shouldn’t hurt the apartment’s prospects.

“It would be great for the development if Trinity stayed, but we think this project will be successful with or without Trinity given all of its positive attributes,” Ellis said. “We are definitely encouraged by the proactive steps the city is taking to address Trinity’s potential move. It’s a great location and I really think they will ultimately find an alternative use for it if Trinity does move.”

Arlington’s purchase of the 16 acres leaves 5.4 acres of the former John Carroll property up for sale.

Prospects

Sonny Culp of Graham & Co. is handling the marketing and sale of the site. He said it’s not often that a five-acre site on a flat piece of property on a red-light corner of a highly-traveled corridor comes on the market.

“We are hoping with the apartment project under way, it will spur some activity and interest in the remaining property,” Culp said. “Prospects would include retail, office and medical uses.”

Culp expects that interest could come from medical practices that will not follow Trinity to U.S. 280 if the medical center is successful in winning a court challenge from rival hospitals attempting to block the move.

“We expect we will see some non-invasive medical uses that may want to stay on this corridor,” he said.

What will not come to the property is a Walmart Neighborhood Market. The retailing giant was once considering the site for its grocery store concept, leading to some concern and opposition in the neighborhood. Culp said the grocery chain is no longer considering the site.

[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][ Read article at al.com ]
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Source: bizjournals.com

Graham & Co. reported the following deals:

Graham & Company sold 3.2 acres at 3225 Montevallo Road in Mountain Brook. The development site formerly served as the former Knesseth Israel synagogue which relocated to Overton Road. Realty Choice also participated as broker in the transaction.

The Catholic Diocese of Birmingham purchased a 15,268 square foot office/warehouse facility at 92 Oxmoor Road for $700,000. Jack Brown represented the buyer and the J.H. Berry & Gilbert firm represented the purchaser.

[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][ Read article at bizjournals.com ]
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Source: bizjournals.com

CRE deals

Graham & Co., a Birmingham real estate firm, reported the following deals:

Helix Systems – a Bessemer electrical, engineering and automation solutions company – purchased a 10,000-square-foot industrial building at 5530 Powder Plant Lane. Jack Brown and John Coleman handled the transaction.

GFA Inc., a New Jersey based logistics company serving both Hyundai and Kia, renewed an industrial lease of 280,000 square feet at 404 Fox Run in Opelika. John Coleman represented GFA in the transaction.

Dominion Door Co., a subsidiary of Sweden-based Assa Abloy, leased 52,000 square feet of class A warehouse space at Moody Commerce Park at Exit 147 on I-20 in Moody. Sonny Culp represented the landlord while UGL Services of Chicago, working with Sander Commercial, represented the tenant.

Royal Cup Coffee leased a 25,500-square-foot industrial building at 2720 Southeastern Circle in the Pinson area. EGS Commercial represented the tenant and Jack Brown represented the owner.

Integral Partners renewed its lease of 6,190 square feet of office space at 7008 Champions Boulevard in Shelby County. Dan Lovell represented the landlord.

The Guardian Life Insurance Group has renewed it lease of almost 6,000 square feet at the SouthBridge Building. Brad Jones and Maddie Humphries represented the landlord.

RealtyLink, a real estate development group, leased 2,520 square-feet at 1401 Providence Park. Sam Carroll and John Coleman represented the landlord.

[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][ Read article at bizjournals.com ]
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Source: al.com

BIRMINGHAM, ALABAMA — Bart Smith was recently appointed to the Alabama Center for Real Estate (ACRE) Leadership Council at The University of Alabama. Bart joined Graham & Company in 2002 and specializes in the office sector and has earned the Society of Industrial & Office Realtors (SIOR) designation, as well as the Certified Commercial Investment Member (CCIM) designation. He is presently the Managing Broker for the Huntsville office and has been involved in more than $60 million of real estate transactions over the last 3 years. Bart is also responsible for tracking market data and publishing the Huntsville Graham Report. This survey covering Huntsville’s office, industrial and retail market is the area’s only such report. Bart holds a Bachelors of Science (Finance with concentration in Real Estate) from the University of Alabama. He is the past president of NALCOM and the Huntsville International League. Council members focus on long-term growth and development of the Center, provide insight and counsel on current market trends, and enhance the sustainability of ACRE through vision, resourcefulness, and creativity. A complete list of members can be viewed at www.acre.cba.ua.edu

[ Read article at al.com ]

Source: al.com

BIRMINGHAM, ALABAMA — Graham & Co. is heading into 2012 boosted by a number of property sales and leases in the last quarter of 2011.

The Birmingham-based company completed 25 sales valued at more than $20 million and 40 lease deals with a value of $41 million in the quarter, according to Mike Graham, president of the company. That was up from the 14 sales and 33 leases completed in the third quarter.

“We are expecting the current trend to continue into 2012,” Graham said.

One of the more significant property sales in the quarter included 34 acres in the Lee Branch Corporate center near Greystone, including the 50,750-square-foot former headquarters of AIG Baker Shopping Center Properties. BBVA Compass sold the property to Church of the Highlands. Graham & Co. represented BBVA Compass.

Graham & Co. also brokered the sale of the former Cathedral of the Cross in Center Point to another faith-based group and a 3,872-square-foot office building at 1314 Cobb Lane to a new owner. Other fourth-quarter sales included a former day care, partially developed subdivisions, warehouses and other properties.

Graham noted many of the deals seem to be tied to internal or local expansion, a good sign that local companies are growing.

“We see this is a particularly healthy sign,” he said.

Leases in the fourth quarter included a 130,000-square-foot office lease in Meadowbrook and a 220,000-square-foot lease in the Jefferson Metropolitan Park-McCalla.

Dan Lovell, head of Graham’s office division, said the office market is trying to bounce back.

A net drop in occupancy of 17,870 square feet in 2011 means the overall market was virtually flat, he said, and much more stable than the 450,000 square feet of net loss in occupied space the metro area dealt with in 2009.

But Lovell noted it’s not bad everywhere.

“Some pockets of midtown are as tight as they have been in several years, therefore some owners are doing very well in this area,” he said.

[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][ Read article at al.com ]
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