Coca-Cola Bottling Co. United relocates office space to Patriot Park

A Birmingham manufacturer has relocated some of its office functions from one part of the metro to another.

Coca-Cola Bottling Co. United moved office space from 600 Beacon Parkway in Birmingham to 200 Wildwood Parkway in Homewood.

The relocation reduced its square footage, which the company’s vice president of public affairs and communications, Linda Sewell, said was due to work-from-home trends. The move to Patriot Park was completed in November 2021, and Graham & Co. was the broker for the deal.

“Our lease was up mid-year last year at Beacon Parkway, so we decided to relocate some of our accounts payable, accounts receivable,” she said. “We have some human resources functions as well as our customer call center in Patriot Park. Many of our departments worked remotely and continue to work remotely, so we made a business decision that some functions could stay remote on a longer-term basis. Because of that, we didn’t need all the square footage. We took the opportunity to find new space with less square footage.”

The old square footage was 37,000 square feet, and the company is now leasing 18,000. The former location housed 200 employees, and the new space accommodates 120.

“It didn’t make sense just holding empty space,” Sewell said. “What we found in Patriot Park was the right configuration — the right space at the right time.”

The original move to Beacon Parkway from the company headquarters in East Birmingham was due to rapid growth of the company.

“Over the last eight to 10 years, we started to outgrow our current campus headquarters,” she said. “We added an expansive call center at that time so we needed additional space that we didn’t have on our our primary campus. We found the property of Beacon Park Parkway that served us well for a lot of years. We needed that space as we grew. Now because of the changing work conditions due to Covid and some of our teams who are working remotely, our needs changed. It’s part of an evolution of what we need in the current work environment.”

The manufacturer is still eyeing expansion in the region, particularly with the long-term goal of redeveloping the 88 acres across the interstate from its headquarters. It used to be the home of Stockham Valve, but that now belongs to Coca-Cola United. The manufacturer is still in talks with the city, county and state on redevelopment goals and needs.

“We still hope to build on that site in the future, but no final decision has been made. But a lot of things have to fall into place before we make that final decision and move ahead,” she said.

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2022 Huntsville Market Report

2022 Huntsville Market Survey

The Huntsville commercial real estate market stabilized in 2021. The overall impact of the COVID pandemic is still being felt, but most of the sectors have bounced back very well. Many companies are still studying existing space needs and their future work-from-home plans. We anticipate some downsizing and an increase in vacancy in the office sector. (more…)

2022 Graham Office Market Survey

In 2021 Birmingham’s office market outperformed the 6 previous years and shifted the trend to positive by posting 150,781 SF of overall absorption. Overall occupancy increased by 0.42% to 85.40%.

There were 6 large, class-A office building sales in 2021, the 2 largest in the CBD; both One Federal Place and Renasant Place traded to out-of-state investors. Leasing activity was healthy with more than 70 significant leases reported in 2021, 13 of those were new leases greater than 10,000 square feet. The CBD, Highway 280/I-459, and Southern/I-65 submarkets all had positive absorption for the year. Rental rates continued an upward trend, increasing from 0.27% in the Vulcan Oxmoor submarket to 2.78% in Midtown. The overall market rate was $20.69 psf, an increase of 1.12% from the previous year. Availability of space has been getting tighter in the two highest performing submarkets. The Midtown and Southern/I-65 submarkets had only a few blocks of space greater than 10,000 sf remaining between them. Each of these submarkets posted occupancy levels above 93% in 2021.

Graham&Co Sells Parts Sequencing Warehouse Leased to Mercedes Benz for $51.7 Million 

BIRMINGHAM, January 31, 2022 – Birmingham-based Graham & Company has successfully completed the disposition of a 530,000 square foot Class-A distribution center to Monmouth Real Estate Investment Corporation (NYSE:MNR).  Situated on approximately 53.5 acres in Vance, AL, the facility is fully leased to Mercedes Benz US International, Inc (MBUSI) and will serve as a storage and sequencing facility for vehicle parts supporting Mercedes’ expansion into the production of Electric Vehicles (EVs) at the Vance plant.

More than 15 years ago, Graham&Co helped deliver a similar sized build-to-suit project for MBUSI.  “Our brokerage team saw the potential in cultivating industrial sites with just-in-time proximity to the Vance plant.  That foresight and expertise has now allowed Graham&Co to deliver more than 1.2 million square feet across three different build-to-suit industrial projects within 1 mile of the main entrance to the Vance MBUSI plant,” said Henry V. Graham II.

There has been no greater driving force behind the demand for and construction of industrial real estate in the state of Alabama than the automotive industry.  Graham&Co is honored to have played a key role a second time helping MBUSI lead this charge by delivering the new EV sequencing facility on-time and on-budget despite the market uncertainties and construction supply chain disruptions attributable to the COVID-19 pandemic over the last 18 months.

The project was completed for Mercedes using a local team of experts in industrial real estate, construction, design and finance.  Graham & Company, LLC served as developer for the project.  Cooper Construction and Five South Architecture, LLC served as the project’s design/build team.  CCI served as the civil engineering firm and the Birmingham office of ECS assisted with geotechnical engineering and materials testing.  Financing was provided by First Horizon Bank’s Birmingham branch and Compton Jones Dresher along with Bradley Arrant served as legal counsel.  

About Graham & Company

Founded in 1978, Graham & Company is a full-service commercial real estate firm with offices in Birmingham, Huntsville, and Panama City, Florida. Graham offers investment sales, leasing, property management, and development services.

Graham & Company has been involved in the development and management of industrial properties, office buildings, office/service centers, and office rehabilitation projects throughout the Southeast. Over the last 20 years, Graham & Company has delivered more than 10 million SF of build-to-suit and speculative industrial and office projects.

For further information:

Graham & Company, LLC                                    

Matthew Graham
Email:  matthewg@grahamcompany.com
Phone:     205.871.7100                                

 Henry Graham
Email:  henryg@grahamcompany.com
Phone:     205.871.7100

Greystone shopping center up for redevelopment by medical group

Several medical groups have partnered to redevelop a Greystone shopping center.

Located at 5406 Highway 280 S., the Crossroads at Greystone will soon be redeveloped into a medically focused center.

According to public records, The Crossroads at Greystone LLC sold the 50,000-square-foot retail center in Hoover of the same name to Crossroads 2021 LLC in August 2021 for $3.87 million. The medical entities associated with the property’s purchase include Andrews Sports Medicine and Orthopaedic Center, Skin Wellness Dermatology, AllerVie Health and Birmingham Orthodontics.

According to Stutts Everette, a qualifying broker at Randall Commercial Group, the purchasing team made a strategic decision to partner with local medical groups for a redevelopment.

“It is a chance to reinvest in the community and cater to the existing patient base of our partner practices while capitalizing on a premier location in a market with intense density growth,” he said.

Veritas Medical Real Estate Advisors represented the medical practices in the shopping center deal. Everette with Randall Commercial Group represented the buyers in the transaction. Dick Darden of First Sunbelt Properties and Bo Grisham of Graham and Co. represented the seller.

“We felt it’s a well-known destination, located just off a major highway interchange, that has six points of access, ample parking, and all the existing tenants will remain,” Everette said.

Situated at the corner of Highway 280 and Highway 119/Cahaba Valley Road, the shopping center is in a high-traffic community near high-income residents. The $7 million development opened 20 years ago in fall of 2002.

Retail centers like the Crossroads at Greystone offer ample parking and accessibility for health care patients that urban medical care centers might not necessarily comfortably offer.

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Compton Jones Dresher relocates from Lakeview area to Highland Avenue

One of Birmingham’s newest law firms has relocated from the Lakeview area to Highland Avenue to accommodate its recent growth.

Compton Jones Dresher is now leasing a new space at 2170 Highland Ave. S., Suite 250. It moved from an approximately 1500-square-foot location at 3100 Fifth Ave. S. in early November and is expecting to wrap up the move to its new location in January. The new office space is approximately 5,000 square feet.

Compton Jones Dresher has grown from three attorneys and one support staff member in July 2020 to 10 attorneys and four support staff members.

Paul Compton, one of the firm’s founding partners, told the Birmingham Business Journal the location was chosen for several reasons, including parking, convenient access to support services and fiber optic internet access with multiple providers.

“We wanted something convenient to both city center and over-the-mountain as well as having walkable amenities,” he said. “We’re halfway between Bottega Café and Chick-fil-A. We are also close to a number of our bank and real estate developer clients.”

The offices are sized to support more growth if necessary and to suit both attorneys, who primarily work in-office, and those who primarily work remotely.

“We plan to use that as a standard way of doing business rather than a pandemic contingency plan,” Compton said.

Dan Lovell of Graham & Company acted as a broker for Compton Jones Dresher in the deal. General Contractor Adams Gilmore & Lynch Inc. did the interior build out for the new space, KPS Group Inc. provided architectural services, and Cathy Waters of Ai Corporate Interiors handled furniture design.

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After turnaround, flex industrial building sold in Mandarin

Just a few years after acquiring a mostly vacant flex warehouse property in Mandarin, an investor sold the now fully occupied building to a new buyer.

Birmingham, Alabama-based Graham & Co. recently sold the Gran Park at the Avenues building 500, located at 10255 Fortune Parkway, for $11.8 million.

Information from the company shows the group first purchased the building in 2018 when it was33% leased. It now boasts 100% occupancy.

Graham, through its affiliate Graham 10255 Fortune LLC, purchased the building for $5.5million in 2018, according to Duval County property records.

The building is 72,000 square feet of flex industrial/office space.

Mike Harrell and Gary Marcy with CBRE represented the seller, while Mike Bogle and BenS tewart with CBRE represented the buyer.

“Special thanks are owed to Gary Marcy with CBRE and Griffin Holtsinger of Holtsinger Construction for the countless hours both individuals worked to obtain a diverse and high-quality tenant base for Gran Park,” said Matthew Graham, vice president of acquisitions for Graham &Co. “Having been previously leased to a for-profit university, the property presented several challenges to meet today’s office and industrial use but represents a great investment for the buyer.”

The transaction is a good example of the demand in the local market for smaller flexible office and industrial spaces.

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Graham & Co/Sunbelt Paper & Packaging to Build a New Corporate Office and Distribution Center

Graham & Co/Sunbelt Paper & Packaging to Build a New Corporate Office and Distribution Center 

BIRMINGHAM, November 10, 2021 – Birmingham-based Graham & Company and Sunbelt Paper & Packaging announced today plans for a 216,000 square-foot state-of-the art distribution facility located in Calera, AL.  Sunbelt Paper & Packaging, one of the largest privately owned packaging and industrial supply companies in the Southeast, will anchor the project occupying approximately 108,000 square-feet in the building.  The remaining 108,000 SF will be available for lease with the facility estimated to be fully operational by the third quarter of 2022.

The project is significant as it represents Graham & Co’s first speculative development in the Calera/southern submarket since completing Shelby Commerce Park in 2007. From 2000 to 2007, Graham & Co developed more than 1,800,000 square-feet of distribution space in Calera.  “We’re excited that the market’s demand for additional distribution space has allowed us the opportunity to partner with Sunbelt and further serve the needs of Shelby County,” says Henry V. Graham II, Vice President of Development at Graham & Co.

Founded in 2002, Sunbelt Paper & Packaging has outgrown its current facilities in Shelby County and will expand into Graham’s new building upon completion.  “The new facility allows us to accommodate our company’s continued growth and modernize our logistics operation,” says Bill Rivers, President of Sunbelt Paper & Packaging.  “We are very appreciative of 58 Inc., the City of Calera, and the Calera Industrial Development Board, whose support made this project possible.”

The new distribution center will require an investment of approximately $16.5 Million and sit on +/- 16 acres of land located at the northeast intersection of George Roy Parkway and Shelby County Road 22 with frontage along I-65 South.  “The property provides excellent interstate access, high visibility, and provides the south Birmingham industrial market with much needed Class A warehouse space for lease,” says Ogden Deaton SVP at Graham & Company.

Cooper Construction and Five South Architecture, LLC will serve as the project’s design/build team.  LBYD will serve as the civil engineer and Bhate Geosciences will assist with geotechnical engineering and materials testing.  Financing is to be provided by Oakworth Capital Bank.  Graham & Co, Sunbelt Paper & Packaging, 58 INC- Shelby County Economic Development Corporation, the Calera Industrial Development Board, and the City of Calera all worked in a collaborative effort to make this project a reality, and a ground-breaking is slated for early December of 2021. 

About Graham & Company

Founded in 1978, Graham & Company is a full-service commercial real estate firm with offices in Birmingham, Huntsville, and Panama City, Florida. Graham offers investment sales, leasing, property management, and development services.

Graham & Company has been involved in the development and management of industrial properties, office buildings, office/service centers, and office rehabilitation projects throughout the Southeast. Over the last 20 years, Graham & Company has delivered more than 9.6 million SF of build-to-suit and speculative industrial and office projects, each involving a unique set of challenges and hurdles to overcome.

Graham & Co.’s projects and properties are managed by a staff of seasoned real estate professionals, including many who have earned prestigious designations such as SIOR, CRE, CCIM, LEED, RPA, and CPM. 

About Sunbelt Paper & Packaging

Founded in 2002, Sunbelt Paper & Packaging provides packaging, assembly, and distribution of industrial supplies / solutions to a diverse clientele across Alabama, Georgia, and Florida. Sunbelt is well diversified in its products offered, industries serviced, and regional coverage with assembly and major distribution centers in central and north Alabama. Sunbelt’s main business lines consist of corrugated containers, wooden pallets, bags, packaging supplies, and more to clients ranging from local businesses to FORTUNE 500 automotive companies including BMW, GMC, and Tesla. Sunbelt provides extensive on-site inventory capability with over 20,000 products on site and has a vertically integrated distribution channel with its own fleet of trucks. Sunbelt has also developed extensive capabilities in design / sampling and assembly within the automotive and aerospace industry.

For further information:

Graham & Company, LLC                                         Sunbelt Paper & Packaging
Ogden Deaton, SIOR                                                Bill Rivers
Email: ogdend@grahamcompany.com                  billrivers@sunbeltpaper-packaging.com
Cell: 205.222.8927                                                 Cell: 205.567.2300

Graham & Company, LLC                                        58 Inc
Henry Graham                                                         Jackson Pruett
Email: henryg@grahamcompany.com                  Email: jpruett@58inc.org
Cell: 205.908.3056                                                Cell: 256.507.4365

Hoover business park building sells for $3.55M

A Hoover office building has sold for $3.55 million.

Betre 6 Management LLC acquired the 27,204-square-foot building at 300 Riverchase Parkway E. from Barcroft Terrace Inc.

The 3.9-acre property is located within a corporate business park and is zoned planned light industrial.

A spokesperson at Graham & Co., which was the listing agent for the property, said the buyer will occupy the two-story building in the coming days.

Betre 6 Management is registered to Robert Reuse of Alabama Controls in Pelham. The building was previously occupied by Virginia-based IT and business consulting services firm CGI Technologies and Solutions, according to CGI’s website. Barcroft Terrace is a foreign corporation out of Arlington, Virginia, registered to Thomas Ansley at Dentons Sirote, according to the Alabama Secretary of State website.

Walter Brown and Matt Gilchrist in the office group at Graham & Co. represented the seller in the deal.

[Read Article Here]