Featured Property: New Ideal Building

newideal

This week’s featured property is an excellent redevelopment opportunity available in the booming downtown area of Birmingham.

Situated at the corner of 2nd Avenue North and 18th Street, the New Ideal building enjoys high visibility at a prime location in the Theatre District. Consisting of two buildings, the property totals an estimated 68,200± SF and has great ceiling heights from floor to deck.

Building One                              Building Two
1st floor: 14,000 SF                        1st floor: 7,000 SF
Mezzanine: 5,200 SF                     2nd floor: 7,000 SF
2nd floor: 14,000 SF                      3rd floor: 7,000 SF
3rd floor: 14,000 SF

The property is also adjacent to the historic Pizitz building, which is currently undergoing a $66 million dollar renovation that is slated for completion later this fall. The Pizitz development will consist of approximately 145 high-end apartments, office space and a food hall on the retail level.

If you’ve been looking for your chance to be a part of the downtown revival, look no further! With multiple nearby construction projects underway, as well as established restaurant and entertainment venues such as Paramount, Trattoria Centrale, Cafe Dupont, Revelator Coffee, McWane Science Center plus The Lyric and Alabama Theatre, this site is certainly the place to be. There is also potential for Historic Tax credits on this property.

Don’t delay! Contact John Lauriello, CCIM, SIOR or Blake Crowe, CCIM about this incredible redevelopment opportunity at 205-326-2222.

 

Inside Southpace with Bryan Holt, CCIM, CLS

Bryan HoltLas Vegas, Los Angeles, Phoenix, Atlanta, Denver, Chicago….We went all over the country this past year—not for real estate deals in these cities, but to LEARN, CONNECT and LEAD. Our business is largely built on referrals from relationships we build both here in Birmingham and around the country in the organizations that serve our industry. Every year we spend a good deal of time and effort on learning, connecting and leading, but 2013 was exceptional on all three fronts.

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Pistachios: A Southpace Tradition

Southpace pistachiosWhile everyone has their own holiday traditions, whether it be to decorate the tree, set cookies out for Santa, or light up the front yard; we have our own unique holiday tradition here at Southpace.

You guessed it. We’re talking about our Mega Pistachio Mail Out! The Southpace office has officially been turned into Santa’s Workshop, and the mail out has begun.

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Office Site Selection: The most critical question to ask

Downtown Birmingham, AlabamaBy Southpace Broker Blake Crowe, CCIM

I recently read an article in the Birmingham Business Journal that discussed ten things a tenant should ask before choosing office space. While all ten were fair questions that would prove informative and beneficial for the tenant, I believe the most critical question to ask is, “Why don’t we hire a competent tenant representation broker?”

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New Publix Shopping Center Coming Soon to Rainbow City

The Shoppes at Rainbow LandingGood news, Rainbow City! A new Publix-anchored shopping center will soon be coming to the area. Southpace broker, Andrew Loveman, CCIM, is handling the leasing of The Shoppes at Rainbow Landing.

This new development will be conveniently located at the intersection of Rainbow Drive and AL Highway 77. Along with a 45,600 square foot Publix Super Market, The Shoppes will also include 20,000 square feet of retail shop space and two outparcels.

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How Construction Activity Betters Our Economy

constructionBy Charles Ferlisi, Director of Development & Construction Consulting at Southpace Properties, Inc.

I recently came across an article in the Birmingham Business Journal by Jay Reed, President of the Associated Builders and Contractors of Alabama. His piece was titled “Why Construction Matters in Alabama.” As Director of Development and Construction Consulting at Southpace, I was curious to read his points of why he felt construction mattered so much in our state. Turns out, I couldn’t agree more with what he had Continue reading “How Construction Activity Betters Our Economy”

CAP Rates Remain Low, For Now

As summer is coming to an end, CAP rates for net lease retail properties continue to remain low. Some of the lowest average rates are coming from segments such as banks, c-stores and pharmacies. While top tier assets remain in short supply and high demand, investors have begun to be bolder in regards to their investment criteria. But for now, the future of net lease retail development is looking good!

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