A large tract of undeveloped timberland covering some 1,945 acres recently sold to out-of-state investors for $3,889,760 as part of a 1031 real estate exchange. The property is located in an Opportunity Zone at the southeast quadrant of State Highway 59 and Interstate 65 with approximately 2.7 miles of frontage along I-65 adjacent to the South Alabama Mega Site. Brandon Broadus and Pete Riehm of NAI Mobile handled the transaction.
A federal law recently adopted in Alabama, Opportunity Zones are defined by the IRS as an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Sites qualify if they have been nominated for that designation by the state and certified by the Secretary of the U.S. Treasury.
Mobile-based Wilkins Miller LLC, a nearly 70-year-old locally founded accounting and advisory firm, recently held a ribbon cutting for the opening of their newest 2,000-square-foot satellite office situated at 5 Dauphin St. in Mobile. This is a move back to downtown for the business, which was headquartered in the Central Business District until the late 1970s.
The new suite will hold up to five accountants. The space is being leased from Brian Metcalfe with Metcalfe & Associates, the owner of the building. To date, Wilkins Miller collectively employs over 80 professionals and is reportedly the largest local accounting firm in the area.
Greenville, South Carolina-based 9Round 30 Min Kickbox Fitness has leased a 1,400-square-foot training space inside the Publix-anchored Midtown Mobile Shopping Center located at 100 Florida St., near the intersection of Old Shell Road. The facility is now open and offers functional, interval, cardiovascular and circuit-training regimens in 30-minute sessions. Amber Dedeaux with Vallas Realty worked for the landlord in the lease transaction. David Dexter with NAI Mobile represented the franchise.
Jay O’Brien with J. L. O’Brien & Associates Inc. reported that Strong Arm Axe Throwing has leased some 4,038 square feet of activity space inside the recently upgraded, historic Blue Bird shopping center located at 2724 Old Shell Road. Plans are in place to open late summer. Strong Arm Axe Throwing is an entertainment venue for both novice and experienced axe throwers. Food and beverage services will be offered to customers as well.
American Fork, Utah-based Surge Nutrition is leasing some 1,500 square feet of retail space in the Outdoor Center located at 1705 State Highway 59 in Foley. The retailer recently opened and sells nutritional shakes, smoothies and teas. Surge Nutrition joins existing tenants Planet Fitness, Magnolia Dance Company, Gulf Coast Tools and Studio Bliss Hair Salon in the center. Amanda Goldman with Stirling Properties handled the transaction.
Greer’s Old Bay Market, located at 10835 Dauphin Island Parkway in Mobile, recently held a ribbon cutting hosted by the Southwest Mobile Chamber of Commerce. The roughly 14,000-square-foot grocery store underwent an extensive facelift prior to the ceremony, according to a news release. Upgrades included new flooring, new equipment, new glass doors and new LED overhead lighting.
Marietta Urquhart and Jamie Ison with White-Spunner Realty recently reported that the 16,634-square-foot former Mobile Bay Transportation building, located at 3024 Airport Blvd. in Mobile and sitting on about a 3-acre plot, was recently acquired by a speculator for $875,000. The former limousine service business has 20 parking bays and 9,000 square feet of office space. Charlie Christmas with Christmas Properties represented the buyer and WSR worked for the seller.
A local investor has purchased the 12,000-square-foot office and warehouse building sitting on some 3.31 acres of property at 26374 Pollard Road in Daphne for $950,000. Angela McArthur with Stirling Properties, represented the seller in the transaction. The property is currently 100 percent leased. Some 2 acres of land is still available for future development according to McArthur.
A new California-based nail salon has leased some 1,750 square feet of retail space located at 1234 Hillcrest Road, next to Ollie’s Mediterranean Grill in Mobile. and has an anticipated opening date of October. Other tenants in the strip center include Republic Finance, Knots Salon and Prometric. Angela McArthur with Stirling Properties handled the transaction.
Baldwin County residential market hits new high
The Baldwin County Association of Realtors (BCAR) recently released their May 2019 report indicating that median home prices reached a new high last month versus the same time last year. Active listings are compared on rolling a year-over-year measurement standard every month.
The study also forecasted that, as peak season continues, newly listed properties will continue to see ever-shrinking times on the market this summer. Baldwin Realtors’ Multiple Listing Service (MLS) reported the total amount of residential active inventory in May 2019 was 3,206 properties.
In summary, a total of 785 properties were sold last month, an increase of 6 percent from May 2018 (741). Properties were also on the market for approximately 76 days last month, compared to 88 days in May 2018, selling almost 14 percent faster year-over-year.
May’s total sales volume increased 15.8 percent in 2019, totaling $243,834,526, compared to $210,551,609 from last year. The average sales prices of residential properties in Baldwin County increased 9.3 percent to $310,617 this year. The average sales price in May 2018 was $284,145.
Here are the residential MLS statistics by area:
Residential Properties sold in May 2019: 175
Average Sales Price: $203,363
Average Days on Market: 69
Average Sales Price Change from May 2018: Increase 2 percent
Residential Properties sold in May 2019: 162
Average Sales Price: $422,139
Average Days on Market: 75
Average Sales Price Change from May 2018: Increase 15 percent
Residential Properties sold in May 2019: 91
Average Sales Price: $429,123
Average Days on Market: 92
Average Sales Price Change from May 2018: Increase 9 percent
Residential Properties sold in May 2019: 246
Average Sales Price: $312,368
Average Days on Market: 78
Average Sales Price Change from May 2018: Increase 5 percent
Residential Properties sold in May 2019: 15
Average Sales Price: $162,486
Average Days on Market: 48
Average Sales Price Change from May 2018: Increase 6 percent
The full BCAR May report can be found on their website: baldwinrealtors.com
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