Montlimar Place, a well-known, 31-year-old, 10-story office tower at 1110 Montlimar Drive in Mobile, recently received a $750,000 facelift courtesy of an out-of-town investment firm that acquired the distressed property late last year in an auction.
According to a news release, the once drab and aesthetically outdated high-rise office building now showcases a bright, modernized work environment for its tenants with NAI Mobile as the new property manager, effective January of this year.
“It’s all in the details,” Tommy Gleason, business director and principal with NAI Mobile, said. “We started with a full analysis of the property, speaking one-on-one with current tenants along the way to get their opinions on how to improve the workplace as a whole.”
The local office for NAI Global, which has overseen maintenance of the property, facilitated lobby renovations, common area updates, installation of a fitness room and a community conference room, fresh landscaping, and new interior and exterior signage, including a massive new pylon sign.
In addition to new flooring and painting, interior designer Margaret Gleason commissioned local artist Amber Ivey Lane for custom-designed paintings on several floors.
Management also recently signed a $350,000 contract for installation of new elevators, and has begun work on an on-site community park with picnic benches for tenants to use during lunch breaks.
In partnership with new property owners C-III Asset Management, a wholly owned subsidiary of C-III Capital Partners based in Irving, Texas, total related renovation expenditures sunk into Montlimar Place might reach upwards of $1 million, possibly as early as spring 2016.
According to its website, C-III Asset Management is a highly rated debt servicer of primary and special commercial real estate loans across the country. It is a primary servicer for $20 billion and a special servicer for $152 billion in commercial real estate loans. The firm is listed “Above Average” by Standard & Poor’s rating service as a primary servicer and considered one of the highest-rated special servicers in the industry.
To date, NAI Mobile has leased more than 30,000 square feet of vacant space at Montlimar Place. Tenants include American Cancer Society, Transamerica, Coastal Benefits, Comprehensive MedPsych and Southeastern Catastrophe. The property is currently 82 percent occupied, has received favorable remarks in recent tenant surveys and boasts an expanding waiting list of potential high-end suitors.
“I cannot tell you how happy we are finding our home at Montlimar Place,” Tony Laurence, managing director of Transamerica, said. “NAI Mobile values us as tenants, and we appreciate their dedication.”
NAI Mobile is currently scheduling tours of Montlimar Place. Full-service lease rates run at $16.50 per square foot, which includes access to the fitness room and community conference room and free parking. Contact Tommy Gleason at [email protected] or Josh W. Hall at [email protected] to learn more about leasing opportunities.
Commercial real estate moves
Precision Engineering Inc. recently purchased the entire city block of 400 St. Louis St. and plans to renovate the historic building into new office space for its firm.
Originally built in 1921 for Dodge Brothers Automobile Co. and Graham Truck, renovations and ensuing occupancy of the 24,000-square-foot structure are planned for the first quarter of 2017.
“There is a great deal of interest and activity along the St. Louis Street corridor,” Fred Rendfrey, director of downtown economic development for the Downtown Mobile Alliance, said. “St. Louis Street was Mobile’s original automobile alley. Combining Precision Engineering’s project with the others on St. Louis Street solidifies the activity as a real trend.”
Employing more than 70 engineers, Precision Engineering plans to employ well over 100 in the next five years. According to a news release, the new downtown location is well suited for the company since there’s currently a balanced mix of its employees living in Mobile and Baldwin counties.
Jeremy Milling of Milling Commercial Realty worked for the sellers and Allan Cameron of NAI Mobile represented Precision Engineering.
John Delchamps sold a 9,000-square-foot former paint and body shop at 5129 S. Schillinger Road for $350,000. The structure is situated on 5.5 acres. Delchamps represented the seller and Paula Messer with Cooper Berkshire Hathaway worked for the buyer.
Per court records, the North Pointe Apartments complex located in Saraland at 205 Shelton Beach Road was recently acquired by out-of-state investors for $5.7 million. According to its website, the property has one-, two- and three-bedroom floor plans with a total of 193 units.
The historic Hiram Lodge is set to undergo a major renovation which will convert the former Masonic Lodge into residential units. A local developer plans to create about 16 apartments in the three-story building. The units will come with parking, soaring ceilings and views of the Mobile skyline on upper floors.
A new clothing retailer called KABL & CO will occupy roughly 1,000 square feet of floor space at 451 Dauphin St. and will be holding its grand opening on Sunday, October 18. The shop will carry clothing lines for both men and women.
Kennedy announces promotions at Providence Health System
Todd S. Kennedy, president of Providence Health System, recently announced the promotion of three local hospital executives. Providence Health System is part of Ascension Gulf Coast Ministry Market, the largest nonprofit health system in the U.S. and the largest Catholic health system globally.
Peter J. Lindquist was promoted to chief operating officer. He previously served as chief nursing officer. In his new role he will oversee all nursing areas including cardiology and ancillary services.
Shannon J. Scaturro was promoted to vice president of surgical services and operations. His new responsibilities include all surgical areas and support services. Scaturro formerly served as executive director of surgical services.
Jamey G. Greer was promoted to executive director of support services. This encompasses oversight of all contracted support functions including plant operations and grounds, clinical and biomedical engineering, safety and security and the wound care center. Greer previously served as director of safety, security and switchboard.
“Each of these individuals share our commitment to high-quality care with a special focus on the poor and vulnerable,” Kennedy said.
Providence Health System comprises Mobile-based Providence Hospital, a 349-bed facility and affiliated physician networks with 14 practice locations. Providence Hospital cares for more than 15,000 inpatients and outpatients annually.