Servis1st Bank has leased 2,335 square feet of commercial space in phase one of Portico, a new mixed-use development to be located in Fairhope at 561 Fairhope Ave. Jeff Barnes, broker with Stirling Properties, handled the lease transaction and is representing the developer on the commercial space to be located in the new project.
Within walking distance of restaurants, boutiques, parks and services, Portico will eventually consist of more than 30,000 square feet of commercial space as well as luxury residential condominiums, according to Barnes. Construction of phase one is currently underway.
• Lewis H. Golden of Hamilton & Co. recently assumed management responsibilities for a historic multi-use downtown property, St. Emanuel Place, located at the corner of Dauphin and St. Emanuel streets on Bienville Square. The site consists of 11 loft-style apartments, each with wood floors, exposed beams and brick walls, and two commercial suites on the street level.
Army Aviation Center Federal Credit Union anchors the property on one corner. The buildings, one dating to the 1880s, were completely overhauled in 2007 with all new building systems and have recently undergone minor renovations and updates.
Currently three of the loft units are available, with floor plans ranging from 750 to 835 square feet and monthly rental ranging from $975 to $1,250. Each unit includes a private garage parking spot within the building and a storage unit.
“This property is located in the heart of downtown Mobile and offers the benefits of downtown with the charm of a historic structure, complete with modern conveniences. No two units are the same,” Golden said.
• Lewis H. Golden of Hamilton & Co. along with Keith Vaughan of KV Properties recently assisted in the sale of Executive Motorcoach Storage to local investors. Located at the intersection of Rangeline Road and Rabbit Creek Drive, the 49-unit, 37,500-square-foot property specializes in high-end boat and RV storage.
The property is secured with a keypad-controlled electronic gate and each 15-foot-by-50-foot unit is climate controlled, has an automatic 14-feet-high door and is sprinkled for fire protection. Hamilton & Co. and KV Properties will jointly handle the leasing and management.
• Matt Cummings with Cummings & Associates Inc. reported the lease of the old Ashley Furniture store at 314 S. University Blvd. Lagniappe Home Store has leased the 42,545-square-foot retail space, located near the corner of University and Airport boulevards. The company is a furniture store that also sells home accessories. It is slated to open by late summer 2018.
Cummings also recently reported the lease of some 1,200 square feet of confectionary space at Blakeley Square in Spanish Fort to Honeybun Donuts. In addition to doughnuts, kolaches will be offered. The store plans to open in late summer.
• SBA Network Services LLC is leasing 2,220 square feet of office space at 10105 Montlimar Drive, Suite C, in Mobile. Justin Toomey, broker associate with Stirling Properties, represented the tenant. Janet Keene with Bender Real Estate Group worked for the landlord.
• Maura and Kevin Coley recently signed a long-term lease at the Staples Retail Center, located at 1802 U.S. Route 98 in Daphne to open a local We Rock the Spectrum Kids Gym. The gym will offer specially designed sensory equipment to provide a place for children of all ability levels to play, according to the company’s website. It is slated to open early fall of this year. Niki Coker and Jay Roberds of NAI Mobile handled the lease transaction.
• Burton Property Group recently broke ground on phases four and five of Foley/Riviera Square on 22 acres off U.S. Route 59 in Foley. Publix, Marshalls, Homegoods, Ulta, Five Below and Tuesday Morning will be new additions, joining other retailers such as Academy, PetSmart and Ross Dress For Less.
The new phases will bring an additional 122,000 square feet to the site and create an expected 250-plus jobs.
“This development would not have been possible without the collective efforts of everyone involved,” Philip Burton, president of Burton Property Group, said.
Phase four and five retailers are slated to open in spring/summer 2019. In addition, enhancement of surrounding roads, entrances and exits are included in the overall site development. Small shop spaces are still available.
Burton Property Group announces new partnership
Mobile-based Burton Property Group (BPG) recently announced the recapitalization of its firm with a new institutional partnership with North Carolina-based SilverCap Partners. The move is anticipated to strengthen the firm and broaden its real estate portfolio, per a news release.
“The partnership with SilverCap marks a new chapter for our company,” BPG President and CEO Philip Burton said. “It not only increases our ability to tackle major real estate projects, but also represents a secure path forward for the company and its investors.”
SilverCap’s additional funding brings BPG’s total investment dollars to more than $125 million, which will be used to take on new projects such as the $23 million expansion of BPG’s Foley Square Shopping Center in Foley.
In addition to BPG’s current list of projects, there is also an estimated $100 million in planned development, which BPG forecasts to be executed within the next two to three years.
BPG, founded in 2012, is a private regional commercial real estate investment, development and management firm. The company can trace its capitalization back over a century to the Mobile-based Smith’s Bakery and its sale, which successfully financed more family-owned real estate investments such as the Silver Sands Retail Outlet in Destin, Florida.
From an initial investment outlay of $15 million, BPG has grown to manage a portfolio of $200 million in retail development covering the Southeast. The portfolio includes Springhill Village, Crestview Corners, Schillinger Town Center, Westwood Plaza, BB&T Financial Plaza, Jubilee Square, Foley Square and McKenzie Village.
SilverCap Partners is a real estate private equity firm based in Charlotte, North Carolina, focuses on investments in the southeastern U.S. The firm’s expertise crosses multiple property sectors with a predominant focus on office, retail, industrial and residential investments.