According to the buyer's website, the 25-year-old business park at 245-65 Riverchase Pkwy. East and 2190-94 Parkway Lake Dr. is its third asset in the state. The company also owns the 103,390-sf Highpoint Office Center at 400-600 Vestavia Pkwy. in Vestavia Hills, AL and the 25,200-sf Dolly Creek Station, a small retail center in Birmingham, AL, which it bought for $3.7 million.

According to regional industrial reports, the majority of space in southern Alabama was destroyed in 2005 when Hurricane Katrina came ashore. This has put more pressure on vacancies in the northern part of the state, which are hovering 7%. On the office side, the sector is seeing more construction, with rents on the rise as well for the new product. Experts have noted higher office rates are driving some tenants into flex space.

Hoover is about 15 miles south of Birmingham, which was once considered the industrial center of the Southeast. Both cities' economies are supported by a diverse industry, including manufacturing of food products, textile mills, primary metal industries, computer equipment and transportation equipment.

Steve Butler and Dan Anderson with Engel Realty Co. in Birmingham brokered the transaction between buyer and seller. Representatives from Arcis and Engel could not be reached by deadline.