The price for the eight-year-old building at 3595 Grandview Parkway is being kept under wraps, but other class A assets in the market have traded for $18 million to $22 million. Christopher Marshall and Ralph Smalley with Cushman & Wakefield of Georgia Inc. in Atlanta brokered the transaction.
"In our mind, this isn't any asset in Birmingham. It's a strategic acquisition," Behringer Harvard's executive vice president Jason Mattox tells GlobeSt.com. "It's performed very well. It's in a strong submarket in Birmingham with strong demos so overall it was a positive acquisition." Additionally, the class A building's location in Grandview Corporate Park was a strong incentive to buy. "The asset is surrounded by amenities, which makes sense for tenants in the building and any we need to attract," he says.
Mattox says the 92.5%-occupied building has a stable roll, with lead tenants like the regional office for Assurant Inc., Solutions Plus Inc. and Daniel Realty Services, which will continue to manage and lease the asset.
At this time, Behringer Harvard has no other local deals in its pipeline. "I think the fundamentals of this submarket continue to be attractive, but we aren't chasing any particular acquisitions right now," he says.
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