X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

BIRMINGHAM, AL-After 15 years of ownership, a New Jersey partnership has sold its last area property, the 312,398-sf Airport Highway Park, to a New England buyer. The 100%-leased industrial complex has traded for $10 million.

According to David Karson, director at Sonnenblick Goldman in New York City, Grand Birmingham Associates LP wanted out of the property at 500-614 35th St. North, as well as out of the market, for geographical reasons. “He’s sold out of areas that are farther than a couple hours’ drive from his house,” says Karson, whose company advised on the transaction.

While 10 bona fide offers came across the table during the marketing process, Mill Management in Greenwich, CT, a private investment company, ended up with the complex because of its ability to close. “The property was a cash cow for Grand Birmingham and Mill will continue operating the property in that fashion,” Karson tells GlobeSt.com. “This complex offers a low-cost option for users in the Southeast region and has great access for any companies involved with distribution product.”

Karson points out that the new owner has another advantage, which is that, due to rising land prices in Birmingham, little or no new supply is anticipated to come on line. With the market at 90% occupancy, a strong upside potential exists, Karson adds.

The six-building Airport Highway Park is situated on 34 acres. It was developed by US Steel Corp. between 1970 and 1981. Major tenants include the US Postal Service, Athens Paper and Loomis, Fargo & Co. Jack Key with Graham and Co. in Birmingham also assisted the seller while the buyer was self-represented.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.