admin / September 23, 2018
By Kathy Jumper | al.com
Atlanta-based investors paid $3,45 million for Magnolia Plaza shopping center on Ala. 59 near Baldwin County 6 in Gulf Shores, according to David Milstead of Bellator Commercial who handled the transaction. The 32,000-square-foot center is 95 percent leased.
Local investors paid $650,000 for an industrial facility on 1.5 acres at 7625 Dauphin Island Parkway in Theodore, according to Pete Riehmof NAI Mobile, who handled the transaction. The property has 400 feet of steel bulkhead fronting the Theodore Industrial Canal, and includes a 14,900-square-foot open warehouse which is available for lease.
A franchisee for Culver’s restaurant paid $1.3 million for the former SunTrust Bank at 4400 Bayou Blvd., in Pensacola, and workers have demolished the building and site work is under way for the new restaurant, according to Kenny Nichols of Vallas Realty, who represented the buyer. The Wisconsin-based eatery should be complete by early next year. Construction is also under way on a Culver’s restaurant on Ala. 59 in Foley. Its signature menu items include the ButterBurger and fresh frozen custard.
A local investor paid $396,000 for a 14,000-square-foot warehouse at 3002 Mill St., in Mobile, according to Jay O’Brien of J.L. O’Brien & Associates, who represented the seller. Allen Garstecki of JLLworked for the buyer.
Big Fish Ministries has leased about 20,000 square feet of space at 802 S. McKenzie in Foley and plan to open a thrift store in the building, according to Herrington Realty, who handled the transaction.
The Publix development at Florida Street and Old Shell Road in Midtown Mobile, has added two more tenants: Benchmark Physical Therapy has leased 1,750 square feet; and Polish Boutique has leased 1,050 square feet of space. Amber Dedeaux of Vallas Realty represented the landlord on both transactions.
OsteoStrong has leased 1,100 square feet of space in the Blue Bird Hardware development on Old Shell Road in Mobile, according to Jay O’Brien of J.L. O’Brien & Associates. OsteoStrong uses a process called Osteogenic Loading to promote skeletal strength for people of all ages.
The abandoned Bama Bayou project on 147 acres on the north side of the Intracoastal Waterway by the toll bridge, in Orange Beach may soon be revived. The City Council and the Texas-based developers will discuss the project on Tuesday at 10:30 a.m. at a public hearing at city hall. With tax incentives from the city, the project would be developed in two phases with the first featuring a water park, aquarium and interactive marine mammal experience. The original Bama Bayou mixed-use facility was proposed in 2007 and included a marine park, marina and water park.
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