Harbert Realty Services and Garner Properties Team Up to Acquire First Avenue North Building
March 29, 2018– Birmingham, AL – Harbert Realty Services and Garner Properties have teamed up to acquire a prominent 1st Avenue North building in Birmingham’s downtown core. The building, located at 2121 1st Avenue North, is ±12,100 SF and includes a 15-space parking lot.
The property is located in the active 1st Avenue North corridor in the CBD, and is within walking distance of the new Elyton Hotel, the upscale mixed-use development Founders Station, the redevelopment of the Commerce Building into a hotel, Shipt Headquarters, and Row5 luxury housing development.
The building benefits from street-level entrances on both 1st Avenue North and Morris Avenue. Harbert will be handling leasing and management of the property.
Casey Howard with Harbert, represented the Seller, JLR, LLC, on the sale of the property. Howard stated, “The 1st Avenue North corridor in CBD has completely exploded with growth over the past 18 months with development and renovation of hotels, office, retail, planned restaurants, residential condos/apartments and the new Intermodel facility. We also have the positioning of Innovation Depot on this corridor, which is a great pillar and resource for our entire start-up community. Even with all of these new developments, there’s still opportunity for investors. This area hasn’t peaked yet, so it’s exciting to see all the activity.”
Howard also added, “The sale of this asset, through a 1031 exchange, provided a value-add opportunity for Harbert and Garner, while also creating a great opportunity for our client to position themselves to take on a larger redevelopment investment. It was a win-win for everyone.”
About Harbert Realty Services, LLC
Founded in 1983, Harbert Realty Services, LLC (HRS), is a privately held commercial real estate organization with a clear mission: Create value for our clients and investor partners. HRS is headquartered in Birmingham, Alabama and retains a team of more than 60 real estate professionals that are experts in the office, retail, medical and multi-family sectors. HRS has built its footprint throughout the southeastern United States with offices in Atlanta, Orlando and Jacksonville Florida. HRS is focused on delivering best-in-class real estate expertise in Brokerage, Leasing, Project/Construction Management, Property/Asset Management, Tenant Representation, Development and Investment Services. Separately, HRS owns ROCK Apartment Advisors (the multifamily investment sales leader in the mid-South) and Harbert Lease Solutions (a global lease administration and real estate accounting service provider). As a majority owned subsidiary of Harbert Management Corporation www.harbert.net, HRS’ mix of experience, resources and reach provides our clients a comprehensive array of professional real estate services. Value Creation Begins, Here. Learn more about HRS at www.harbertrealty.com.
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