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.”