Harbert Retail Represents Buyer in First Avenue North Property Purchase

Harbert Retail’s Casey Howard represented New Orleans-based investment group “Historic Investment Properties PM 2023, LLC”,  in the purchase of both the historic Black Diamond Building located at 2229 1st Avenue North as well as an additional adjacent parking lot for an undisclosed price. The ±13,782 SF building was built in 1905 and includes beautiful interior and exterior architectural elements. Howard stated, “This property offers a tremendous opportunity for our client to own a free-standing mixed-use building with incredible parking that has frontage and strong visibility on a corner along busy 1st Ave North in Downtown Birmingham. We are looking forward to partnering with our client to find some great tenants to lease space in the building.” Harbert will provide leasing and management services for the new ownership.

This 1st Avenue North corridor of Downtown Birmingham has seen a recent surge in activity over the last several years with projects including the new Kelly Hotel (96-room Hilton Tapestry), Landings Headquarters, Morris Avenue Retail/Restaurant District, Mercantile on Morris condo/retail development, Elyton Hotel (Autograph Collection) Pizitz Food Hall and others. Ascent Hospitality also recently announced they have secured $49.8 million in financing for a new 338-room dual-branded AC & Element hotel in the historic Brown Marx Tower in downtown Birmingham at 1st Ave N. & 20th St. N.