Harbert Retail’s Vice President/Broker, Casey Howard, represented the Buyer in the purchase of 2121 1st Avenue North, Birmingham, AL 35203. The building sale closed on September 11, 2019, and was purchased from Springvest, LLC / Garner Properties, LLC for an undisclosed amount. Harbert Retail handled leasing and management of the property under the previous ownership, and worked to stabilize the asset by securing new leases and renewing several existing tenants. Harbert also completed several capital improvements at the property, adding value since their purchase on 2018. Harbert will retain the leasing and management assignment for the new ownership.
The new ownership believes that this corridor has strong long-term potential to see immense growth in activity and value as the City continues to flourish.
First Avenue North continues to have an enormous amount of activity and is playing a large role in the Magic City’s future. The street, which carries U.S. 11 through the city, has long been a main thoroughfare dating back to the city’s founding in 1871. This continued activity means First Avenue North, as well as adjacent Morris Avenue to the south, will play a key part in the next evolution of downtown Birmingham. Howard states, “Even with all of all these new developments and acquisitions in the past couple years along this corridor, there’s still opportunity for investors and we continue to see major growth in retail, office and multi-family sectors. This area hasn’t peaked yet….it’s exciting to see all the activity and there are more great projects underway that will continue to drive jobs, our economy and quality of life for those of us working and/or living in the City of Birmingham. Birmingham continues to be an attractive market for investors and developers due to our large Opportunity Zone coverage, low taxes and potential upside for growth.”