Harbert Retail’s Vice President Casey Howard represented the Seller in of the Ideal Building in a $5.2 Million sale to Engel Realty. Located at 111 19th Street North in downtown Birmingham, the historic 14-unit loft multifamily building is fully leased.
Howard stated, “Downtown Birmingham continues to be a hot market for both local and national investors and we were honored to sell one of the most iconic loft buildings in the market. Ideal Building created a unique opportunity for the buyer to add value to an already cash flowing multi-family asset in a market that continues to see an upward climb in rents. These units are positioned in a highly walkable, desirable part of Downtown near Alabama Theatre, Innovation Depot, Pizitz Food Hall and McWane Science Center. Professionals, retirees and UAB grad students continue to flock to larger, luxury lofts like what we have at Ideal Building and it’s such a unique building with great character and history.”
The Ideal Building is a 6-story, 26,677 square foot building that was constructed by the Aland family in 1929 for their fashion store. It is clad in white terra-cotta with thin spiral columns dividing the facade into three bays. The building consists of 14 new apartment lofts. It is located across the street from the $66 million Pititz project and only a block from the historic Alabama Theatre and McWane Science Center. It is a short walk to Railroad Park as well as Regions Park. The property is also located in an Opportunity Zone.