With new businesses and startups popping up everywhere in Birmingham, exciting deals are to the historic First Ave N. Most recently, Tax Break Recovery, LLC has purchased 2121 and 2127 1st Ave North through Harbert Realty Services from private equity firm, Sixty West. Keep reading to discover why this is a big move for this local company.
About the First Ave N. corridor
The First Ave N. area has been booming for quite some time. With the recent development of the new Kelly Hotel, Shipt Headquarters, Morris Avenue Retail/Restaurant District, Mercantile on Morris mixed-use retail/residential development and Pizitz Food Hall nearby, it’s a great spot to be in.
Conveniently, it’s also close to US Highway 31 and I-65—both major thoroughfares throughout the city of Birmingham. At the corner of 1st Ave N and 22nd St. N, this property will sit in the center of all of the city happenings.
Plus, we’re extra excited that it’s less than two blocks from the Bham Now office. These properties are occupied by Black Architects, My Advisors Financial and Oncentive and consist of two buildings with a surface parking lot.
Both parties are pleased with the transaction
Both buyer (Tax Break Recovery, LLC represented by Harbert’s John Talley) and seller (private equity firm, Sixty West represented by Harbert Casey Howard) were happy with the outcome of the deal.
“Our team and our Sellers are thrilled with the outcome of this portfolio sale and the price we were able to achieve at a $222/sf valuation. This type of valuation speaks to the confidence in our Downtown Birmingham market. Even with the slight uptick in interest rates, there continues to be strong activity throughout our market for the right kind of real estate, in the right locations, with the right kind of economics/returns.”-Casey Howard, Broker, Harbert Realty
Broker John Talley also commented on his excitement for the buyers.
“After leasing 2127 1st Ave North at the beginning of the year, this was the obvious next move to accommodate their rapid growth.”-John Talley, Broker, Harbert Realty
Downtown Birmingham continues to be a hot market for buyers looking to move their business’ HQ or acquire space for their startup. Along with other recent developments, Birmingham is playing a key role in the state’s economic development and is attracting key growth for the city.
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