Contact: Andrew R. Patterson, CCIM, CPM [email protected] (205) 977-9793
For Immediate Release January 15, 2014
Regional Commercial Real Estate Firm Soars into New Year
Shannon Waltchack closed 2013 and opened the new year with a boom in property acquisition in north and central Alabama. Principals of the company led investment groups in purchasing five major assets during the last two months.
1) The Stockyard @ Railroad Park: As Birmingham’s first crowdsourced development, this downtown project makes the local community part of the plan. The “Name It. Design It. Fill It.” campaign offers opportunities for Birmingham residents to be part of the historic renovation of a two-story warehouse and surrounding buildings. By popular vote, the development—which is also near Railroad Park and the award-winning Regions Field baseball park—is now known as The Stockyard @ Railroad Park and will include commercial space, second-floor apartments, and a rooftop deck overlooking center field. The public, key leaders, and media have rallied around the project, creating a new wave of optimism about the city’s future. The Sellers were represented by Martha Jean Shaw of Realty South, and Derek Waltchack of Shannon Waltchack represented the Buyers.
2) 7th Avenue Redevelopment: Expanding its presence across the city center, Shannon Waltchack is developing a site along 7th Avenue South, just off the UAB campus. The build-to-suit project for Tacala, LLC will introduce Taco Bell to the thriving area which already hosts three major restaurant chains. With approximately 2,500 square feet, Taco Bell will cater to the influx of people to UAB and downtown during the day. The redevelopment is scheduled for completion in Summer of 2014. The Seller was represented by Charles Robinson of Red Rock Realty Group and the Buyer was represented by Derek Waltchack of Shannon Waltchack.
3) 80 Technacenter: A Shannon Waltchack lead investor group, 80 Technacenter LLC, has acquired a 31,008 square foot office building in Montgomery, immediately off I-85 exit 11, with Regions Bank as the lead tenant. Shannon Waltchack’s Tim Blair represented the Buyer, and the Seller was represented by Jerome Moore of Caldwell Banker Commercial Moore Company Realty. This is Shannon Waltchack’s first foray into the Montgomery submarket and the company is planning an extensive renovation in 2014.
4) Pell City Plaza: Shannon Waltchack led an investment group, Pell City Plaza Partners, LLC in purchasing a 105,290 square foot retail center located in the heart of Pell City, AL. The property is occupied by America’s Thrift, Farmer’s Furniture and Aaron’s Rents. The Seller was represented by Bill McDavid, Michael Randman, and Anne Michaels of Southpace Properties. Andrew Patterson of Shannon Waltchack represented the Buyer.
5) Cherokee Corners :Shannon Waltchack participated in the acquisition of a 24,235 square foot retail center located in Centre, AL, through a strategic partnership with a local business leader. This property is strategically located across from Wal-Mart and was purchased out of foreclosure. The Seller was represented by Bob Nesbitt at Engel Realty and the Buyer was represented by Rich Campbell of Veritas Commercial Real Estate.
“We are pleased that we were able to close out 2013 with strategic acquisitions that expand our footprint beyond Birmingham and across the Southeast,” said Andrew Patterson, CCIM, CPM, Principal at Shannon Waltchack. “Our goal is to add to our existing portfolio in 2014 by continuing to acquire performing assets in quality markets.”
A full service commercial real estate firm, Shannon Waltchack manages, brokers, develops, and acquires property across the Southeast. Since its inception in 2005, Shannon Waltchack has closed more than $1 billion in real estate deals and manages a diverse portfolio that includes more than 70 properties spanning five states and over 2.3mm square feet. For more information, please visit www.shanwalt.com