November 09, 2018
HUNTSVILLE, ALa. – Transwestern today announces it has been exclusively retained to sell a 1.03 million-square-foot offering comprised of six institutional-quality office properties in Huntsville, Alabama. On behalf of the seller, Transwestern Managing Directors John Bell and Kevin Markwordt, Associate Director Todd Syprett, and Investment Specialist Nick Diaz will market the two-portfolio offering as a single investment opportunity as well as each portfolio separately.
“The offering is currently the largest in the state of Alabama and one of the largest in the Southeast U.S.,” said Bell. “The local Huntsville economy is balanced and diversified with major private and public economic drivers. Mostly occupied by longstanding, credit tenants, the offering will provide an investor with assets well below replacement cost and predictable upward-trending, in-place cash flow in one of the best-performing office markets in the Southeast.”
CRP I Office Portfolio in Cummings Research Park consists of three office properties totaling 518,899 square feet. It is currently 100 percent leased to tenants including Northrop Grumman Space & Missions Systems and Toyota Motor North America Inc.
- Research Place at 5000 Bradford Drive – 274,657 square feet
- Intuitive Center I and II at 5030 Bradford Drive – 113,967 square feet
- Northrop Grumman Headquarters building at 301 Voyager Way N.W. – 110,275 square feet
Cummings Research Park is the second-largest research park in the country and the fourth-largest in the world. As one of the world’s leading science and technology business parks, Cummings Research Park encompasses an office submarket with an overall 4.9 percent vacancy rate. The park is a magnet for corporate America, attracting a mixture of Fortune 500 companies, local, and international high-tech enterprises, U.S. space and defense agencies, thriving business incubators, and competitive higher education institutions.
Huntsville Office Portfolio includes three office properties – two in Cummings Research Park and one in downtown Huntsville – totaling 512,589 square feet. It is currently 94.2 percent leased to tenants including Regions Bank and BAE Systems.
- Research Park Office Center at 7037-7067 Madison Pike N.W. – 236,453 square feet
- Regions Center at 200 Clinton Avenue W. – 154,297 square feet
- Lakeside Office Center at 620 Discovery Drive – 121,839 square feet
Regions Center is in the live-work-play, walkable urban core of downtown Huntsville, which is experiencing a boom in new residential development and amenities, attracting corporate, government-related businesses, and law firms. Downtown Huntsville boasts a Class A vacancy rate of 2 percent.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 35 U.S. offices and assists clients from more than 221 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.