The institutional quality, single story office complex, encompasses over 300,000 square feet of office space and is 89% occupied
April 4, 2016
Biscayne Atlantic, in a joint venture with PointOne Holdings and Adler Kawa Real Estate Advisors (“AKREA”) acquired Riverchase Center in Birmingham, Alabama. The single story office complex encompasses 306,725 square feet of office space containing a dynamic, diversified, and nationally recognized tenant roster.
Riverchase Center is located in Hoover/Riverchase, one of Birmingham’s most prestigious submarkets and within the sought-after Riverchase master-planned commercial park development which includes high-caliber corporate tenants like ATT, Blue Cross Blue Shield, and Regions Bank. The property enjoys superior access along Interstates I-459 and I-65 and is approximately 20 minutes south of downtown Birmingham.
Riverchase Center is comprised of eight single story buildings currently occupied at 89% by nationally recognized tenants such as Frito-Lay, Progressive Insurance, Walgreens, BioHorizons Implant Systems, Gentiva Health Services, WideOrbit Inc and others. The property will be managed and leased by CBRE’s Birmingham office.
The Biscayne Atlantic / AKREA partnership obtained a non-recourse, loan at a fixed rate with a 7-year term from PNC Bank to fund the acquisition.
“We are excited to enter the Birmingham market with our joint venture partner on this transaction, Biscayne Atlantic who has years of experience in the local market,” said Matthew Adler, President and CEO of AKREA. “This acquisition provides Adler Kawa the opportunity to make a significant asset allocation which represents our strategy of purchasing high quality, multi-tenant light industrial and office asset with high levels of distributable cash flow.”
“We are extremely excited about the addition of Riverchase Center to our growing Birmingham portfolio, and to be partnering with AKREA, a skilled and experienced owner of commercial properties across the country” said Ben Small, a Biscayne Atlantic managing member. “This acquisition provides us with a great opportunity to grow and improve upon a property that contains the key components we seek in an investment – a dedicated tenant base of dynamic corporate, medical and biotechnology companies; a high-quality location with great access to highways, housing and amenities; and a well-constructed, best-in-class asset that would be difficult and costly to replicate in today’s environment.”
About Adler Kawa Real Estate Advisors:
Adler Kawa Real Estate Advisors (AKREA) is a vertically-integrated real estate investment firm based in Miami, FL. AKREA is an entrepreneurial company that pursues a niche strategy of acquiring multi-tenant industrial and office properties in markets of high demographic growth. AKREA creates value in it’s portfolio through a strong focus on operations and tenant appreciation. Today, Adler Kawa manages a significant portfolio of investments in 10 major markets in the United States.
About Biscayne Atlantic:
Biscayne Atlantic is an investment and operating platform composed of highly skilled real estate professionals and entrepreneurs with a unique ability to originate, structure, underwrite, close, asset manage and reposition under-performing and value-add multifamily residential and commercial real estate. With offices in Atlanta and South Florida, the firm has the resources, experience and strategic relationships required to access, acquire and operate a broad range of investment opportunities throughout the southeastern United States.