Real estate development and investment firm Coro Realty and joint-venture partner H2RE Capital have acquired Airport Highway Park, a 319,413-square-foot industrial portfolio in Birmingham, Ala.
The last-mile infill distribution center is located on Messer Airport Highway near Birmingham-Shuttlesworth International Airport and downtown Birmingham. The current tenant mix includes national operators and local business-to-business suppliers.
“As we have done with our other industrial properties, Coro Realty will make significant investments to improve the portfolio’s functionality and appeal for end users,” said Sam Wilmoth, Managing Partner. “The acquisition further diversifies our portfolio in terms of product type and geography. It is our first deal in Birmingham and just our second in Alabama. We expect to be active in the market for years to come.”
The seven warehouses are 100% leased and situated in a prime location in a central distribution district between the airport and downtown. The buildings are highly functional, with ample dock‐high doors, truck maneuvering and parking space and outdoor storage.
Birmingham’s industrial vacancy rate has decreased to 2.1%, with only 1.2 million square feet currently under construction. The market faces a lack of new supply and increased warehousing demand from manufacturing, automotive and aerospace.
Tripp Alexander, the director of Industrial Services for Colliers International | Alabama, brokered the sale.
About Coro Realty
Coro Realty was founded in 1997 and is synonymous with intelligent real estate development and investment. With a commitment to smart growth, the urban landscape and innovation, Coro Realty continues to demonstrate its leadership in the market with the successful execution of quality investments. It provides investment, asset management, leasing and property management for a myriad of commercial and residential properties throughout the Southeastern United States. Coro Realty oversees approximately 50 properties valued in excess of a billion dollars. For more information, visit cororealty.com.
