HOLLYWOOD, FLA./ APRIL 23, 2019 (STL.News)
PointOne Holdings, a real estate investment firm with offices in Hollywood Florida and Atlanta Georgia, in Partnership with Biscayne Atlantic announced the sale of the 1800 and 1900 International Park buildings located in Birmingham Alabama. The two class A office buildings, encompassing approximately 153,000 square feet, sold on February 22 for $34.5 million.
PointOne Holdings was represented by Kevin Markwordt of Transwestern.
The two buildings were originally acquired as part of the three-building Birmingham Portfolio, which also includes Blue Lake. PointOne Holdings has opted to retain the Blue Lake building as there is still significant value to be created through the lease-up of the current vacant space.
According to the Birmingham Business Journal, “The transaction is significant because it adds yet another office investment transaction in the Birmingham metro area, which has seen several prominent buildings trade in the last few years. It’s also an example of the strength of the Interstate 459/U.S. 280 office submarket.”
In addition to the Blue Lake building, in Birmingham PointOne Holdings also owns and operates Riverchase Center, an institutional quality, single story office complex, encompassing over 300,000 square feet of office containing a dynamic, diversified, and nationally recognized tenant roster.
“We really enjoyed owning and operating these assets and are both proud of the overall results to our investors and the caliber of tenants left in place at the buildings,” said Ben Colonomos, managing member of Pointone Holdings.
“Birmingham and the 280/459 corridor have remained very attractive in terms of both performance and investor demand,” said Ben Small, managing member of Biscayne Atlantic. “We are excited that after over four years of ownership we were able to grow the property’s net operating income while maintaining occupancy well into the 90’s with quality tenants.”
About PointOne Holdings:
PointOne Holdings is a real estate investment firm headquartered in South Florida and Atlanta with properties located throughout the Southeastern United States and Texas. The firm owns and manages a diversified portfolio of residential and commercial assets valued in excess of $730 million. PointOne Holdings’ core principles are founded on precise investment selection, thorough due diligence, creative deal structuring, strong financial management and proactive and responsive communication. PointOne Holdings’ principals are seasoned professionals with over 40 years of combined experience who have collectively conducted over $1.9 billion in real estate transactions. For more information visit http://www.pointoneholdings.com