Second Quarter Newsletter

Q2 Transactions
The 2nd quarter was our first full quarter in business and it was a busy one for IVP. We completed 11 transactions for a gross transaction value of $5,392,000. We were involved in retail, office, and industrial deals throughout the city of Birmingham. See the details below.

Three Market Trends
Over the last 6 months of 2018, IVP has noticed a few trends in the marketplace. We are continuing to see large investments made in Birmingham from investors located from all over the country. This is great news because this brings in new money to our economy and new ideas that will develop into better places for all of us to enjoy.

We have noticed another trend within the industrial market, and it is quite unique. There is little supply for purchase or lease. As far as demand goes, we see some growth, but it is meek. The market is the tightest we have seen it in years. It will be interesting to see if we have any meaningful uptick in demand in the near future and what this could do to our market. We suspect there might be some speculative development on the horizon, which has been rare in the last few years.

One final trend we are seeing in the office market is that open floor plans remain popular for both the tenant and the landlord. The landlord likes the open floor plan because it is cheaper and easier to construct, and the tenant likes it because it provides free flowing of information and there is no hierarchy.

One Prediction
Looking ahead toward the future, I think Birmingham will surprise the country with tech companies that are formed in our backyard. I predict we will see 4-5 local tech companies making big announcements each year broadcasting that they are hiring, investing in buildings, and investing in equipment.

2nd Quarter Transactions

Park Lane Flowers- 5504 Crestwood Blvd
Lease Renewed 840 SF
Broker: Robert Crook
Elements- 5502B Crestwood Blvd
Lease Renewed
Broker: Robert Crook
William McLure- 2229 2nd Avenue N
Leased 1407 SF retail space in The Thomas
Broker: Robert Crook
Lehr Middlebrooks building (21,000 SF) was sold by Oneill Building, LLC. Ironvest Partners in conjunction with Shannon Waltchack completed the deal.
Endeavors, LLC- 530 Beacon Parkway
Leased 6554 SF in the Tower Building
Broker: Robert Crook
Promedia, LLC sold 913-915 5th Ave N to McMaster Properties, LLC
Listing Broker: Shepard Ager and Joseph Sedita with Southpace, Buyer Representative: Robert Crook
High Tech Hair- 5504B Crestwood Blvd
Lease Renewed 1280 SF
Broker: Robert Crook
Sigao Studios- 2227 2nd Ave N
Leased 2041 SF in The Thomas building
Broker: Robert Crook
MLR Realty, LLC sold 2129 1st Avenue N
Buyer Rep: Parrish Holley with Brik Realty, Listing Broker: Robert Crook
Courtney & Co, LLC and Basic, LLC
2024 Morris Ave- 1400 SF Leased
Tenant Broker: Michael Murray at Shannon Waltchack, Landlord Broker: Robert Crook
Tariff Partners- 2227 2nd Ave N
Leased 662 SF in The Thomas building
Broker: Robert Crook

Current Featured Listing

1620 2nd Avenue South
28,000 SF Re-Development opportunity in the Parkside district.
Sale Price: $2,175,000