A wave of commercial real estate activity is reshaping downtown Mobile and the surrounding region, highlighted by a nearly 70-year-old accounting firm’s decision to return to the central business district and a major land sale tied to a federal Opportunity Zone designation.
Wilkins Miller LLC, a Mobile-based accounting and advisory firm, recently celebrated the opening of a new 2,000-square-foot satellite office at 5 Dauphin St. in downtown Mobile. The move marks a homecoming of sorts for the firm, which was headquartered in the Central Business District until the late 1970s before relocating elsewhere in the city. The new downtown suite will house up to five accountants and is being leased from Brian Metcalfe of Metcalfe & Associates, the building’s owner. Wilkins Miller now employs more than 80 professionals and is considered the largest locally based accounting firm in the Mobile area.
Nearby, a large tract of undeveloped timberland comprising roughly 1,945 acres recently sold to out-of-state investors for $3,889,760 as part of a 1031 real estate exchange. The property sits within a federally designated Opportunity Zone at the southeast quadrant of State Highway 59 and Interstate 65, with about 2.7 miles of frontage along I-65 adjacent to the South Alabama Mega Site. Brandon Broadus and Pete Riehm of NAI Mobile brokered the transaction.
Opportunity Zones were created under a federal law adopted in Alabama to spur investment in economically distressed communities. Under the program, new investments in designated zones can qualify for preferential tax treatment once a site has been nominated by the state and certified by the U.S. Treasury Department.
Elsewhere in Mobile’s retail and entertainment scene, Greenville, South Carolina-based 9Round 30 Min Kickbox Fitness has opened a 1,400-square-foot training studio inside the Publix-anchored Midtown Mobile Shopping Center at 100 Florida St., near Old Shell Road. The fitness franchise offers functional, interval, cardiovascular and circuit-training workouts in 30-minute sessions. Amber Dedeaux of Vallas Realty represented the landlord, while David Dexter of NAI Mobile represented the franchise.
A few miles away, Strong Arm Axe Throwing has leased about 4,038 square feet inside the recently renovated, historic Blue Bird shopping center at 2724 Old Shell Road, with plans to open in late summer. The entertainment venue will cater to both novice and experienced axe throwers and plans to offer food and beverage service. Jay O’Brien of J.L. O’Brien & Associates Inc. brokered the lease.
In Foley, American Fork, Utah-based Surge Nutrition has opened in about 1,500 square feet of retail space at the Outdoor Center on State Highway 59, selling nutritional shakes, smoothies and teas. The store joins existing tenants Planet Fitness, Magnolia Dance Company, Gulf Coast Tools and Studio Bliss Hair Salon. Amanda Goldman of Stirling Properties handled the lease.
Back in Mobile, Greer’s Old Bay Market at 10835 Dauphin Island Parkway recently held a ribbon cutting hosted by the Southwest Mobile Chamber of Commerce following an extensive renovation of the roughly 14,000-square-foot grocery store. Upgrades included new flooring, new equipment, new glass doors and new LED overhead lighting.
In other commercial property news, the 16,634-square-foot former Mobile Bay Transportation building at 3024 Airport Blvd., situated on about 3 acres, sold to a speculative buyer for $875,000. The former limousine service facility includes 20 parking bays and roughly 9,000 square feet of office space. Charlie Christmas of Christmas Properties represented the buyer, while Marietta Urquhart and Jamie Ison of White-Spunner Realty represented the seller.
In Daphne, a local investor purchased a 12,000-square-foot office and warehouse building on 3.31 acres at 26374 Pollard Road for $950,000. The fully leased property still has about 2 acres available for future development, according to Angela McArthur of Stirling Properties, who represented the seller.
Also in Mobile, a new California-based nail salon has leased about 1,750 square feet of retail space at 1234 Hillcrest Road, next to Ollie’s Mediterranean Grill, with an anticipated October opening. Other tenants in the strip center include Republic Finance, Knots Salon and Prometric. McArthur of Stirling Properties also handled that transaction.
Baldwin County housing market hits new high
Meanwhile, the residential real estate market in Baldwin County continues to strengthen. The Baldwin County Association of Realtors recently released its May 2019 report showing median home prices reached a new high compared to the same period a year earlier.
The report forecasts that as the peak summer season continues, newly listed properties will see shrinking time on the market. Baldwin Realtors’ Multiple Listing Service reported total residential active inventory of 3,206 properties in May 2019.
A total of 785 properties sold in May, a 6 percent increase over the 741 sold in May 2018. Properties also sold faster, spending an average of about 76 days on the market compared to 88 days a year earlier — nearly 14 percent quicker.
Total sales volume for the month climbed 15.8 percent year-over-year to $243,834,526, up from $210,551,609 in May 2018. The average sales price for residential properties in Baldwin County rose 9.3 percent to $310,617, compared to $284,145 the previous year.