By Ryan Poe, Reporter-Birmingham Business Journal
Jan 14, 2013, 11:15am CST UPDATED: Jan 14, 2013, 2:56pm CST
Alabama Power Co. has added another property to its Railroad Park portfolio as it moves forward with plans to launch a major redevelopment project.
The utility bought the four-story, 18,600-square-foot office building at 12 20th St. S. in mid December for $600,000, or $32.26 per square foot, according to multiple sources with knowledge of the deal.
The building was listed for $649,000, or $35.89 per square foot, according to real estate research firm Xceligent.
The property, which was sold by Alabama Business Furnishings Inc., is in the block just to the east of the soon-to-be-decommissioned Powell Avenue Steam Plant. Graham & Co.’s Sonny Culp represented the seller in the purchase.
Alabama Power spokesman Michael Sznajderman said the utility hasn’t decided how it will use the recently purchased property, or whether its use will be tied to a redevelopment of the steam plant and the adjacent lot that was the subject of the Prize2theFuture design competition.
“I think this was the case of an opportunity arising,” he said.
The Powell Avenue project is one of several spawned by the construction of a new Birmingham Barons ballpark at First Avenue South and 14th Street. As I reported last week, Corporate Realty just confirmed plans for a large apartment complex with a first phase of 220 units nearby.
Ryan Poe covers real estate, retail and manufacturing for the Birmingham Business Journal.
Article Source: http://www.bizjournals.com/birmingham/news/2013/01/14/alabama-power-adds-to-railroad-park-land.html?s=print