Press Releases
Marcus & Millichap Announces $4.9 Million Sale of Birmingham Office Building
September 05, 2023
BIRMINGHAM, Ala., September 5, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 5 Inverness Center Parkway, a 15,851-square-foot office property located in Birmingham, Alabama. The property sold for $4.9 million, or $309.13 per square foot.
Brian Higdon and Nick Neuroth, investment specialists in the firm’s Birmingham office, had the exclusive listing to market the property on behalf of the seller, Fuden, LLC. The local 1031-exchange buyer is Wakefield Enterprises, LLC. The deal is a sale-leaseback and closed at 98-percent of the listing price.
“In spite of the headwinds, there exists capable investors actively seeking avenues to deploy capital,” says Higdon. “This sale-leaseback showcases how strategic thinking can unlock hidden value and drive prosperity for both property owners and forward-looking enterprises.”
5 Inverness Center Parkway is located in the Birmingham submarket of Hoover. Built in 2005, the three-story office building supported by well-appointed common areas, state-of-the-art conference rooms, a fitness center, podcast studio and luxury finishes. The building is 100-percent occupied by Birmingham based, eQRP Inc., the number-one self-directed 401k company in the nation.
Brian Higdon and Nick Neuroth, investment specialists in the firm’s Birmingham office, had the exclusive listing to market the property on behalf of the seller, Fuden, LLC. The local 1031-exchange buyer is Wakefield Enterprises, LLC. The deal is a sale-leaseback and closed at 98-percent of the listing price.
“In spite of the headwinds, there exists capable investors actively seeking avenues to deploy capital,” says Higdon. “This sale-leaseback showcases how strategic thinking can unlock hidden value and drive prosperity for both property owners and forward-looking enterprises.”
5 Inverness Center Parkway is located in the Birmingham submarket of Hoover. Built in 2005, the three-story office building supported by well-appointed common areas, state-of-the-art conference rooms, a fitness center, podcast studio and luxury finishes. The building is 100-percent occupied by Birmingham based, eQRP Inc., the number-one self-directed 401k company in the nation.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
