Dealmaker: Transwestern Brokers Six Office Properties for More than $80M

Transwestern Real Estate Services brokered disposition of six office properties in Huntsville, Ala., totaling 1.03 million square feet for more than $80 million.

Transwestern Managing Directors John Bell and Kevin Markwordt facilitated the transaction on behalf of an undisclosed seller.

One of the largest office park sales in the Southeast, the transaction consists of six institutional-quality properties:

–Northrop Grumman Headquarters, a four-story, Class A building totaling 110,275 square feet, at 301 Voyager Way NW within Huntsville’s Cummings Research Park.

–Intuitive Center I and II, at 5030 Bradford Drive within Cummings Research Park, comprises two Class A, two-story buildings totaling 133,967 square feet. 

–Research Place, at 5000 Bradford Drive within Cummings Research Park, includes three one-story buildings totaling 274,657 square feet. 

–Research Office Park Center, consisting of four one-story buildings totaling 236,453 square feet, at 7037 – 7067 Madison Pike NW within Cummings Research Park.

–Lakeside Office Center, at 620 Discovery Drive within Cummings Research Park, includes two Class A, three-story buildings totaling 121,839 square feet.

–Regions Center, located at 200 Clinton Ave. NW in downtown Huntsville, is a Class A, 11-story tower totaling 154,297 square feet.

“Occupied by a significant number of long-standing, credit tenants, this portfolio offered impeccably maintained assets well below replacement cost with predictable upward trending, in-place cash flow within the city’s most in-demand submarkets,” Bell said. “We received an impressive amount of national and international interest from investors drawn to the opportunities these diverse properties present.” 

Currently 97% occupied, the portfolio includes tenants Northrop Grumman Space & Missions Systems, Regions Bank, Toyota Motor North America Inc. and BAE Systems.

Cummings Research Park, home to five of the office buildings in the portfolio, is the second-largest research park in the country and the fourth largest in the world. The buildings benefit from proximity to more than 300 companies, including Fortune 500, local and international high-tech enterprises, U.S. space and defense agencies, to thriving business incubators and competitive higher education institutions.

Regions Center in downtown Huntsville is positioned within the city’s central live-work-play district. The iconic office tower offers walkable amenities, immediate access to exclusive surrounding neighborhoods and market presence.

“Huntsville is an emerging growth market on the radar of major investors worldwide,” Markwordt said. “Companies like Facebook, Toyota and Mazda have invested billions in new infrastructure, adding thousands of jobs. The city has proven its ability to outperform competing markets and weather economic downturns due to its balanced and diverse economy.”