Gulf Shores apartment complex sells for big bucks
A Birmingham investment group paid $ 15 million for the new Mirabella apartment complex located at 1910 E. 1st St. in Gulf Shores, according to Frank Malone and Troy Wilson of Bellator Real Estate & Development, who represented the buyers. The closed 96-unit complex has been leased to third parties since it opened three weeks ago, according to Stacey Ryals of Ryals Realty, who represented the sales group. The Mirabella has one and two bedroom units, a fitness center and a swimming pool.
The owners of the Wolf Bay Lodge restaurant in Foley paid $ 3.9 million for the former Fin & Fork restaurant at 24131 Perdido Beach Blvd., in Orange Beach, according to Frank Malone of Bellator Real Estate and Development. The new restaurant was sold by local businessman Ken Wall. Wolf Bay Lodge’s new location next to the Romar Lakes condominiums is slated to open before summer, according to Malone. The Wolf Bay Lodge on Miflin Road in Foley will continue to operate there.
An out-of-town buyer paid $ 560,000 for the old Chevron station at 5575 US 90 in Theodore and plans to redevelop the site in the future, according to Kenny Nichols of Vallas Realty, who represented the seller. Vicki Tyler of Paces Commercial Real Estate worked for the buyer.
A local investor has paid $ 625,000 for about 5 acres on Baldwin County 64 in Daphne, just east of Ala.181 and plans to develop it for business in the future, according to Renee Beasley of Herrington Realty, who has managed the transaction. The property is in the Belforest community.
Local investors paid $ 226,850 for 1.15 acres at the northeast corner of Greeno and Manley Roads in Fairhope, according to Sharon Wright and Tracy Womack of White-Spunner Realty, who represented the seller. Garrett Cox of B4 Properties worked for the buyer, who has no immediate plans for the property.
Investors paid $ 115,000 for 4.39 acres on Halls Mill Road at Lee’s Lane in Mobile, according to Robert Cook of Vallas Realty, who managed the transaction. The property was owned by a bank with a frontage on Halls Mill and Lee’s Lane.
The Wharf, a mixed-use complex located off Canal Road on the Intracoastal Waterway in Orange Beach, reached an all-time high 98% occupancy in 2021, up from 93% last year, according to Wharf officials. . And almost all of the businesses are owned by residents of the area.