January 24 Real Estate Update

According to AL.com, out-of-state investors paid $745,000 for 3.8 acres at 88 Telegraph Road in Mobile, according to court records. The buyers plan to make improvements to the property for industrial outdoor storage and make it available for lease, according to Pete Riehm of CRE Mobile, who represented the buyers. Tommy Gleason of CRE Mobile worked for the seller. Primetals Technologies has leased a 5,000-ft² building at 213 Celeste Road in Saraland, according to Josh W. Hall and Pete Riehm of CRE Mobile, who represented the tenant. Lewis Golden of Hamilton & Co. worked for the landlord. Primetals Technologies is a worldwide metallurgical plant solutions provider and a full-line supplier from raw materials to the finished product. Coastal Land Properties is seeking to rezone 25 acres west of the Foley Beach Express and north of Brown Lane and east of Roscoe Road in Orange Beach. The request is to develop Coastal Cottages, a townhouse subdivision with 136 lots. The Orange Beach City Council is looking to buy three parcels north and east of property the city already owns east of Highway 161 and south of Canal Road for $1.9 million, according to city records. The property is owned by Cayman Grill LLC and is just north of the Justice Center at Callaway Drive and Canal Road.