November Real Estate Update

According to AL.com, local investors paid $1.7 million for 26.5 acres on the Foley Beach Express between County Roads 20 and 12 just south of OWA Parks & Resort in Foley, according to Jacob Napper of Gulfbelt Properties. The buyers plan to develop retail space, a luxury RV resort and a boat and self-storage facility. In Mobile, an out-of-town investor paid $500,000 for 8 acres on Dawes Road between Glider Avenue and Old Government Street, according to Jay O’Brien of Stirling Properties, who handled the transaction. The buyer plans to develop a townhome community on the land. Also in Mobile, a local physician bought the former Remington College building at 828 Downtowner Loop West, according to Leigh Redfrey and Allan Cameron, Jr. of CRE Mobile, who represented the buyer and seller. The new owner plans to use the 36,000-ft2 space as a physical medicine and rehabilitation center. In Theodore, Silver Ships has leased a 16,000-ft2 building at 8663 Bellingrath Road, according to David Dexter of CRE Mobile, who represented the tenant. Silver Ships manufactures aluminum vessels and is expanding its facility to fulfill a U.S. Navy contract. Pete Riehm of CRE Mobile represented the landlord. Finally, in Spanish Fort, a private investor paid $477,000 for 10 acres on Sgt. E.I. Boots Thomas Drive and plans to use it for industrial and build-to-suit development, according to Andrew Dickman of Stirling, who represented the buyer.