Real Estate Roundup

According to Al.com, an out-of-town buyer paid $1.35 million for the former TGI Friday’s restaurant building at 6945 Airport Blvd. in Mobile and plans to renovate the property for a different restaurant use, according to Kenny Nichols of Vallas Realty, who represented the seller. Leigh Dale Younce of SRS Real Estate Partners worked for the buyer. Portal Insurance has leased 2,800 ft2 of office space on the ground floor of the Marine Street Lofts at 951 Government Street in downtown Mobile, according to NAI Mobile’s Pete Riehm and Niki Coker, who handled the lease transaction. Also in Mobile, businesses consulting and accounting firm Avizo Group has leased 1,843 ft2 of office space at 3600 Springhill Business Park, according to Nathan Handmacher of Stirling Properties, who represented the tenant. JLL worked for the landlord.

In Gulf Shores, Coldwell Banker Coastal Realty has merged with Coastal Real Estate & Development, according to David Henry, owner of Coldwell Banker Coastal in Gulf Shores. According to City of Gulf Shores planners, Embassy Suites developers received a six-month extension and have until April 29, 2021, to begin work on a 229-room hotel at the corner of West Beach Boulevard and West 1st Street. The $85-million project on 1.93 acres calls for a restaurant, street-front retail, a rooftop pool and lounge, a 12,000-ft2 conference room and a ballroom. Finally, a Gulf Shores Beach Supply store is set to open in the former Rite Aid next to Rouses Market on Highway 59 in Gulf Shores.