Real Estate Update

According to AL.com, an out-of-town investor plans to develop a luxury apartment complex with 835 units off Rangeline Road and Interstate 10 in Tillman’s Corner. The acreage is adjacent to the Veterans Administration facility and behind the retail shops of Rangeline Crossing Drive. The investor paid $5.8 million for 45 acres in the Rangeline Crossing mixed-use development, according to Jacob Napper of Gulfbelt Properties, who represented the buyer. John Vallas of Vallas Realty represented the seller. Construction is scheduled to begin within a year. In Mobile, Mentoring & Behavioral Services has leased 2,500 ft2 at University Place at 820 University Boulevard, according to Nathan Handmacher of Stirling Properties, who represented the landlord. Manning Courtney of Courtney & Morris worked for the tenant. Additionally, Victory Pediatrics leased 2,090 ft2 at Mobile Office Park at 3929 Airport Boulevard, according to Jill Meeks of Stirling, who represented the tenant. Jay Roberds of CRE Mobile worked for the landlord. In Elberta, out-of-state investors paid $800,000 for Happy Acres RV Park at 12970 Happy Acres Dr., according to Alla Nikitina of Ryals Realty, who handled the transaction. In Foley, Hadley Village, an 83-lot residential subdivision, is planned for 35 acres just south of Hadley Road and east of Highway 59, according to the Foley Planning commission. Finally, in Orange Beach, site plan approval is expected soon for a 10,000-ft2 medical office building, which would be built at 4171 Orange Beach Boulevard, according to city records.