Real Estate Update

According to AL.com, local and out–of-town investors paid $7 million for 34 acres at the northeast corner of Highways 181 and 104 in Fairhope, according to Herrington Realty, which handled the transaction. The buyers, Encounter Development, plan to develop outparcels and interior parcels, and Herrington Realty will market the new project. Also in Fairhope, Lumber One Co. leased 1,874 ft² of office space at 106 North Bancroft Street, according to Jeff Barnes and Steadman Bethea of Stirling Properties, who represented the tenant. In Foley, Keystone Development is seeking Planned Unit Development approval to develop a 179-lot subdivision on part of 121 acres just south of U.S. 98 and west of Venice Boulevard, according to planning records. In Orange Beach, The Addison Group has leased 1,572 ft² of office space on the second floor of The First bank building at 25556 Canal Road in Orange Beach, according to Barnes and Bethea. In Mobile, CEFCO Convenience Stores paid $1.025 million for 3.5 acres on the northwest corner of Airport Boulevard and Eliza Jordan Road, where it plans to build a gas station and convenience store, according to Robert Cook and Kenny Nichols of Vallas Realty, who represented the buyer. Allan Cameron of CRE Mobile worked for the seller. Also in Mobile, developers are looking to build a 74-lot subdivision on 22 acres at 701 Somerby Drive, according to planning records. The homes would feature smaller lots or patio-type homes.