Real Estate Update

According to AL.com, an out-of-state investor paid $4.22 million for Foley Plaza, a 204,000-ft2 neighborhood retail center at 2131-2167 South McKenzie Street, in Foley, according to Angie McArthur of Stirling Properties, who represented the seller. Also in Foley, two commercial lots next to Old Time Pottery on Highway 59 in Foley were purchased by an out-of-state investor for $550,000, according to McArthur, who handled the transaction. Nearby, the City of Foley has leased approximately 2,500 ft2 of office space in the 200 W. Laurel building at 200 West Laurel Avenue, according to Amanda Goldman and Jason Scott of Stirling, who represented the landlord. In Daphne, Handling Systems & Conveyors has leased 3,500 ft2 of distribution space at 8551 Rand Avenue, according to Steadman Bethea of Stirling, who represented the tenant. Just outside Daphne, a mixed-use development is to be built on 53 acres northeast of Highway 181 and St. Michael Way, according to the Baldwin County Planning Commission. Near Summerdale, Dogwood Estates has planned 72 single-family residential lots for part of a 65-acre site at the northeast intersection of the Baldwin Beach Express along Baldwin County 36 according to the Baldwin Planning Commission. Finally, in Theodore, EquipmentShare paid $735,000 for two buildings in I-10 Industrial Park at 5750 and 5766 I-10 Industrial Parkway, according to Pete Riehm of CRE Mobile, who handled the transaction.