(As reported in the Birmingham Business Journal…)
Birmingham-based Premium Property Trust acquired seven properties in a package deal from its founder and various joint partners.
Premium Property added 63,000 square feet of combined office, retail and medical space as part of the $24.7 million deal, it said. The assets were previously jointly owned by founder Chris Reebals and various investment partners.
“While Reebals founded Premium Property and is still its chairman, the company is now made up of independent investors,” said CEO Burke Cox. The plan right now is to use these in-service properties to launch an investment fund and eventually elect as a real estate investment trust. “Longer term, the company would seek a public offering,” Cox said.
“It is an exciting time for us as we have spent over two years raising capital and negotiating this deal with several partners across the properties,” Cox said.
The properties the company acquired as part of the deal were:
• 2601 Highland Ave., Birmingham: 13,190 square feet
• 3040 Independence Drive, Birmingham: 5,000 square feet
• 2913 Linden Ave., Homewood: 7,500 square feet
• 2915 Linden Ave., Homewood: 1,300 square feet
• 324 Commons Drive, Birmingham: 15,030 square feet
• 2081 Columbiana Road, Vestavia Hills: 14,130 square feet
• 4213 Dolly Ridge Road, Vestavia Hills: 2,800 square feet
Premium Property also consolidated a refinancing deal for one of its existing properties, the 5,000-square-foot 1920 Huntington Road, as part of the transaction.
“Premium Property is also in the midst of a 60,000-square-foot mixed-use development project on Morris Avenue called the Armour Building,” Cox said.