The Real Deal
Mobile apartments sell for $98 million;
Bimini Bob's opens at Wharf;
Major theme park operators eyeing Foley
By Kathy Jumper
Mobile Bay Times
An out-of-town investment firm paid $98 million for five apartment complexes in Mobile owned by the Delaney family, according to Richard Weavil of The Weavil Company in Mobile, who brokered the transaction.
In what may be the largest real estate sale in Mobile, the Delaney apartment portfolio totaled more than 2,000 apartment units. The complexes were Cabana on Michael Boulevard, Pathways Place on Pathway Place, Sandpiper on Government Boulevard, Windsor Place on Airport Boulevard and Yester Oaks Townhouse Apartments on Yester Oaks Drive.
The buyer was Colony Hills Capital based in Wilbraham, Mass.
Surety Land Title in Mobile handled the closing.
The transaction took two years to close, Weavil said. He worked on the deal in conjunction with Delaney Land and Realty.
Local investors paid $3.1 million for 45,020 square feet of space in the Eco Rouge Shopping Center off U.S. 98 in Fairhope, according to Joey McCullough of McCullough Realty, who represented the sellers.
The space is leased long-term by CPSI, Computer Programs & Systems Inc. McCullough said the center owners turned the commercial spaces into three condo spaces, which allowed them to sell the office space leased by CPSI.
There is 12,002 square feet remaining in the center, and Agave Cocina Mexicana & Tequila Bar occupies 4,800 square feet of that space, he said..
Bimini Bob’s Cabana Café opens this week at The Wharf on the Intracoastal Waterway off Canal Road in Orange Beach, according to restaurant owner Bob Baumhower.
The new eatery will be an open-air concept overlooking the marina with flip-flop casual dining, he said.
The former defensive lineman for the Crimson Tide and the NFL’s Miami Dolphins also operates two other restaurants at The Wharf, the Compleat Angler and Baumhower’s.
He and his wife, Leslie, also opened an art gallery at The Wharf called The Compleat Studio.
The former Orchard Retirement Community at 6411 Howells Ferry in Mobile, has been leased to another company that plans to open an assisted living facility, according to Tim Herrington of Herrington Realty and Ron LaGrange of Helix Properties.
Gulf Professional Services, a cleaning and flooring specialist, has leased a 2,680-square-foot building at 780 Zeigler Circle East in Mobile, according to Angela McArthur of Prudential Cooper and Co. commercial division.
Blue Collar Country developers have set up a construction trailer and office on the site of the multi-million dollar entertainment complex on Baldwin County 20 and the Foley Beach Express in Foley.
The Tennessee-based investors paid more than $12 million for 520 acres and plan to build an amphitheater for live performances, hotels, restaurants, retail and an RV resort.
The group is already fielding inquiries from major theme park operators around the country, according to Realtors.
(Editor's note: Kathy Jumper's The Real Deal is a weekly feature in Mobile Bay Times. Her real estate column previously appeared for many years in the Press-Register. Please encourage others to subscribe so that it will continue to inform Mobile/Baldwin readers. Leads and tips welcomed. Her new email address is firstname.lastname@example.org)