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SDM Closes on Meadow Brook North Office Portfolio

Atlanta Firm Buys Four Bldgs. Totaling 509,000 SF in Birmingham, Sells One to McLeod Software in Double Escrow
December 20, 2017
SDM Partners of Atlanta last month completed a deal with Matrix Realty Group to acquire a 508,976-square-foot, four-building office portfolio in Birmingham, AL's Meadow Brook Corporate Park for $30.5 million, or approximately $60 per square foot.

The portfolio includes 300, 500 and 1200 Corporate Dr., also known as Meadow Brook 300, 500 and 1200, respectively. The three buildings are approximately 68% leased, with the 101,527-square-foot, five-story Meadow Brook 300 building standing vacant after Blue Cross Blue Shield of Alabama vacated the property in early 2014; Blue Cross Blue Shield fully occupying the 135,427-square-foot, six-story Meadow Brook 500 building; and the 128,142-square-foot, five-story Meadow Brook 1200 building, a traditional multitenant building, currently 87 percent leased.

Following the acquisition, SDM flipped the fourth building, the 143,880-square-foot, seven-story building at 100 Corporate Pky., named Meadow Brook 100, to McLeod Software for $11.6 million in a double-escrow.

Lance Patterson of Patterson Real Estate Advisory Group, SDM's capital advisor, said the spin-off of one of SDM's buildings not only reduced the basis in the remaining assets, but confirmed for SDM that a potential exit for some of these assets could include user-sales in addition to traditional investment sales.

Patterson arranged acquisition financing through a joint venture equity partnership with Blue Vista, as well as bridge loans with Hamilton State Bank and State Bank, on behalf of SDM.

SDM Partners has tapped Joe Sandner III and Joe Sandner IV of Colliers International to lease the portfolio moving forward.

Please see CoStar Comp #4068222 for more information on SDM's acquisition of Meadow Brook North. For additional information on SDM's sale of 100 Corporate Pky., please see CoStar Comp #4068217.
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