With the quick lease-up of the first phase of Crossroads Commerce Center that was completed last spring in Birmingham, Alabama, hometown developer Graham & Co. accelerated construction of the second building at the industrial park.
Graham completed the second phase, a 186,000-square-foot distribution building, in August after signing a lease with Chadwell Supply, a Tampa, Florida-based maintenance, repair and operations supply business for about 93,000 square feet. The first phase is fully leased to Utz Brands snacks and Home Depot. Combined, the $35 million two-building development with 372,000 square feet of space is 75% occupied.
The lease-up of the first building and the ability to accelerate construction of the second earned Crossroads Commerce the 2023 CoStar Impact Award for commercial development of the year in Birmingham, as judged by real estate professionals familiar with the market.
Crossroads Commerce Center could expand further as it has land to accommodate more development.
About the project: Crossroads Commerce Center, located off Daniel Payne Drive in Birmingham, is a new two-building industrial project developed by Graham & Co. The 372,000-square-foot development is 75% leased to tenants including Utz Brands and Home Depot.
What the judges said: Crossroads Commerce Center is "one of only a handful of speculative industrial developments in the Birmingham market in this cycle" and had "an impressive 75% of the space pre-leased during construction," said Matt Rowan, a Colliers market research analyst.
"The project is creating jobs from the community and generating great revenue" for Birmingham and Jefferson County, said Janice James Douthard, industrial parks and real estate manager for the city of Birmingham. "The location being near the major interstates was an awesome move for the developers."
They made it happen: Senior Vice Presidents Sonny Culp and Jack Brown, and Vice President of Development Henry Graham of Graham & Co.
