Hertz Investment Group purchases multiple Birmingham properties
As part of a $417 million portfolio deal, Hertz Investment Group obtained multiple properties in the Birmingham area.
The portfolio deal included the Wells Fargo Tower, 20th Place South and Inverness Central.
Assets at Inverness Central, located off of Highway 280, include 10 Inverness Center (134,122 sq. ft.), 22 Inverness Center (131,562 sq. ft.), 31 Inverness Center (97,303 sq. ft.) and 104 Inverness Center (112,908 sq. ft.). All four buildings are classified as Class-A office buildings.
The tenants of these properties were a part of the portfolio’s appeal, said Jim Ingram, executive vice president and chief investment officer for Hertz Investment Group. These properties total to more than 1 million sq. ft. of office space, and include “big leases with good credit,” Ingram said.
“This really accomplished our goals for Birmingham, for coming in with more than a million square feet,” he said.
Tenants at Inverness Central include multiple investment and law firms, including SunGuard Financial Systems, Wells Fargo Advisors, True Wealth Advisors, JH Berry Risk Services, Law Offices of G. Thomas Yearout and Associates and others. Schnieder Electric, Landstar Transportation Logistics and the Farmers Insurance and Financial Service state office are also housed in the Inverness Central properties that were a part of the portfolio.
Tenants at 20th Place South, a property located near Highway 31 and U.S. 280 in Homewood, include BB&T, Realty South and other companies in the 125,722 sq. ft. building.
The 34-story, 514,893 sq. ft. Wells Fargo Tower last sold in 2011 for $68.5 million and was available for a “steep discount for replacement costs,” Ingram said.
More than 3 million sq. ft. of property was included in this deal, bringing the cost per square foot to $139.
Other properties in the portfolio included locations in Columbia, South Carolina, New Orleans, and Greensboro, North Carolina.
Ingram said the value of each property has not been assessed yet.
“It was a package deal,” he said. “We have not done either internal allocations, nor has anyone taken a stab at external allocations.”