Coro Realty sells two Birmingham industrial buildings for $12.6 million

Coro Realty has sold two, 100% leased industrial buildings from the Airport Highway Park portfolio in Birmingham, Ala. for $12.6 million. The buildings are located at 3636 7^th Avenue North and 608 37^th Street North.

Coro purchased the properties in early 2023 for $8.6 million as part of a seven-building, 319,413-square-foot industrial portfolio acquired with joint-venture partner H2RE Capital. The sale marks the first step in Coro’s value-add strategy for the portfolio, which involves targeted capital improvements, tenancy upgrades and strategic dispositions.

“This transaction validates our investment thesis,” said Adam Holland, Vice President of Asset Management of Coro Realty. “We set out to enhance the physical condition of the assets, strengthen the tenant roster and bring them to market at the right time. This first sale demonstrates the results of that approach.”

The buildings are part of a last-mile infill distribution center located on Messer Airport Highway, near Birmingham-Shuttlesworth International Airport and downtown Birmingham. The location offers immediate access to a central distribution district serving manufacturing, automotive, and aerospace sectors.

The Birmingham industrial market has maintained a historically low vacancy rate of around 2 percent, supported by steady demand and limited new supply.

Coro and H2RE plan to continue executing the value-add strategy across the remainder of the portfolio, which remains fully leased to a mix of national and local operators.

Tripp Alexander and Will Canary of Colliers represented Coro as Seller.