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THE1 Graham Office GRAHAM Market Survey REPORT INDUSTRIAL MARKET SURVEY

2020 1 Graham Report 2020 | Birmingham | Industrial Market Survey EXECUTIVE SUMMARY

ABSORPTION AVAILABLE SPACE -72,000 21,000 675,000 770,000 321,000 4,494,000

2,500 8,000 7,000 2,000 6,000 1,500 5,000

1,000 4,000 SQUARE FEET I x 1000 SQUARE FEET I x 1000 3,000 500 2,000 0 1,000

-500 0 2015 2016 2017 2018 2019 RENTAL RATES OCCUPANCY RATES $4.41 $7.16 93.7% 89.3% 95.5% $8.00 100%

$7.00 95%

90% $6.00

PER SQUARE FOOT 85% $5.00 80%

$4.00 75%

$3.00 70%

LEGEND: BULK DISTRIBUTION OFFICE WAREHOUSE INDUSTRIAL Large space, 20,000 SF and up; Typically buildings with 12' to 18' Typically owner occupied buildings generally 20’ to 32’ clear ceilings, ceilings, drive-in or dock high doors with 12' to 18' ceilings, drive-in or dock sprinklered, dock-high loading, often and approximately 20% to 40% office. high doors and approximately 20% to rail served and approximately 5% office 40% office. Executive Summary Continuing the trend from 2018, the As we enter a new decade, the US economy As always, our successes correlate to the Birmingham metro’s overall industrial real is in its 11th year of economic expansion, confidence from our relationships with our estate market experienced slight negative the longest in history. Despite a general clients, vendors, investors, and colleagues. absorption for multi-tenant properties and consensus that a recession was eminent in Thanks for a good 2019 and we wish modest positive absorption for single- 2019, GDP experienced 2% annual growth, continued success for all as we enter the earnings growth beat expectations each tenant buildings in 2019. Multi-tenant new decade. quarter, 10-year treasury dipped to a record occupancy rates dipped by less than 0.5%, low of 1.47%, and the country continued to with an average rate of 92.8% at the end of experience record low unemployment rates. 2019. Single-tenant occupancy remained Consumer confidence was strong in the static at 95.5%. The Western submarket first weeks of 2020, however uncertainty was the top performer of the year, posting levels are rising amongst investors as the 147,500 sf of positive absorption. Rental COVID-19 virus begins to spread around rates experienced continued upward the globe. It remains to be seen how this pressure, especially in the office warehouse election cycle will impact the economy, but sector, which increased by nearly $0.50 per some pullback is anticipated during the square foot. second half of 2020 as investors wait to see how the political landscape unfolds. Mike Graham, cpm, sior Steve Graham, mai, cre

FREESTANDING TOTAL MULTI-TENANT BULK OFFICE/ ALL AREAS INDUSTRIAL BLDGS. WAREHOUSE MARKET DISTRIBUTION WAREHOUSE

Occupancy Rate 95.5% 92.8% 93.7% 89.3% EXECUTIVE SUMMARY ...... 2 Status Tight Balanced Balanced Balanced COMMENTARY ...... 3 Available Space 4,494,000 1,091,000 770,000 321,000 INDUSTRIAL GROUP ...... 4 Total Market 99,378,000 15,223,000 12,233,000 2,989,000 CENTRAL ...... 5 Average Rate PSF -- -- $4.41 $7.16 OXMOOR ...... 9 New Space Rate PSF -- -- $5.25 $9.50 WEST ...... 13 Absorption: SOUTH ...... 17 2019 675,000 (51,000) (72,000) 21,000 BUILDING LOCATIONS (CITY MAP) ...... 19 2018 799,000 (144,000) (89,000) (55,000) 2017 2,509,000 525,000 409,000 116,000 EAST ...... 23 2016 2,009,000 400,000 198,000 202,000 INDUSTRIAL BUILDINGS ...... 26 2015 (300,000) (61,000) 77,000 (138,000) FOR SALE OR LEASE ...... 28 Annual Absorption: GRAHAM & COMPANY ACTIVITIES/2019 . . . . 35 5 Yr Average 1,138,400 133,800 104,600 29,200 GRAHAM TEAM ...... 37

2 Graham Report 2020 | Birmingham | Industrial Market Survey EXECUTIVE SUMMARY 3 Graham Report 2020 | Birmingham | Industrial Market Survey COMMENTARY

COMMENTARY Real Estate as a Service At Graham & Company, we persistently look for new ways to meet the ever-changing needs of our clients. In the 1990’s, the Office division was created to serve our clients across a broader range of asset types. At the turn of the millennium and through the following decade, we expanded our geographic horizons, establishing offices in Huntsville and Florida’s Gulf Coast.

In the 2010’s, our brokers began collaborating as team units, management arena as another way to diversify our services and providing our clients an even more expansive knowledge-base meet all aspects of our clients’ real estate needs. to tap into. As we usher in this new decade, Graham & Company We are excited to see what this next decade brings, and look continues to expand its range of services offered, in order to forward to serving our clients in new ways to help achieve their further align our clients’ business and investment goals with the real estate goals. rapidly-evolving commercial real estate landscape. While much of the commercial real estate industry has consolidated, Graham & Company has chosen to grow organically in the market. This freedom from external influence affords us the flexibility to offer more creative solutions to our clients’ problems, as well as follow them geographically. In 2019, Graham & Company closed deals in Texas and Utah for clients looking to broaden their investment criteria, in order to put capital to work. In addition to expanding its geographic reach, Graham & Company launched its Corporate Services division in 2019, and is equipped to manage even the largest portfolios of properties located throughout the United States and beyond. This service enables the client to focus on its core competencies and leave managing a real estate portfolio to the professionals. On a more granular level, Graham & Company has re-entered the property INDUSTRIAL GROUP OF GRAHAM & CO JACK BROWN, SIOR OGDEN DEATON, SIOR SENIOR VICE PRESIDENT SENIOR VICE PRESIDENT INDUSTRIAL GROUP INDUSTRIAL GROUP

JOINED GRAHAM & CO: 1996 JOINED GRAHAM & CO: 1987

AFFILIATIONS/HONORS: AFFILIATIONS/HONORS: • SIOR Industrial Specialist • Graham & Co. 30 year service • Member NAIOP – Alabama award Chapter President 2011 • Numerous “Top Producer” awards by the Birmingham Association of • Birmingham Business Alliance, SONNY CULP, SIOR Realtors, as well as transaction Board Member 2011 SENIOR VICE PRESIDENT recognition by NAIOP and the • Birmingham Association of Realtors Vulcan Award 2006 INDUSTRIAL GROUP Birmingham Business Journal • SIOR Industrial Specialist Designation 1994, CLIENTS INCLUDE: JOINED GRAHAM & CO: 1986 Chapter President 2007 • ABC Supply • Motion Industries • CSX Railroad • Ferguson • Member NAIOP – Alabama Chapter AFFILIATIONS/HONORS: Enterprises • Magna International • MacLean-Fogg • Nucor • Birmingham Association of Realtors Steel • Regions Financial • National Bank of Commerce • • Graham & Co. 30-year Vulcan Award, 20-Year Award Service Award, 2016 Cintas • SafeLite • US Auto Logistics • Averitt Express CLIENTS INCLUDE: • Numerous “Top Producer” awards • BNSF Railway • Rainbird • Georgia Pacific • AT&T • Balfour by the Birmingham Association of Beatty • ThyssenKrupp • McWane Pipe • STAG • Wells Realtors, as well as transaction Fargo • Voestalpine • Caterpillar • Real Capital Solutions • recognition by NAIOP and the Summit Investment Management • BLG Logistics Birmingham Business Journal • Zekelman Industries • Coca-Cola Bottling Company • SIOR designation 1992, Chapter President 2001, United • W.P. Carey Regional Director 2007 JOHN COLEMAN, SIOR • Board Member, Restoration Academy JORDAN TUBB, s i o r SENIOR VICE PRESIDENT www.restorationacademy.org VICE PRESIDENT INDUSTRIAL GROzvvUP INDUSTRIAL GROUP • Board Member, Center for Executive Leadership JOINED GRAHAM & CO: 2006 www.cfel-al.org JOINED GRAHAM & CO: 2007

AFFILIATIONS/HONORS: CLIENTS INCLUDE: AFFILIATIONS/HONORS: • SIOR Industrial Specialist • Mercedes-Benz • Norfolk Southern • Michelin • Sysco • SIOR Industrial Specialist Foods • Ford Motor Land • Isuzu Corp • Cardinal Health • Member NAIOP – Alabama • Birmingham Association of Chapter Board Member & • Nabisco • Frito Lay • Graybar • UPS • SKF USA • ProLogis Realtors, Rookie of the Year Program Chair 2006-2008 • Coca-Cola Bottling Company United • Hackman Capital Award 2008, Life Member Award 2011 • Eyesight Foundation of Alabama, Board Chair • NAIOP – Alabama Chapter Board • Kiwanis Club of Birmingham Member (2013-2017), Developing Leaders • National Multiple Sclerosis Advisory Council 2011 Chairman (2015-2016), Treasurer (2017) • Member, Rotaract Club of Birmingham CLIENTS INCLUDE: CLIENTS INCLUDE: • Evonik • CJ*GLS Logistics • DeShazo Crane • Durect Corp • Roto-Rooter • Unified Design & Manufacturing • Regions • Fleetpride • Georgia Pacific • US Steel • TSF Sportswear • Carboline • Tennessee Valley Metals • Sears Home • Jay Electric • McWane Pipe • Hilco • Samford University Improvement Products • Hackman Capital Partners • Express Oil • Carroll Tire • Rite Aid • Hackbarth Delivery Service • Charter Communications • Vulcan Industrial Contractors

4 Graham Report 2020 | Birmingham | Industrial Market Survey INDUSTRIAL GROUP 5 Graham Report 2020 | Birmingham | Industrial Market Survey CENTRAL

ABSORPTION AVAILABLE SPACE , , , ,

200 700

150 600 100 500 50 400 0 SQUARE FEET I x 100

SQUARE FEET I x 1000 300 -50 200 -100

-150 100

-200 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 RENTAL RATES OCCUPANC RATES . . . . $8.00 100% 95% $7.00 90% $6.00 85% 80%

PER SQUARE FOOT $5.00 75% $4.00 70% 65% $3.00 60% $2.00 55%

One notable project in the development pipeline is the planned redevelopment of the Spradlin automotive salvage yard along Messer Airport Hwy. Graham & Company is planning the first purely speculative industrial development that the Birmingham market has seen this real estate cycle, with around 130,000 sf of new distribution space proposed. This project CENTRAL will transform a dilapidated brownfield site along the main thoroughfare between the CBD and Birmingham’s airport and bring new product to an aging submarket with minimal undeveloped land available.

Notable new leases and/or sales in this submarket during 2019 include: • A local investor purchased a single-tenant industrial facility located at 4400 Lewisburg Rd. in a sale-leaseback transaction. The property, totaling 57,852 sf on 18 acres, is occupied by a local construction company which signed a long-term lease at closing. A 7.0% cap rate was attributed to this sale. John Coleman represented the purchaser. • The Colonnade Group purchased the two former Supreme Beverage buildings at 3217 Messer Airport Hwy. and 316 33rd St. North with a combined size of 103,550 sf. John Coleman represented the seller. CBD

BULK OFFICE/ TOTAL CENTRAL DISTRIBUTION WAREHOUSE SUBMARKET

Occupancy Rate 88.0% 90.0% 88.2% Status Balanced Balanced Balanced Available Space 411,000 35,000 446,000 Total Market 3,422,000 351,000 3,773,000 Average Rate PSF $3.89 $7.61 -- New Space Rate PSF $6.00 $9.50 -- Absorption: 2019 (84,000) (1,000) (85,000) 2018 130,000 (16,000) 114,000 2017 139,000 7,000 146,000 2016 (169,000) 123,000 (46,000) 2015 (73,000) (88,000) (161,000) Annual Absorption: 5 Yr Average (11,400) 5,000 (6,400)

6 Graham Report 2020 | Birmingham | Industrial Market Survey CENTRAL 7 Graham Report 2020 | Birmingham | Industrial Market Survey CENTRAL

MULTI-TENANT SURVEY: 2019 | BULK DISTRIBUTION (GREATER THAN 20,000 SF) Property Building Year Head % Rent/ No. Location Loading Construction Rail Sprinklered Occupancy Remarks (Leasing) Size (SF) Built Room Office SF Birmingham Food Terminal 1958 Dock high 1 1,019,480 Finley Avenue, l-65 No. Concrete tilt-up Yes 20' Yes 10% $3.75 80.7% 196,270 SF Available (Colliers International) 2003 Drive-in Continental Gin 1920’s Dock high 20'– 2 461,000 4500 5th Avenue So. Block & Brick Yes Yes 10% $3.75 93.5% 30,000 SF Available (Southpace Properties) & 1980 Drive-in 40' BN Park 2500–2700 1966 Dock high 20'– 3 453,611 Concrete tilt-up Yes Yes 3% $25 7. 100 0%. (Graham & Co) 13th Street W, Ensley 1969 Drive-in 26' Airport Highway Park 3500 to 3700 Airport 1975, 1979 Dock high Block, 4 312,153 Yes 22' Yes 5% $35 7. 100 0%. (Graham & Co) Highway 1981 Drive-in Concrete tilt-up Sloss Docks 1952 18'– 5 209,816 3221 1st Avenue No. Dock high Concrete tilt-up Yes Yes 1% $4.25 64.5% 74,449 SF Available (EGS Commercial) 1970 22' Avondale Commerce Park 1980 Dock high 6 194,200 3900 1st Avenue No. Concrete block Yes 18' Yes 5% $7.50 80.3% 38,300 SF Available (EGS Commercial) 1991 Drive-in Post Office Annex 1970 7 178,174 4500 1st Avenue So . Dock high Concrete tilt-up Yes 30' Yes 5% $3 .25 100 0%. (Graham & Co) 1984 Vanderbilt Distribution Ctr . 1962 17'– 8 161,000 3340 Vanderbilt Road Dock high Block & Brick Yes Yes 5% $2 .60 100 0%. (Graham & Co) 2006 25' 8th Avenue. Warehouses 3300 Rev. Abraham 5%– 9 101,000 1965 Dock high Concrete tilt-up Yes 20' Yes $4.25 100.0% (Barber Companies) Woods Jr. Blvd. 15% Bermco 5th Avenue No. Dock high 10 96,000 1979 Concrete tilt-up No 20' Yes 10% $3.50 68.8% 30,000 SF Available (Watts Realty) & 32nd Street Drive-in Republic Industrial Park 11 64,400 Republic Blvd., Ensley 1975 Dock high Concrete tilt-up No 20' Yes 10% $3.25 100.0% (Engel Realty) 3rd Avenue. No. Warehouse 2911-2923 Dock high Up to 12 48,000 1960 Metal Yes 15' No $4.25 100.0% (Barber Companies) 3rd Avenue No. Drive-in 10% Ferguson 13 Warehouse/Showroom 42,000 2800 2nd Avenue So. 1968 Dock high Concrete tilt-up Yes 24' Yes 35% $6.50 100.0% (Sloss Real Estate) 3rd Avenue. So. Warehouse 15'– 14 35,000 3035 3rd Avenue So. 1955 Dock high Block & Brick No No 10% $6.50 42.9% 20,000 SF Available (Barber Companies) 18' Montcreek Distribution 15th Street & 15 24,000 1979 Dock high Concrete tilt-up No 20' Yes 5% $10.00 100.0% (Watts Realty) 3rd Avenue So. 65th Street & 16 Wahouma Space Center 22,000 1979 Dock high Block & Brick No 14' No 20% $3.00 0.0% 22,000 SF Available 3rd Avenue No. MULTI-TENANT SURVEY: 2019 | OFFICE WAREHOUSE Property Building Year Head % Rent/ No. Location Loading Construction Rail Sprinklered Occupancy Remarks (Leasing) Size (SF) Built Room Office SF Avondale Commerce Park 1980, 1984 Dock high 14'– 20%– 17 281,925 3900 1st Avenue No. Concrete block No No $8.50 91.8% 23,050 SF Available (EGS Commercial) 1988 Drive-in 16' 25% Graymont Center Graymont Avenue & 18 69,000 1978 Dock high Block No 14' No 15% $3.95 82.8% 11,865 SF Available (EGS Commercial) 8th Street West

3217 Messer Airport 4400 Lewisburg Road

8 Graham Report 2020 | Birmingham | Industrial Market Survey CENTRAL 9 Graham Report 2020 | Birmingham | Industrial Market Survey OXMOOR

ABSORPTION AVAILABLE SPACE , , , ,

80 250

60 200 40 150 20 SQUARE FEET I x 1000 SQUARE FEET I x 1000 0 100 -20 50 -40

-60 0 2015 2016 2017 2018 2019 RENTAL RATES OCCUPANC RATES . . . . $8.00 100.0% 95.0% $7.00 90.0% 85.0% $6.00 80.0% PER SQUARE FOOT 75.0% $5.00 70.0%

$4.00 65.0% 60.0% $3.00 55.0%

LEGEND: BULK DISTRIBUTION OFFICE WAREHOUSE Large space, 20,000 SF and up; Typically buildings with 12' to 18' generally 20’ to 32’ clear ceilings, ceilings, drive-in or dock high doors sprinklered, dock-high loading, often and approximately 20% to 40% office. rail served and approximately 5% office OXMOOR (Oxmoor Road, West Lakeshore, Homewood) After a slight setback in 2018, the Oxmoor submarket posted more than 43,000 sf of positive absorption in 2019. The office warehouse sector drove positive absorption, increasing to an unprecedented 89.2% occupancy rate. Combined with the already tight market for distribution space, this submarket is currently 92.3% occupied in total. Rental rates experienced a modest increase and are the highest in the Birmingham market on average. The Oxmoor submarket is considered balanced and will continue to perform well into the coming years. Notable new leases and/or sales in this submarket during 2019 include: OXMOOR • Skye-City, LLC acquired a 81,840 sf single-tenant warehouse located at 300 Industrial Dr. The building was leased at the time of sale. Ogden Deaton represented the seller. John Coleman represented the purchaser.

• JoJo Holdings, LLC purchased a 20,700 sf office warehouse located at 284 Snow Dr. and plans to use the building. Jack Brown represented the seller.

BULK OFFICE/ TOTAL OXMOOR DISTRIBUTION WAREHOUSE SUBMARKET

Occupancy Rate 93.8% 89.2% 92.3% Status Balanced Balanced Balanced Available Space 110,000 90,000 200,000 Total Market 1,775,000 832,000 2,607,000 Average Rate PSF $5.09 $7.53 -- New Space Rate PSF $6.00 $9.50 -- Absorption: 2019 (11,000) 54,000 43,000 2018 (45,000) (40,000) (85,000) 2017 (31,000) 53,000 22,000 2016 73,000 63,000 136,000 2015 61,000 (41,000) 20,000 Annual Absorption: 5 Yr Average 9,400 17,800 27,200

10 Graham Report 2020 | Birmingham | Industrial Market Survey OXMOOR 11 Graham Report 2020 | Birmingham | Industrial Market Survey OXMOOR

MULTI-TENANT SURVEY: 2019 | BULK DISTRIBUTION (GREATER THAN 20,000 SF) Property Building Year Head % Rent/ No. Location Loading Construction Rail Sprinklered Occupancy Remarks (Leasing) Size (SF) Built Room Office SF Oxmoor South Industrial Pk. 1990, 1992 Dock high 24'– 19 528,430 Oxmoor Court Concrete tilt-up No Yes 15% $5.50 95.6% 23,070 SF Available (EGS Commercial) 1994 Drive-in 27' Distribution Center Distribution Drive & Dock high 20 515,000 1973 Concrete tilt-up Yes 20' Yes 10% $4 .85 89 1%. 56,325 SF Available (Graham & Co) West Oxmoor Road Drive-in 240 Lyon Lane 1998 Lyon Lane Dock high Concrete tilt-up 21 196,120 250 Lyon Lane 1999 No 22' Yes 10% $45 7. 100 0%. (Graham & Co) Drive-in Metal 260 Lyon Lane 1999 Shades Creek Dock high Concrete tilt-up 24'– 22 Business Park 195,841 Shades Creek Circle 2000 No Yes 5% $5.25 84.4% 30,535 SF Available Drive-in Metal 25' (EGS Commercial) Oxmoor Logistics Center 451 Industrial Lane, Dock high 23 112,500 2018 Concrete tilt-up No 32' Yes 5% $5.95 100.0% (EGS Commercial) Oxmoor Drive-in Birmingham #2 24 79,095 Citation Court 1982 Dock high Concrete tilt-up Yes 22' Yes 3% $4 .25 100 0%. (Graham & Co) Birmingham #1 West Oxmoor Road 25 78,000 1980 Dock high Concrete tilt-up No 22' Yes 30% $45 7. 100 0%. (Graham & Co) & Snow Drive Oxmoor South Building V Dock high 26 70,300 Oxmoor Court 1994 Concrete tilt-up No 22' Yes 15% $4.25 100.0% (Barber Companies) Drive-in

284 Snow Drive 300 Industrial Drive MULTI-TENANT SURVEY: 2019 | OFFICE WAREHOUSE Property Building Year Head % Rent/ No. Location Loading Construction Rail Sprinklered Occupancy Remarks (Leasing) Size (SF) Built Room Office SF Oxmoor Center Dock high 20%– 27 151,300 131 West Oxmoor 1974 Block & Stucco No 20' Yes $9.50 94.7% 8,050 SF Available (Engel Realty) Drive-in 25% Oxmoor Warehouses 28 142,040 Oxmoor Circle 1973 Drive-in Precast concrete No 12' No 25% $8.00 81.4% 26,350 SF Available (Engel Realty) Oxmoor Business Park 1976 Citation Court, Dock high Block, Stucco 12'– 29 (Universal Development 138,110 1978 No No 25% $7.00 74.7% 34,900 SF Available Homewood Drive-in & Glass 16' Corporation) 1982 Lakeshore Crossings 30 Business Center 59,891 1030 London Drive 2003 Dock high Concrete tilt-up No 21' Yes BTS $10.50 100.0% (Engel Realty Company) Wilkerson Warehouses 115A-G Dock high 16'– 31 55,330 1983 Brick/Metal No No 5% $5 00. 100 0%. (Graham & Co) Walter Davis Drive Drive-in 18' 230 Oxmoor Circle 32 49,500 230-232 Oxmoor Circle 1972 Drive-in Precast concrete No 14' No 75% $8.00 83.6% 8,120 SF Available (Engel Realty) Oxmoor Industrial Park 15%– 33 45,000 Lyon Lane 1998 Dock high Brick/Metal No 18' No $6 .50 100 0%. (Graham & Co) 50% 156 Oxmoor Court 1995 Oxmoor Court Dock high Concrete tilt-up 34 44,144 130 Oxmoor Court 1997 No 14' No 20% $7.59 100.0% (Morris Properties) Drive-in & Brick 110/120 Oxmoor Court 1999 165 West Oxmoor 35 41,000 165 West Oxmoor 1979 Dock high Masonry No 24' Yes 10% $4.05 100.0% (Lumpkin Development) Oxmoor MIDI Warehouse 280 Snow Drive & Dock high Up to 36 36,425 1981 Metal/Block No 20' No $5.70 100.0% (Engel Realty) West Oxmoor Road Drive-in 20% Atlas – Industrial Lane 1988 Dock high 37 35,528 Industrial Lane Metal No 16' No 20% $6 .50 100 0%. (Graham & Co) 1994 Drive-in West Park Drive Dock high 38 33,300 West Park Drive 2000 Block No 16' No 30% $5.65 62.2% 12,600 SF Available (Southpace Properties) Drive-in

12 Graham Report 2020 | Birmingham | Industrial Market Survey OXMOOR 13 Graham Report 2020 | Birmingham | Industrial Market Survey WEST

ABSORPTION AVAILABLE SPACE ,

400 450 400 300 350 200 300 250 100 SQUARE FEET I x 1000

SQUARE FEET I x 1000 200 0 150 100 -100 50 -200 0 2015 2016 2017 2018 2019 RENTAL RATES OCCUPANC RATES . . $5.30 100.0% $5.20 $5.10 95.0% $5.00 $4.90

PER SQUARE FOOT 90.0% $4.80 $4.70 $4.60 85.0% $4.50

$4.40 80.0%

LEGEND: BULK DISTRIBUTION OFFICE WAREHOUSE Large space, 20,000 SF and up; Typically buildings with 12' to 18' generally 20’ to 32’ clear ceilings, ceilings, drive-in or dock high doors sprinklered, dock-high loading, often and approximately 20% to 40% office. rail served and approximately 5% office WEST (West portion of I-459 and I-59/20 to Vance) After losing 84,000 sf of absorption in 2018, the West submarket rebounded in 2019, backfilling all vacancy and bringing the submarket to 100% occupancy at the end of 2019. While these strong numbers are certainly indicative of the current market, there are several large blocks of space set to become available during 2020. Mercedes will vacate 525,000 sf in the Mercedes Parts Warehouse and 160,000 sf in Jeff Met III near the end of the year when it move into its newly constructed facility in nearby Woodstock. Additionally, Astra CSX is giving up 130,000 sf in Perimeter Park at the end of March 2020. Considering the growth underway at the Mercedes Plant as it expands its line to include electric vehicles, we anticipate much or all of this upcoming vacancy to be re-tenanted before the end of 2020. In addition to the uptick in activity within the Mercedes corridor, the Bessemer neighborhood of the submarket is also seeing significant growth.

In anticipation of the soon-to-open Amazon Fulfillment Center, market activity has increased 22 significantly around the Bessemer area. A 125,000 sf speculative warehouse is about to break ground on an adjacent site to Amazon. In addition, Carvana, a technology-focused automotive WEST retailer, is planning a $40 million automotive reconditioning facility along Morgan Rd. Expect more projects to be announced around this section of the West submarket during 2020. As a whole, this submarket will continue to thrive into the foreseeable future.

Notable new leases and/or sales in this submarket during 2019 include:

• Mollertech South, LLC, an automotive supplier, subleased 50,960 sf of conditioned warehouse space at 5500 Parkwest Dr. in Bessemer. John Coleman represented the sublessor. Jordan Tubb represented the subtenant.

• H&E Equipment Services leased 23,500 sf of warehouse space on 5.5 acres at 806 & 812 LaBarge Dr. in Bessemer. Ogden Deaton represented the tenant.

BULK OFFICE/ TOTAL WEST DISTRIBUTION WAREHOUSE SUBMARKET

Occupancy Rate 100.0% 100.0% 100.0% Status Tight Tight Tight Available Space 0 0 0 Total Market 3,562,000 139,000 3,701,000 Average Rate PSF $4.78 $5.22 -- New Space Rate PSF $5.25 $9.50 -- Absorption: 2019 148,000 0 148,000 2018 (109,000) 25,000 (84,000) 2017 351,000 (19,000) 332,000 2016 (12,000) 5,000 (7,000) 2015 80,000 6,000 86,000 Annual Absorption: 5 Yr Average 91,600 3,400 95,000

14 Graham Report 2020 | Birmingham | Industrial Market Survey WEST 15 Graham Report 2020 | Birmingham | Industrial Market Survey WEST

MULTI-TENANT SURVEY: 2019 | BULK DISTRIBUTION (GREATER THAN 20,000 SF) Property Building Year Head % Rent/ No. Location Loading Construction Rail Sprinklered Occupancy Remarks (Leasing) Size (SF) Built Room Office SF Jefferson Metropolitan Park 2004 Jefferson Metropolitan Dock high 39 Phases 1, 2 & 3 920,920 2005 Concrete tilt-up No 32' Yes 0% $4 .50 100 0%. Parkway, McCalla Drive-in (Graham & Co) 2006 Perimeter Industrial Park I-459 & Eastern 1989 Dock high 40 606,850 Concrete tilt-up Yes 24' Yes 5% $4.25 100.0% (EGS Commercial) Valley Road, Bessemer 1994 Drive-in ACI Building 10095 Brose Drive, 41 600,000 2004 Dock high Concrete tilt-up No 34' Yes 1% $5.00 100.0% (Synchronous) Vance Mercedes-Benz Duraluminum 11146 W Walker Road, 42 Service Parts Warehouse 518,200 2005 Dock high metal wall/ No 24' Yes 2% $4 .50 100 0%. Vance (Graham & Co) banded windows BLG Facility Legacy Industrial Park, 43 210,000 2010 Dock high Metal No 24' Yes 8% $5.95 100.0% (Synchronous) Vance Parkwest Distribution Ctr 6000 Greenwood Dock high 44 208,000 2003 Concrete tilt-up No 30' Yes 5% $4 .25 100 0%. (Graham & Co) Parkway, Bessemer Drive-in Parkwest Corporate Center I-459 at Morgan Road, Dock high 45 Building III 127,500 2008 Concrete tilt-up No 24' Yes BTS $6.35 100.0% Bessemer Drive-in (EGS Commercial) Legacy Building 10097 Brose Drive, Dock high 46 120,000 2004 Concrete tilt-up No 30' Yes 5% $6.00 100.0% (Synchronous) Vance Drive-in Perimeter Industrial Park I-459 & Eastern 47 Building 2 110,800 1991 Dock high Concrete tilt-up Yes 27' Yes 5% $4.25 100.0% Valley Road, Bessemer (Barber Companies) Parkwest Corporate Center I-459 at Morgan Road, 1990 19'– 48 Buildings I & II 82,000 Dock high Jumbo Brick No Yes 20% $6.15 100.0% Bessemer 2007 21' (EGS Commercial) Academy Business Park 900 Powder Plant Road, Dock high 49 57,600 2005 Block & Metal No 24' Yes 15% $5.50 100.0% (Southpace Properties) Bessemer Drive-in MULTI-TENANT SURVEY: 2019 | OFFICE WAREHOUSE Property Building Year Head % Rent/ No. Location Loading Construction Rail Sprinklered Occupancy Remarks (Leasing) Size (SF) Built Room Office SF Brooklane Business Center Brooklane Road, 1981, 1990 Dock high Block & Stucco 12'– 50 123,700 No No 20% 5.00 100% (Lumpkin Development) Hueytown 1993, 1994 Drive-in Metal 16' Powder Plant Road & Academy Business Park Dock high 51 15,000 Shirley Park Drive, 2005 Block & Metal No 20' Yes 20% 7.00 100% (Southpace Properties) Drive-in Bessemer

5500 Parkwest Drive 806 & 812 LaBarge Drive

16 Graham Report 2020 | Birmingham | Industrial Market Survey WEST 17 Graham Report 2020 | Birmingham | Industrial Market Survey SOUTH

ABSORPTION AVAILABLE SPACE , , , ,

250 300 200 250 150 100 200 50 150 SQUARE FEET I x 1000

SQUARE FEET I x 1000 0 -50 100 -100 50 -150 -200 0 2015 2016 2017 2018 2019 RENTAL RATES OCCUPANC RATES . . . . $7.50 100.0% $7.00

$6.50 95.0% $6.00

PER SQUARE FOOT $5.50 90.0% $5.00

$4.50 85.0% $4.00

$3.50 80.0%

LEGEND: BULK DISTRIBUTION OFFICE WAREHOUSE Large space, 20,000 SF and up; Typically buildings with 12' to 18' generally 20’ to 32’ clear ceilings, ceilings, drive-in or dock high doors sprinklered, dock-high loading, often and approximately 20% to 40% office. rail served and approximately 5% office SOUTH (U .S . HWY 280 and I-65 south to Calera) After two consecutive years of stability in the South submarket, 2019 netted 202,000 sf of negative absorption. This is primarily attributed to Mercedes vacating 225,000 sf of bulk distribution space in Shelby Commerce Park as it consolidates to its new facilities in Woodstock. Additionally, the automaker will vacate another 270,000 sf of distribution space towards the end of 2020 in Calera. Office warehouses continued to remain relatively stable, gaining only 13,000 sf of new vacancy. Overall, this submarket is considered balanced, with a 90% occupancy rate spread evenly across distribution and office warehouse sectors. Notable new leases and/or sales in this submarket during 2019 include: SOUTH • Key 7 Management Services, LLC purchased a 17,328 sf office warehouse in the Shelby West Corporate Park (104 Corporate Woods Circle) and plans to use the building. Ogden Deaton represented the seller. Jordan Tubb represented the purchaser.

• Kontane Logistics leased 50,110 sf of warehouse space at Shelby Commerce Park in Calera. Ogden Deaton represented the landlord.

BULK OFFICE/ TOTAL SOUTH DISTRIBUTION WAREHOUSE SUBMARKET

Occupancy Rate 90.7% 88.9% 90.0% Status Balanced Balanced Balanced Available Space 225,000 164,000 389,000 Total Market 2,432,000 1,472,000 3,904,000 Average Rate PSF $4.10 $7.06 -- New Space Rate PSF $5.25 $9.50 -- Absorption: 2019 (189,000) (13,000) (202,000) 2018 0 (14,000) (14,000) 2017 (36,000) 66,000 30,000 2016 240,000 (4,000) 236,000 2015 21,000 (6,000) 15,000 Annual Absorption: 5 Yr Average 7,200 5,800 13,000

18 Graham Report 2020 | Birmingham | Industrial Market Survey SOUTH Palmerdale 153 19 Graham Report 2020 | Birmingham | Industrial Market Survey . MAP OF BIRMINGHAM SUBMARKETS Monmouth D R

Crosston

79 N 77 A RD R R

FO O . M D W Y T S W . R 75 H O BRA D . L . D IV R E D E Sayre 121 R Clay LL R . O VI D 65 129 F G . RD IN D 153 SPR ON 131 A BIRMINGHAM, AL JACKS R

T CA MP R 148 C U Bibby O 45 S

W S

B S . Y 78 E

RD. 30 V D N Pinson I

R L

L 31 .

E E D

K Mt. Olive R -

Kilgore

A C T

L Y

L L

R E R

S E

M W V

E L

T E SI

. N R

. E

112

O Y

D D 109 L

I RD. WEST V

H R E .

79 L O JEFFERSON D

L O N

O P

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O R 153

. D

D .

E N Chalkville

75 L R C New Castle HA A D L CARDIFF . K D . . V N D D I I E R R L L L Y 24TH L T ON A LL E 22 77 S S I C Center Point R W H AV. R 71 A CA A D. K N D R C TH R

ELD R R U . FI STO NO S . GRAYSVILLE W RAN A S N TAR T O D D P

. R N R . .

D D 10

R .

BROOKSIDE R R

L .

A D

T D Y GOODRICH

S E

VALLEY EAST .

T R E

O L P L T R L D N 118 L INDUSTRIAL DR. I N

. I E A 73 V I V A V W O G O P DR. M E N AW N P V P TRUSSVILLE R I I A N I I L N N L E G A R E D E H G 72

118 IL N E P L I R R Y 59 D S E . D 105 R T A D C Y N

H H R . ER . E Y S FULTONDALE A E D C V INDU L

112 . S R

L WALK PK T E BLACK R A E 30 R 31 W 124 V L 110 120 I

I A

P Y

O C

R . L

T M

E H R

R D

P E L L CREEK A E 11 W

R S IV . R O D B F . D D N R A .

M N . VE RD. Huffman A K D RO I H G N 105 R ON E 22 65 TARRANT NI A U S D N TR Roebuck E RED 75 OW 110 E N AN RD. NST T O FM 74 UEE H 67 S F LANE RD. Q ADAMSVILLE W N U Y. I T - H P AR T RAN 94

ROBERTA Forestdale RD. C M 79 . 79 O D A 96 N A A R Y LI V HEF . L T . R B D. O . East Lake E D R . U D N W C R V S F R H G L . F N .

E R B V U D

R D A N. Birmingham R R

65 L

. I R R

A E

N B K

D Y O

D TH O LA . P T

R V. R 4

. A D A O L

459

R A E E

MAYTOWN M 94 TH E T N 35 L S T O Y L D A BIRMINGHAM S I E - 67 A M

. V N V P 78 P AV INTERNATIONAL

MULGA S 59

A I A R TH T L 34 AIRPORT

D ANIEL V A D N L T . LG R

U A M E 76 T D AV U . 8

2N - 3 H 27TH AV. Y 71 D

A E 75

H H 78 .

W 77

L V 16 78 20 P

E A . D R R Y KWAY D L Y . 57 O . .

OP N IRONDALE

RD. BIRMINGHAM AV. . 1 45 B R S 6 IRM H T . T ING D N . 20 POR 0T R . H T . 1 O V V RD . 1 P A A S

D. R T N I 1ST E . LV Woodlawn R ST E A C W W Norwood OO 57 - H D Pratt City SE4R T NLEY B S LVD I E 5 B . F 1 M 7 7 S. 78 M T V. U H 9 . A 269 P L F S N6 D 64 L G T 5. 14R E . Avondale G A . 3 A R S V 11 17 A W 10 A N A L A 1ST AV N O 12 V T O . . 2 . S T P 59 V . N T . . N

A O D

3 D . AV G R 20 Graymont H M R R D. Ensley T N. 13 IR D 62 R 6 20 A R AV. L R S O C D I D 19TH ST. R A E Grants Mill V 8TH AV. 3 T L 119

H C E

E Crestline L

BLVD. 18 T 80 D

AV. W. S N

3RD AV. S. . N O D R

E BUSH D T. LA L I M O 7TH AV. V. S H O D 3R A IG L H L . . 36 . 15TH A

AV. AV 4 . T V

H AV D AV. E D LO N .

4TH ST. S MB AV. 2 T 143

R Wylam T N

. V. S M

A O .

I . H M D L

V . 8T R . A S L ERIE ST. D . R A E WARRIOR S V N 41 O A O RK H CAHABA RD. R A D. 76 O T MOUNTAIN BROOK T D K P L 6 R . A Five Points R E C E . E D Central Park V R R S . C . U D O D Y T R LLE R A V . 95 E

PLEASANT V . E G V

A A K

L R DENN

L N ISON Y O

K I E

GROVE N O E L R

C S

M O R E L E

O 11 S AV. A H . E N

R F V C R F D N A JE AV. . I E RD R FAIRFIELD R T P O O

M ARONOV

O . S T RD West End D Y P S DR. WAR E 280 459 E OD LL R HOMEWOOD R O A I V N W O W . 46 A F 57 AV. G R R W D T. S R 31 E S R 31 I O O H H R . S Cahaba Heights V T W E S K MIDFIELD A . . 29 Y A . 1 D R R . L D 3 R VE D 27 I 38 32 R R H 56 A L H RD. N R 28 U

A E . Powderly Y N O 24 O Y TO I

D O N E O W E R 20 R S L

R RD.

W - T D A M D . L

. N R O 37 S D

E X SHADES CREST RD. D 25 A O 26 149

F K 19 R R . BRIGHTON U O V

I F H 30 Y 35 S 33 .

E D B I W J 21 36K .

HUEYTOWN Y N P W

SHOR I 23 A D E 34 VESTAVIA

A E . C E R

J K V B

O G A A A

L WENONAH - . L D HILLS I D H

. U R R A R OXMOOR RD. 50 W M . 46 . C Greystone D E N D D B ON R D K AH R R O I A F A Y BESSEMER SUPER HWY. Y N E 22 . L N L

A E L

L V A A D L O I A

IN . D A A

RG V R VI T V E Y A D L 1 LIPSCOMB G A W

5 65 .

T H 3 C K

H T 2 D A P ND I S 8

T 1 H RD. TYLER 9 1 L S 280 R R LY-

A RD.

E T S D S

E H

R 29 T T. N E

E Shoal Creek

R O . N

D N

D E 69

. E 95 E

W Y

R L

W V

ST O Bluff K

L P C N T . I

N A. O Rocky Highland

L Park A R BESSEMER L 'S V 36 . O Y T Ridge . Lakes A H Y R S N C D N O Inverness P H N E T

W T R N

R Shannon A A HOOVER K A

R P 64 E U

U P P

C G

M D

L I

Meadow .

70 R D

JO R 29

H R

N R READER'S GAP - R Y

'S D

66 . O D K 17 Brook

SHANNON RD. . C

R . H S

D. 65 AV

S E R

E D D E

A L E K

H R

McAdore 47 O A S C 93 4TH L

M .

I D L R . L R A D E R B 41 E

. L 14 A R

RD 49 51 31 D D

. E L Jonesboro46 L

A 150 150 Y LANT V E P L L . VA M 43 R Y 61 65 E O W R . H Riverchase A G B D A R H A Indian A 280 . C N POWD D D

R O Springs OSA R O

D 119 W 63 . K Village Y 57 280 R CALO E A S L P 67 U L 47 A T 68 V 39 45 56 Chelsea 48

59 58 11 47 20 459 Morgan . D D 62 L O R

60 337 EXIT 104

N OAK MOUNTAIN STATE PARK R Pleasant 52 T Simmsville E S PELHAM 47 20 T E S 53 R 261 A Hill C E 6 BESSEMER 36 Coalville MUNICIPAL 32 AIRPORT 36

269 S 18 DE HA S HELENA 341

336 55 TH U 35 O S East Saginaw 93 52 11 74 13 95 31 69 53 Bamford 2 91 58 Morning 49 277 Star 39

D. R 17

SA OO 47 AL Coalmont 266 SC TU 44 Turner 65 1 91 ALABASTER 119 264 339 Joinertown 13 Brantleyville 270 340 26 26 331 Saginaw 34 Glen Carbon 260 Camp . D Branch R 25

Maylene 26 251 Elliottsville N Gurnee E Longview V Junction A 12 R Old T S 87

Maylene 54 26 - 80 59 E 55 E Gurnee COLUMBIANA N SHELBY CO. R AIRPORT U Varnons Boothton G Hunnicutt 119 Ryan 28 52 25 12 31 10 22 24 10 70 78 17 Bargin 97 Pea Ridge Moore's 107 Crossroads 37 22 Dogwood 53 42 Marvel Eddings Underwood 22 25 Hillsdale Town CALERA 84 16 47 10 15 Shelby Springs 54 226 12 315 17 MONTEVALLO

Almont 16 42 23 Aldrich Palmerdale 153 . Monmouth D R

Crosston

79 N A 77 R R

FORD O . M D W Y T S W . R 75 H O BRA D . L . D IV R E D E Sayre 121 R Clay LL R . O VI D 65 129 F G . RD IN D 153 SPR ON 131 A JACKS R B

T CA MP R 148 C U Bibby O 45 S

W S

B S . Y 78 E

RD. 30 V D N Pinson I

R L

L 31 .

E E D

K Mt. Olive R -

Kilgore

A C T

L Y

L L

R E R

S E

M W V

E L

T E SI

. N R

. E

112

O Y

D D 109 L

I RD. WEST V

H R E .

79 L O JEFFERSON D

L O N

O P

U GARDENDALE W

O R 153

. D

D .

E N Chalkville

75 L R C New Castle HA A D L CARDIFF . K D . . V N D D I I E R R L L L Y 24TH L T ON A LL E 22 77 S S I C Center Point R W H AV. R 71 A CA A D. K N D R C TH R

ELD R R U . FI STO NO S . GRAYSVILLE W RAN A S N TAR T O D D P

. R N R . .

D D 10

R .

BROOKSIDE R R

L .

A D

T D Y GOODRICH

S E

VALLEY EAST .

T R E

O L P L T R L D N 118 L INDUSTRIAL DR. I N

. I E A 73 V I V A V W O G O P DR. M E N AW N P V P TRUSSVILLE R I I A N I I L N N L E G A R E D E H G 72

118 IL N E P L I R R Y 59 D S E . D 105 R T A D C Y N

H H R . ER . E Y S FULTONDALE A E D C V INDU L

112 . S R

L WALK PK T E BLACK R A E R 31 W 30 124 V L 110 120 I

I A

P Y

O C

R . L

T M

E H R

R D

P E L L CREEK A E 11 W

R S IV . R O D B F . D D N R A .

M N . VE RD. Huffman A K D RO I H G N 105 R ON E 22 65 TARRANT NI A U S D N TR Roebuck E RED 75 OW 110 E N AN RD. NST T O FM 74 UEE H 67 S F LANE RD. Q ADAMSVILLE W N U Y. I T - H P AR T RAN 94

ROBERTA Forestdale RD. C M 79 . 79 O D A 96 N A A R Y LI V HEF . L T . R B D. O . East Lake E D R . U D N W C R V S F R H G L . F N .

E R B V U D

R D A N. Birmingham R R

65 L

. I R R

A E

N B K

D Y O

D TH O LA . P T

R V. R 4

. A D A O L

459

R A E E

MAYTOWN M 94 TH E T N 35 L S T O Y L D A BIRMINGHAM S I E - 67 A M

. V N V P 78 P AV INTERNATIONAL

MULGA S 59

A I A R TH T L 34 AIRPORT

D ANIEL V A D N L T . LG R

U A M E 76 T D AV U . 8

2N - 3 H 27TH AV. Y 71 D

A E 75

H H 78 .

W 77

L V 16 78 20 P

E A . D R R Y KWAY D L Y . 57 O . .

OP N IRONDALE

RD. BIRMINGHAM AV. . 1 45 B R S 6 IRM H T . T ING D N . 20 POR 0T R . H T . 1 O V V RD . 1 P A A S

A O D

3 D . AV G R 20 Graymont H M R R D. Ensley T N. 13 IR D 62 R 6 20 A R AV. L R S O C D I D 19TH ST. R A E Grants Mill V 8TH AV. 3 T L 119

H C E

E Crestline L

BLVD. 18 T 80 D

AV. W. S N

3RD AV. S. . N O D R

E BUSH D T. LA L I M O 7TH AV. V. S H O D 3R A IG L H L . . 36 . 15TH A

AV. AV 4 . T V

H AV D AV. E D LO N .

4TH ST. S MB AV. 2 T 143

R Wylam T N

. V. S M

A O .

I . H M D L

PLEASANT V . E G V

A A K

L R DENN

L N ISON Y O

K I E

GROVE N O E L R

C S

M O R E L E

O 11 S AV. A H . E N

R F V C R F D N A JE AV. . I E RD R FAIRFIELD R T P O O

M ARONOV

A E . Powderly Y N O 24 O Y TO I

D O N E O W E R 20 R S L

R RD.

W - T D A M D . L

. N R O 37 S D

E X SHADES CREST RD. D 25 A O 26 149

F K 19 R R . BRIGHTON U O V

I F H 30 Y 35 S 33 .

E D B I W J 21 36K .

HUEYTOWN Y N P W

SHOR I 23 A D E 34 VESTAVIA

A E . C E R

J K V B

O G A A A

L WENONAH - . L D HILLS I D H

. U R R A R OXMOOR RD. 50 W M . 46 . C Greystone D E N D D B ON R D K AH R R O I A F A Y BESSEMER SUPER HWY. Y N E 22 . L N L

A E L

L V A A D L O I A

IN . D A A

RG V R VI T V E Y A D L 1 LIPSCOMB G A W

5 65 .

T H 3 C K

H T 2 D A P ND I S 8

T 1 H RD. TYLER 9 1 L S 280 R R LY-

A RD.

E T S D S

E H

R 29 T T. N E

E Shoal Creek

R O . N

D N

D E 69

. E 95 E

W Y

R L

W V

ST O Bluff K

L P C N T . I

N A. O Rocky Highland

L Park A R BESSEMER L 'S V 36 . O Y T Ridge . Lakes A H Y R S N C D N O Inverness P H N E T

W T R N

R Shannon A A HOOVER K A

R P 64 E U

U P P

C G

M D

L I

Meadow .

70 R D

JO R 29

H R

N R READER'S GAP - R Y

'S D

66 . O D K 17 Brook

SHANNON RD. . C

R . H S

D. 65 AV

S E R

E D D E

A L E K

H R

McAdore 47 O A S C 93 4TH L

M .

I D L R . L R A D E R B 41 E

. L 14 A R

RD 49 51 31 D D

. E L Jonesboro46 L

A 150 150 Y LANT V E P L L . VA M 43 R Y 61 65 E O W R . H Riverchase A G B D A R H A Indian A 280 . C N POWD D D

R O Springs OSA R O

D 119 W 63 . K Village Y 57 280 R CALO E A S L P 67 U L 47 A T 68 V 39 45 56 Chelsea 48

59 58 11 47 20 459 Morgan . D D 62 L O R

60 337 EXIT 104

N OAK MOUNTAIN STATE PARK R Pleasant 52 T Simmsville E S PELHAM 47 20 T E S 53 R 261 A Hill C E 6 BESSEMER 36 Coalville MUNICIPAL 32 AIRPORT 36

269 S 18 DE HA S HELENA 341

336 55 TH U 35 O S East Saginaw 93 52 11 74 13 95 31 69 53 Bamford 2 91 58 Morning 49 277 Star 39

D. R 17

SA OO 47 AL Coalmont 266 SC EXIT 97 TU 44 Turner 65 1 West Sector Continued 91 ALABASTER 119 264 339 Joinertown 13 Docray Brantleyville 270 59 Woodstock 340 20 26 26 331 Saginaw 34 Glen Carbon 260 Camp . D Branch R 25

Maylene 26 251 Elliottsville N Gurnee E Longview V Junction 42 A 12 R Old EXIT 89 T S 5 87

Maylene 54 26 - 80 59 Mercedes E 55 11E Gurnee COLUMBIANA Benz N Bibbville SHELBY CO. 46 R AIRPORT U Varnons 41 Boothton G Vance Hunnicutt 119 Ryan 28 52 25 DAIMLER BENZ 12 31 24 10 BLVD. 22 24 10 70 78 17 Bargin 97 Pea Ridge Moore's 107 Crossroads 37 Dogwood 22 53 Marvel Eddings Underwood 22 42 25 Hillsdale Town CALERA 84 16 47 10 15 Shelby Springs 54 226 12 315 17 MONTEVALLO

Almont 16 42 23 Aldrich

20 Graham Report 2020 | Birmingham | Industrial Market Survey MAP OF BIRMINGHAM SUBMARKETS 21 Graham Report 2020 | Birmingham | Industrial Market Survey SOUTH

MULTI-TENANT SURVEY: 2019 | BULK DISTRIBUTION (GREATER THAN 20,000 SF) Property Building Year Head % Rent/ No. Location Loading Construction Rail Sprinklered Occupancy Remarks (Leasing) Size (SF) Built Room Office SF 2001, Shelby Commerce Park U S. . Highway 31, Dock high 30'– 52 1,530,082 2002, Concrete tilt-up No Yes 2% $3 .95 85 .3% 255,496 SF Available (Graham & Co) Calera Drive-in 32' 2005 Calera Distribution Center 41 North Industrial Dock high Concrete tilt-up 53 270,600 2000 No 28' Yes 0% $3.85 100.0% (Lumpkin Development) Parkway, Calera Drive-in Metal Shelby West Distribution Ctr. 1840 Corporate Woods Dock high 54 250,000 2006 Concrete tilt-up No 30' Yes 5% $3.50 100.0% (EGS Commercial) Drive, Alabaster Drive-in Shelby West Commerce Ctr. 175 Airview Lane, Dock high 55 154,000 2009 Concrete tilt-up No 24' Yes 10% $4.50 100.0% (EGS Commercial) Alabaster Drive-in 200 Cahaba Valley Cahaba Valley Business Park Dock high 56 117,244 Parkway, at I-65 1994 Brick & Block No 24' Yes 10% $6.95 100.0% (EGS Commercial) Drive-in Pelham Valleydale Business Center Business Center Drive, Dock high 57 110,000 1989 Concrete tilt-up No 24' Yes 0% $4.50 100.0% (EGS Commercial) Pelham Drive-in

Shelby Commerce Park 104 Corporate Woods Circle MULTI-TENANT SURVEY: 2019 | OFFICE WAREHOUSE Property Building Year Head % Rent/ No. Location Loading Construction Rail Sprinklered Occupancy Remarks (Leasing) Size (SF) Built Room Office SF 200 Cahaba Valley Cahaba Valley Business Park 1992– Dock high 13'– 58 443,630 Parkway, at I-65 Block & Brick No No 20% $7.50 88.8% 49,750 SF Available (EGS Commercial) 2000 Drive-in 18' Pelham Alabaster South Scotland Drive, Drive-in 59 214,700 2001 Metal No 16' No 20% $5.30 91.8% 17,500 SF Available (Lumpkin Development) Alabaster Dock well Chandalar Business Park Chandalar Drive, 1993, 1994 Drive-in 60 193,900 Metal No 16' No 20% $7.50 100.0% (Lumpkin Development) Pelham 1996 Dock well Riverchase Business Park 1979, 1980 Dock high 61 158,500 255 Riverchase Pkwy. Precast concrete No 15' Yes 40% $8.50 88.9% 17,573 SF Available (Engel Realty) 1982 Drive-in Oak Mountain Business Park Commerce Parkway, 1994 62 89,950 Drive-in Metal No 16' No 20% $6.00 92.5% 6,700 SF Available (Lumpkin Development) Pelham 1996 Valleydale Business Center Business Center Drive, Dock high 13'– 63 76,600 1989 Block & Brick No Yes 20% $6.75 64.1% 27,475 SF Available (EGS Commercial) Pelham Drive-in 18' Hoover East 1980 14'– 64 67,000 2260 Rocky Ridge Rd. Drive-in Metal & Brick No No 25% $6.25 96.1% 2,600 SF Available (Joseph Companies) 1986 16' Lorna Lane 3419-3441 Lorna Lane, 1968 Dock high 14'– 65 54,398 Block & Metal No No 15% $6 .50 70% .6 16,000 SF Available (Graham & Co) Hoover 1980 Drive-in 18' Hoover Business Park 3500 Lorna Ridge Rd ,. 14'– 66 47,400 1986 Drive-in Concrete tilt-up No No 40% $85 7. 93 .2% 3,240 SF Available (Graham & Co) Hoover 19' Cahaba Valley Service Ctr . Cahaba Valley, 16'– 67 42,173 1993 Dock high Block No No 30% $7 .25 85 .8% 6,000 SF Available (Graham & Co) I-65 & Highway 119 20' Commerce Park 1001-57 Commerce 1987, 1988 68 34,075 Drive-in Metal No 14' No 30% $8.00 77.7% 7,584 SF Available (Wyatt Realty) Circle, Pelham 1989 Champion Boulevard 7004 Champion Blvd., Dock high 69 25,419 1997 Concrete tilt-up No 16' No 33% $6.95 100.0% (EGS) U.S. 280 Drive-in Lorna Eight 3403-17 Lorna Lane, 70 25,000 1981 Dock high Block No 16' No 50% $5.25 62.5% 9,375 SF Available (Watts Realty) Hoover

22 Graham Report 2020 | Birmingham | Industrial Market Survey SOUTH 23 Graham Report 2020 | Birmingham | Industrial Market Survey EAST

ABSORPTION AVAILABLE SPACE , , , ,

80 100

60 90 80 40 70 20 60 0 50 SQUARE FEET I x 1000 SQUARE FEET I x 1000 -20 40 30 -40 20 -60 10 -80 0 2015 2016 2017 2018 2019 RENTAL RATES OCCUPANC RATES . . . . $7.50 100.0% $7.00

$6.50 95.0% $6.00

PER SQUARE FOOT $5.50 90.0% $5.00

$4.50 85.0% $4.00

$3.50 80.0%

LEGEND: BULK DISTRIBUTION OFFICE WAREHOUSE Large space, 20,000 SF and up; Typically buildings with 12' to 18' generally 20’ to 32’ clear ceilings, ceilings, drive-in or dock high doors sprinklered, dock-high loading, often and approximately 20% to 40% office. rail served and approximately 5% office EAST (Pinson Valley Parkway, Tarrant, Irondale, Trussville, Moody) The East submarket performed well in 2019 and is poised for continued growth in 2020 and beyond. After a moderate setback in 2018, the submarket reabsorbed 45,000 sf of the new vacancy in 2019, all of which is attributed to the bulk distribution sector. As such, bulk distribution space is very tight with occupancy rates approaching 98%. Alternatively, the office warehouse sector is currently over-supplied with occupancy rates dropping to around 84%. This decrease is the result of almost 25,000 sf of newly vacated office warehouse space at Commerce Square East. In total, the East submarket remains balanced with overall occupancy at 95.5%.

The East submarket of Birmingham is poised for growth in the coming years. In the Pinson Valley neighborhood, Graham & Company is breaking ground on a 284,000 sf build-to-suit project for a Canadian manufacturer of carbon steel tubing. Toward the eastern periphery of the submarket, site work is underway for a new technology park on a 62-acre, undeveloped site near the Barber Motorsports Park and I-20. The park is expected to attract tenants related to technology, aerospace, and automotive racing. Lastly, Irondale’s Grants Mill EAST Rd. corridor is seeing growth, with several notable projects in the pipeline, including the former Sam’s Club redevelopment highlighted below here.

Notable new leases and/or sales in this submarket during 2019 include: (See images on following page) • Classic Car Motoring purchased the 137,358 sf former Sam’s Club warehouse at 3900 Grants Mill Road in Irondale to convert the building into a high-end body shop. Tentative plans call for a restaurant to be built on the former gas station site, and the purchaser is looking to lease space to a luxury car rental company. Jack Brown represented the purchaser. • A crane-served warehouse at 3900 Pinson Valley Pkwy. was purchased by a local investment group, which then leased the entire 76,225 sf building to a manufacturer of modular building units. John Coleman represented the seller and landlord. Ogden Deaton represented the purchaser and tenant.

BULK OFFICE/ TOTAL EAST DISTRIBUTION WAREHOUSE SUBMARKET

Occupancy Rate 97.7% 83.7% 95.5% Status Tight Over-supplied Balanced Available Space 24,000 32,000 56,000 Total Market 1,043,000 196,000 1,239,000 Average Rate PSF $4.43 $6.85 -- New Space Rate PSF $5.25 $9.50 -- Absorption: 2019 64,000 (19,000) 45,000 2018 (64,000) (9,000) (73,000) 2017 (13,000) 9,000 (4,000) 2016 67,000 15,000 82,000 2015 (12,000) (9,000) (21,000) Annual Absorption: 5 Yr Average 8,400 (2,600) 5,800

24 Graham Report 2020 | Birmingham | Industrial Market Survey EAST 25 Graham Report 2020 | Birmingham | Industrial Market Survey EAST

MULTI-TENANT SURVEY: 2019 | BULK DISTRIBUTION (GREATER THAN 20,000 SF)

Property Building Year Head % Rent/ No. Location Loading Construction Rail Sprinklered Occupancy Remarks (Leasing) Size (SF) Built Room Office SF Moody Commerce Park 2003 US 78 at I-20 Exit 47, Dock high 71 Phases 1, 2 & 3 415,200 2007 Concrete tilt-up No 32' Yes 5% 4 75. 87 .5% Moody Drive-in (Graham & Co) 2014 170 Cleage Drive, 1972 Dock high 17'– 72 Cleage Drive 178,000 Metal Yes Yes 5% 3.25 100.0% Pinson Valley 2007 Drive-in 32' Multiple Distribution Center 165 Goodrich Drive, 1972 73 152,000 Dock high Concrete block Yes 21' Yes 10% 3.25 100.0% (Southpace Properties) Pinson Valley 1978 Roebuck Plaza Roebuck 74 Distribution Center 92,500 Industrial Parkway, 1979 Dock high Concrete tilt-up Yes 18' Yes 10% 4.25 100.0% (Barber Companies) US 11 & I-459 Irondale Distribution Center 2503 1st Avenue South, 75 78,000 1974 Dock high Concrete tilt-up Yes 20' Yes 3% 4 .65 69% 2. 24,000 SF Available (Graham & Co) Irondale Old Leeds Distribution Ctr . Dock high 76 70,800 4759 Alton Court 2000 Concrete tilt-up No 24' Yes 25% 4 75. 100 0%. (Graham & Co) Drive-in Commerce Square Commerce Boulevard, Dock high 10%– 77 Business Park 56,000 1987 Concrete tilt-up No 22' Yes 6.50 77.9% Irondale Drive-in 15% (EGS Commercial)

MULTI-TENANT SURVEY: 2019 | OFFICE WAREHOUSE

Property Building Year Head % Rent/ No. Location Loading Construction Rail Sprinklered Occupancy Remarks (Leasing) Size (SF) Built Room Office SF Commerce Square Commerce Square, 78 Business Park 172,200 1987 Drive-in Block No 13' No 25% 7.50 95.2% 32,175 SF Available Irondale (EGS Commercial) Queenstown Industrial Park Queenstown Road, 1987 16'– 79 24,000 Drive-in Metal & Brick No No 15% 5.25 79.2% (B.I.R.) Irondale 1989 18'

3900 Pinson Valley Pkwy 3900 Grants Mill Rd SINGLE TENANT AVAILABLE SPACE SINGLE TENANT ABSORPTION ,, ,

8,000 3,000 7,000 2,500 6,000 2,000 5,000 1,500 4,000 SQUARE FEET I x 1000

SQUARE FEET I x 1000 1,000 3,000

2,000 500

1,000 0

0 -500 2015 2016 2017 2018 2019 INDUSTRIAL BUILDINGS Continuing the trend from the past three years, single-tenant industrial buildings performed relatively well, netting 675,000 sf of positive absorption in 2019. New construction accounted for more than 1 million square feet of newly occupied space. Alternatively, existing buildings lost ground for the first time since 2015, with nearly 350,000 sf of new vacancy available. This negative absorption can primarily be attributed to Michelin vacating nearly 600,000 sf at Moody Commerce Park. Factoring new construction, overall occupancy levels remained flat at 95.5% with less than 4.5 million available square feet remaining on the market.

Of the 1 million sf of new construction that came online during 2019, 800,000 sf is attributed to the new Mercedes Logistics Center in Woodstock which came online in the fall. Other completed developments include an 80,000 sf addition to the Brose facility in Vance, a 78,000 sf fee development in the Lakeshore Crossings Business Park, plus as a couple other sub-50,000 sf projects in the market. The construction pipeline remains full, with an unprecedented 5 million square feet of new industrial product scheduled to deliver in 2020 and beyond.

26 Graham Report 2020 | Birmingham | Industrial Market Survey INDUSTRIAL BUILDINGS Serving as Alabama’s leader in Industrial Real Estate brokerage since 1978

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• Tenant/Landlord Representation • Facility Acquisition/ Disposition • Development/Build-to-Suit • Incentive Procurement • Facility Management • Consulting Services • Investment Sales • Site Selection AVAILABLE PROPERTIES CraneCrby County Served Development Manufacturing Site Facility Shelby County Development Site

I-65/Highway 52 4466 Pinson Valley Parkway • 11-Acre site • Zoning: B-2, General Birmingham, AL 35215 Pelham, AL 35071 Business, City of Pelham • 9,430 SF office available: ±97,118 sf available: ±11.8 acres • Graded site with all utilities • 23 Bridge cranes including sewer • No city occupational taxes • Immediately adjacent to I-65 • Zoning: I-4 Industrial Park via Exit 242 District, Jefferson County • Excellent visibility and access

Contacts: Jack Brown, SIOR Contact: Sonny Culp, SIOR Jack Brown, SIOR (205) 871-7100 (205) 871-7100 jackb@grahamcompany .com jackb@grahamcompany .com sonnyc@grahamcompany .com ha 2 ha 2 65 65 Cullman Distribution Warehouse Greenwood Exchange Site

715 Industrial Drive • 8,318 SF office 5920 Greenwood Parkway • Zoned I-2 Cullman, AL 35055 Bessemer, AL 35022 • Fully fenced & paved • Located 1/4 mile from I-459 available: 129,286 sf available: 3.34 acres • Truck service garage via Exit 6 • (21) Dock high doors with • Part of Greenwood Exchange shelter Class A Industrial Park • (1) Drive-in door • Some of the last sites available in Greenwood • 38' Ceiling heights Exchange

Contacts: John Coleman, SIOR Contact: Ogden Deaton, SIOR (205) 871-7100 Ogden Deaton, SIOR johnc@grahamcompany .com (205) 871-7100 ogdend@grahamcompany .com ogdend@grahamcompany .com

28 Graham Report 2020 | Birmingham | Industrial Market Survey AVAILABLE PROPERTIES 29 Graham Report 2020 | Birmingham | Industrial Market Survey AVAILABLE PROPERTIES

Shelby Commerce Park Mercedes Central Parts Warehouse

3400 Highway 31 • 10,000 SF Class A office 11146 Will Walker Road • 14,912 SF office Calera, AL 35040 Vance, AL 35490 • ESFR sprinkler • 100% Conditioned available: ±225,000 sf • 32' Ceiling heights available: ±518,400 sf • 80' x 80' Column spacing • Concrete tilt-up construction` • ESFR sprinklers • Built to Mercedes specs

Contact: Contact: Ogden Deaton, SIOR Sonny Culp, SIOR (205) 871-7100 (205) 871-7100 sonnyc@grahamcompany .com ogdend@grahamcompany .com

ShelbyRail Served County Industrial Development Site Site Tuscaloosa Warehouse

1835 Koppers Drive • Zoning: M-2, Heavy 3001 Interstate Circle • 9 Acres Industrial Hueytown, AL 35061 Tuscaloosa, AL 35453 • 1/2 Mile from I-59 • WATCO offering direct available: 75 acres available: 40,000-120,000 sf • 24'-35' Clear heights ± interchange with CSX, BNSF and Norfolk Southern • T-5 Lighting • Built 2001, addition 2006 • Excellent interstate access and visibility via Exit 15 off • (18) Dock high doors, I-20/59 (2) Drive-in doors • Excellent condition • City of Hueytown, no city LEASED AVAILABLE • 10 Miles from occupational tax Contacts: Mercedes plant Jack Brown, SIOR Ogden Deaton, SIOR Contact: (205) 871-7100 Ogden Deaton, SIOR jackb@grahamcompany .com (205) 871-7100 ogdend@grahamcompany .com ogdend@grahamcompany .com tertate re ha 2 65

orig red 71% Calera Commerce Park Refrigerated Storage Facility

Highway 22 & George Roy Parkway • Pad ready sites 110 Adcon Lane • 6,700 SF conditioned, Calera, AL 35040 • Build-to-suit from Pell City, AL 35125 6,650 SF cooler, available: 30 acres 10,000 SF to 250,000 SF available: 19,260 sf 2,550 SF office and 3,360 SF • Excellent interstate dry storage visibility from I-65 • (5) Dock high loading doors • Close proximity to with levelers Shelby County Airport, • (2) Grade level loading doors Walmart, & Publix • Large paved truck court • Owner will subdivide

Contact: Contacts: Ogden Deaton, SIOR Jordan Tubb, SIOR (205) 871-7100 Ogden Deaton, SIOR ogdend@grahamcompany .com (205) 871-7100 jordant@grahamcompany .com 22 ogdend@grahamcompany .com

Moody Commerce Park Shelby Commerce Park Development Site

I-20 Brompton @ Exit #147 • 32' Clear height Highway 31 • 1 Mile from I-65 Calera, AL 35040 Moody, AL 35004 • ESFR sprinkler • Part of Class A 1,500,000 SF available: Up to 78,000 sf • No occupational tax, available: ± 50 acres Shelby Commerce Park St. Clair County • Build-to-suit available from Preleasing Proposed Phase Four • Superb interstate access 100,000 SF to 1,000,000 SF Prepared Building Pad • 13,000 SF per bay

• Interstate visibility OAK TREE LN

he ommere ar

0 CSX ± Contact: Contact: Sonny Culp, SIOR CSX Ogden Deaton, SIOR (205) 871-7100 (205) 871-7100 sonnyc@grahamcompany .com ogdend@grahamcompany .com

30 Graham Report 2020 | Birmingham | Industrial Market Survey AVAILABLE PROPERTIES 31 Graham Report 2020 | Birmingham | Industrial Market Survey AVAILABLE PROPERTIES

Office Warehouse with Yard Free Standing Office Warehouse

904 Industrial Park • 3,100 SF office 1111 Greenwood Crossing Court • 4,000 SF office Bessemer, AL 35022 Bessemer, AL 35022 • +/- 1 Acre fenced gravel • 20’ clear ceiling height available: 12,000 sf yard for outside storage available: 12,000 sf ± ± • Grade-level loading with • (3) Grade level loading mechanical opener doors • Large concrete parking • 16’ - 18’ Eave height area • Exterior loading dock well • 3-Phase, 240V electrical • 3-Phase, 480V, 1,200 Amp, service electrical service

Contact: Contact: Jordan Tubb, SIOR Jordan Tubb, SIOR (205) 871-7100 (205) 871-7100 jordant@grahamcompany .com jordant@grahamcompany .com

Anniston Manufacturing Facility Freestanding Irondale Office Warehouse

2505 Alexandria Road • 9,033 SF office area 2870 Crestwood Boulevard • 1.53-Acre site Anniston, AL 36201 Birmingham, AL 35210 renovated in 2011 • 3,000 SF office available: 144,670 sf available: 10,500 sf ± • Up to 30’ clear ceiling ± • 4x Oversized drive-in heights doors • 3-Phase electrical service • Built in 2005 (480V, 3000A) • Excellent interstate access • Former refractory location industrial bins & container • 3-Phase 480V, 600A to remain electrical service

Contact: Contacts: Jordan Tubb, SIOR John Coleman, SIOR (205) 871-7100 Jordan Tubb, SIOR jordant@grahamcompany .com (205) 871-7100 johnc@grahamcompany .com jordant@grahamcompany .com Tuscaloosa Distribution Warehouse Manufacturing/Distribution Facility

3931 Rice Mind Road NE • 24’ Clear height 1206 26th Street SW • 4,591 SF office Tuscaloosa, AL 35406 Cullman, AL 35055 • Column spacing 52'x40' • (1) 3-ton crane available: ±45,000 sf • ESFR wet sprinkler system available: 45,591 • (3) 5-ton cranes • 8” Concrete floors • 72 Surface parking spaces • 3,200 Amps 270/480V 3-phase power

Contact: Contacts: John Coleman, SIOR John Coleman, SIOR (205) 871-7100 Ogden Deaton, SIOR johnc@grahamcompany .com (205) 871-7100 johnc@grahamcompany .com ogden@grahamcompany .com

Class-A Corporate Campus Jasper Warehouse Facility

425 Molton Street • 48,460 SF, 2-story, Class-A 3405 Industrial Way • 4,000 SF office Montgomery, AL 36104 Jasper, AL 35501 office • Bridge cranes (partial available: 85,000 sf • 85,000 SF, fully available: 42,000 sf coverage); (2) 10-Ton; ± ± (2) 15-Ton conditioned warehouse • Compressed air and natural • Located in the CBD of gas piping in warehouse Montgomery • Electrical: 277/480V with a 750 KVA padmount transformer • (3) Drive-in doors; (1) dock high Contacts: Contact: John Coleman, SIOR Sonny Culp, SIOR Dan Lovell, SIOR, LEED AP (205) 871-7100 (205) 871-7100 sonnyc@grahamcompany .com johnc@grahamcompany .com danl@grahamcompany .com

32 Graham Report 2020 | Birmingham | Industrial Market Survey AVAILABLE PROPERTIES 33 Graham Report 2020 | Birmingham | Industrial Market Survey AVAILABLE PROPERTIES

Jasper Warehouse Former Bank Building

3515 Industrial Way • 13.8-Acre site 600 2nd Avenue • Zoning C-2; office/retail Jasper, AL 35501 Opelika, AL 36801 • 3,000 SF office • BB&T (NYSE: BBT) available: ±72,000 sf available: 7,337 sf leases 1st floor through • (7) Drive-in doors July 31, 2024 • 40’ Clear height (no • BB&T Annual Rent: columns) $102,718; increasing by 2% • Electrical: (277/480v) with per annum a 750 KVA padmount • 2nd Floor available for transformer lease/owner occupant • Bank owned Contact: Contact: Sonny Culp, SIOR Jack Brown, SIOR (205) 871-7100 (205) 871-7100 sonnyc@grahamcompany .com jackb@grahamcompany .com

Vance Build-to-Suit Opportunity Vance Class-A Warehouse

Will Walker Road • Partially graded 10095 Brose Drive • 2,500 SF office Vance, AL 35490 Vance, AL 35490 • Excellent topography • (11) Dock high doors with available: available sf 97 Acres • All utilities : 45,000-120,000 seals, levelers, and dock lock • Immediate interstate access • 26'-30' Clear ceiling heights • Mercedes-Benz proximity Brose • Concrete Tilt-up MERCEDES

ARD BLG • Adjacent to MercedesMERCEDES Plant

Contact: Averitt Contact: Sonny Culp, SIOR Ogden Deaton, SIOR (205) 871-7100 (205) 871-7100 sonnyc@grahamcompany .com SUBJECT ogdend@grahamcompany .com Bessemer Rail-Served Warehouse Oxmoor Distribution Warehouse

5501 Vulcan Road SE • 5,000 SF office 400 Industrial Drive • 12,000 SF office Bessemer, AL 35022 Birmingham, AL 35211 • Brick construction • 32'-35' Ceiling height available: 164,000 sf • 20’ to 29' Clear height up to 780,000 sf available • Concrete tilt-up • 60' to 80' Clear span construction • Warehouse can be • Huge concrete truck court subdivided from 20,000 SF for trailer storage and up • CSX rail • Excellent crossdock loading

Contact: Contact: Ogden Deaton, SIOR Ogden Deaton, SIOR (205) 871-7100 (205) 871-7100 ogdend@grahamcompany .com ogdend@grahamcompany .com

Quality Concrete Tilt-Up Building Former Southeastern Plate Facility

2727 31st Avenue North • Concrete tilt-up 320 Fleming Road • 2,250 SF office Birmingham, AL 35207 construction Birmingham, AL 35217 • (1) 15-Ton bridge available: 40,000 SF • New roof in 2016 available: ±102,000 sf • (9) 10-Ton bridge • (2) Dock high, (1) drive-in • (2) 6 -Ton bridge • Totally renovated in 2016 • (7) 5-Ton bridge • (1) 2-Ton bridge • 50' Bay width • 26' Hook height • Rail served Contact: Contact: Ogden Deaton, SIOR Jack Brown, SIOR (205) 871-7100 (205) 871-7100 ogdend@grahamcompany .com jackb@grahamcompany .com

34 Graham Report 2020 | Birmingham | Industrial Market Survey AVAILABLE PROPERTIES 35 Graham Report 2020 | Birmingham | Industrial Market Survey GRAHAM INDUSTRIAL ACTIVITIES 2019

GRAHAM INDUSTRIAL ACTIVITIES 2019

SOLD SOLD SOLD

CHEP Amarillo Investment: 65,250 SF LKQ Warehouse Investment: 69,250 SF Pinson Valley Industrial Building: 153,220 SF Investment sale of newly constructed warehouse leased to Chep USA, Amarillo, TX. Investment sale of new built-to-suit warehouse on 70 acres, leased to LKQ Auto parts, Rail served concrete tilt-up office warehouse on 16 acres sold to DPC, LLC for distribution Tooele, UT. and processing of paper in Birmingham, AL.

SOLD SOLD LEASED

Oxmoor Warehouse: 82,000 SF Shelby West Corporate Park Office warehouse: Tuscaloosa Air-Conditioned Warehouse: 59,300 SF Sale/leaseback of 82,000 SF concrete tilt-up warehouse on 7 acres, Birmingham, AL. 17,328 SF Long-term lease to Flowers Bakery, Tuscaloosa, AL. Sale of Class-A office warehouse, Alabaster, AL.

SOLD SOLD SOLD

Trussville Office warehouse: 50,000 SF Former Borgers Warehouse: 169,115 SF Kress Tuscaloosa Class-A office warehouse sold to user, Trussville, AL. Class-A warehouse sold to Mercedes Supplier SMP, Vance, AL. Buyer Rep for investment property, Tuscaloosa, AL. SOLD LEASED SOLD

Birmingham Industrial Invest: 57,852 SF Crane Served Warehouse: 76,225 SF Former Supreme Beverage Warehouse: 76,250 SF Buyer rep for industrial investment property, Birmingham, AL. Landlord and tenant rep for industrial property, Birmingham, AL. Disposition of corporate headquarter’s facility, Birmingham, AL.

SOLD SOLD LEASED

Cullman Warehouse: 44,591 SF Southside Office Warehouse: 12,900 SF Oxmoor South: 112,200 SF Buyer rep of freestanding industrial property, Cullman, AL . Sale of historic flex building for alternative use, Birmingham, AL. Tenant rep renewal of 112,200 SF in the Oxmoor submarket, Birmingham, AL.

LEASED LEASED LEASED

Birmingham Food Terminal Building 23: 82,800 SF Moody Commerce Park –Phase 1: 52,000 SF Conditioned Office Warehouse: 50,960 SF Tenant rep lease of 82,800 SF in bulk industrial park, Birmingham, AL. Tenant Rep lease of 52,000 SF, Moody, AL. Lease of air conditioned warehouse to automotive supplier, MöllerTech USA, Bessemer, AL.

36 Graham Report 2020 | Birmingham | Industrial Market Survey GRAHAM INDUSTRIAL ACTIVITIES 2019 37 Graham Report 2020 | Birmingham | Industrial Market Survey GRAHAM TEAM BIRMINGHAM

GRAHAM & CO – BIRMINGHAM

Theresa Baker Don Beaugez Jack Brown, SIOR Walter Brown, SIOR Sam Carroll IV, sior John Coleman, sior Sonny Culp, sior Ogden Deaton, sior Courtney DeShazo

Joel Dorning Matt Gilchrist Henry Graham Matthew Graham Mike Graham, cpm, sior Steve Graham, mai, cre Jerry Grant, ccim Bo Grisham Lauren Limbaugh

Dan Lovell, sior, leed ap Thomas Michael Christie Neely Edward Nobinger, Joelle Rodgers Matt Rowan Hayden Scott, mai Charles H. Simpson Jordan Tubb, sior pa, fma, cfm

David Walker Tana Welch Leslie Williamson ABOUT GRAHAM & COMPANY GRAHAM & COMPANY PERSONNEL (BIRMINGHAM) Founded in 1978, Graham & Company is a full-service commercial real estate firm based in Birmingham, PRINCIPALS DEVELOPMENT PROPERTY MANAGEMENT Alabama with offices in Birmingham and Huntsville, Mike Graham, CPM, SIOR Henry Graham II Theresa Baker Alabama and the Gulf Coast, Florida. The company offers Steve Graham, MAI, CRE Don Beaugez professional services including sales, leasing, property OFFICE GROUP Thomas Michael management, corporate services, consulting, investment, INDUSTRIAL GROUP Walter Brown, SIOR Edward Nobinger, PA, FMA, CFM and development. In response to client demand, Graham Jack Brown, SIOR Sam Carroll IV, SIOR Leslie Williamson has systematically extended its range of services and John Coleman, SIOR Bo Grisham HUNTSVILLE OFFICE geographic reach, now serving clients throughout Sonny Culp, SIOR Jerry Grant, CCIM Tyler Fanning, SIOR Alabama and several surrounding states. Ogden Deaton, SIOR Matt Gilchrist Erika Harless Courtney DeShazo Lauren Limbaugh Jeremy Pope, CCIM, SIOR COMMUNITY INVOLVEMENT Joelle Rogers Dan Lovell, SIOR, LEED AP Bart Smith, CCIM, SIOR Jordan Tubb, SIOR Charles H. Simpson At Graham & Company we recognize that our clients George Twitty, Jr. can enhance the value of their property, business, and/ GULF COAST OFFICE or investment if the community in which they live, and INVESTMENT CLIENT SERVICES MANAGER Christie Neely Jason Carnes work is vibrant and healthy. Graham and its employees Matthew Graham Kevin Williams, CCIM continue to give back to the community in a number of ways including volunteering time and energy in support MARKET RESEARCH ANALYST CORPORATE SERVICES Hayden Scott, MAI of a variety of community and social causes. Matt Rowan INDIVIDUAL MEMBERSHIPS GRAPHIC DESIGN AFFILIATIONS FINANCE Joel Dorning • MAI–Designated member of the Appraisal Institute David Walker, CFO • CCIM–Certified Commercial Investment Member Tana Welch • CRE–Counselors of Real Estate • LEED–Leadership in Energy and Environmental Design • NAIOP–National Association for Industrial and Office Parks • SIOR–Society of Industrial & Office Realtors

38 Graham Report 2020 | Birmingham | Industrial Market Survey GRAHAM & CO

1801 Fifth Avenue North Suite 300 Birmingham, AL 35203

205.871.7100 GrahamCompany.com