the graham report

THE GRAHAM REPORT

2021

MARKET SURVEY | HUNTSVILLE

Graham Report 2021

Industrial Overview

• Jetplex

• North/Central

• Chase

• Greenbrier

Office Overview

• Central Business District

• Jetplex/Madison

• Cummings Research Park Map

• Cummings Research Park

Graham Services

Graham Transactions & Availabilities

About Graham

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GRAHAM REPORT 2021HUNTSVILLE, ALABAMA

The Huntsville commercial real estate market was resilient throughout

the COVID-19 outbreak of 2020. While all sectors were immediately

impacted by the rolling and confusing shutdowns, the market has

stabilized and recovered quite well in a short period of time.

The number of employees working from home increased dramatically

in 2020 and this change might have lasting effects as companies

re-think their office operations. The Huntsville office market still

managed to net positive absorption of 972,501 sf and a vacancy rate

of 9.26%, the lowest in several years. Most of the positive activity

has taken place at the Redstone Gateway project.

The increase in e-commerce distribution during the pandemic

accelerated the industrial sector as more projects, including a 1.1

million sf Amazon Distribution Center, were announced to the area.

The vacancy rate (4.98%) is at the lowest level in more than a decade.

The industrial sector has seen 2.5 million sf of positive absorption

in the last two years and construction is booming with greater than

one-million sf of new, speculative space under construction to help

meet the demands of a growing industrial base.

Land prices continue to escalate across all sectors. Prices in the

CBD remain above $50 psf as the area remains a prime spot for

renovation and/or new construction. Industrial land prices have

increased dramatically in the Greenbrier area, catching up with the

spike in activity. Retail and multi-family land prices remain strong.

INDUSTRIAL OVERVIEW

HUNTSVILLE INDUSTRIAL OVERVIEW

Vacancy for Huntsville’s industrial market

decreased in 2020 to 4.98%, marking the

lowest rate the Huntsville Industrial market

has seen since 2008.

Vacancy is still above the national rate of

4.60%. Average rental rates nationwide

increased 6.3% to $8.24 per sf while the

Huntsville market also saw an increase in rents.

Asking rates for new Class-A industrial office

are close to $7.00 per sf. Low supply and high

costs of new construction will continue to

drive rents upward.

New construction for industrial buildings

increased sharply to 264 million sf, up 9.55%

over 2019. More than 1,000,000 sf of non-user

owned industrial products were announced or

under construction in the Huntsville market.

The Huntsville market had positive absorption

of 1.2 million sf in 2020, which equates to a

net positive absorption of three million sf in

the last two years. Nationwide absorption was

223 million sf with 104 million sf absorbed in

the 4th quarter. Nationally, 48 transactions

were completed for facilities of one million sf

or more

Land prices for industrial projects continue

to increase, especially in the Greenbrier and

Spacegate areas. Land is now selling for more

than $50k per acre in most submarkets.

The investment market for industrial product was

again one of the top performing sectors with an

average national cap rate of 6.25%. Investors are

searching beyond the large, Tier I and II cities for

investment deals and that has lowered cap rates

in Tier III cites like Huntsville. In fact, there were

a couple of industrial trades in the Huntsville

market in 2020 that were sold for below a 7%

cap. The outlook remains bullish for the industrial

sector as finance rates remain low and demand

for the e-commerce product remains high.

6 Graham & Co | 2021 GRAHAM REPORT | HUNTSVILLE, AL

VACANCY RATESMARKET

SINGLE

TENANT

MULTI

TENANTOVERALL

Jetplex 11.31% 2.32% 8.39%

North|Central 0.73% 0.07% 0.17%

Chase 6.63% 1.89% 6.48%

Greenbrier 0% 0% 0%

-500,000

0

500,000

1,000,000

1,500,000

2,000,000

2016 2017 2018 2019 2020

SQ

UA

RE

F

EE

T

INDUSTRIAL ABSORPTION

1,272,271SQUARE FEET

327,729SQUARE FEET

2020:

MARKET SF VACANT SF 2020 2019 2018 2017 2016

Single Tenant 20,922,702 SF 996,203 SF 5.70% 5% 7.87% 4.72% 4.70%

Multi-Tenant 4,876,575 SF 445,430 SF 1.89% 9.40% 6.87% 10.20% 14.28%

Total Industrial 25,799,277 SF 1,441,633 SF 4.98% 5.84% 7.64% 5.97% 6.86%

ANNOUNCEMENTS OF NOTE IN 2020:

The Covid-19 Pandemic increased the demand and needs for e-commerce companies and buildings. The expected industrial absorption for 2022 is 333 million sf which is triple the absorption now. The Huntsville market, coupled with the growth around the Mazda Toyota plant, is now beginning to feel the impact of these changes.

• More than 1.2 million sf of speculative industrial space was announced or under construction, with greater than 750k sf in the Greenbrier submarket.

• Prices have increased for new construction which will drive rental rates up.

• Huntsville has many new developers and owners in the market now.

7

Jetplex Center

JETPLEX INDUSTRIAL MARKET


Vacancy for Jetplex Industrial Park increased slightly in 2020 to 8.39%, up from the previous year’s 7.10% rate. Vacancy for the Jetplex area remains low with the largest vacancy found in the former 796k sf Remington plant.

Jetplex Industrial Park is Huntsville’s largest industrial base, representing 43% of the Huntsville industrial market, and comprised of several smaller markets that surround Huntsville International Airport and the Intermodal Center. Jetplex Industrial Park contains 1,470 acres and offers Foreign Trade Zone #83, U.S. Customs Port of Entry and interstate access via I-565. Jetplex South Industrial Park contains 1,400 acres and is located just south of Jetplex Industrial Park. Lowe Industrial Park is a 900-acre park originally designed to encompass the growth of Intergraph Corporation.

[ 11.2 MILLION SF TOTAL ]OVERALL VACANCY 8.39% SINGLE TENANT 11.21%MULTI-TENANT 2.32%

Recent developments in the Jetplex Industrial

Market:

• The 550,000 sf former Navistar plant is now 100% leased. The building was vacated in 2017 and sold to an out of town investor.

• Remington exited their 796,000 sf building on Wall Triana Hightway. The 200 year old firearm manufacturing company declared bankruptcy and vacated buildings in Huntsville, AL and Madison, North Carolina.

• Shamrock Investors began construction on a 116,000 sf building on James Record Road. The building offers 32-foot clear ceilings and is located 1.5 miles from I-565.

Major area tenants include: Navistar, Kohler,

SES, & Georgia Pacific.

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Facebook Huntsville Data Center

NORTH/CENTRAL INDUSTRIAL MARKET


Vacancy for the North/Central Huntsville industrial market fell sharply to 0.17% in 2020, down from the 7.20% posted in 2019. Several large blocks of space were leased, and a couple of buildings that were under construction were completed and occupied. The North/Central Huntsville industrial market is comprised of 5.37 million sf and represents 21% of the total Huntsville industrial market.

North Huntsville Industrial Park added several large buildings to its inventory, including the 900,000 sf Facebook data center and the 136,000 sf Aerojet facility. The area provides good access to North Alabama and Southern Tennessee. The tenant mix in the area consists of companies in the automobile industry, defense, and local and national service companies.


Recent developments in the North/Central

Industrial Market:

• The 300 Diamond Drive building was leased by Kohler and SAIC. The building is 300,000 sf and is now 100% leased.

• Blue Origin opened its new 350,000 sf rocket engine manufacturing plant in Cummings Research Park West. The building was built to provide the main engines for the Vulcan Centaur that the United Launch Alliance is building in Decatur, Alabama.

• Yulista occupied space at its new 126,000 sf facility at Redstone Gateway. The new building will be used for warehouse and distribution, including some space for kitting operations.

Major area tenants include: Toyota, Aerojet Rocketdyne, Blue Origin, and Dynetics.

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120, 130, and 150 Vintage Drive

CHASE INDUSTRIAL MARKET


Vacancy in Chase Industrial Park held steady at 6.48% in 2020. A large block of space, the 1.3 million sf former Cinram building, will be added to the market in August of 2021; vacancy numbers are expected to increase drastically by EOY 2021.

Chase represents 22% of the entire Huntsville industrial market and was developed by the Madison County Commission. Chase Industrial Park is comprised mostly of single tenant employers. Situated on 1,700 acres in northeast Huntsville, only 50 acres remain available for new development. Products manufactured in the park include automobile supplies, plastic products, and home building supplies.

[ 5.05 MILLION SF TOTAL ]OVERALL VACANCY 6.48% SINGLE TENANT 6.63%MULTI-TENANT 0%

Recent developments in the Chase

Industrial Park:

• The 1.3 million sf former Cinram plant on Moores Mill Road was put on the market for $43,000,000 or $31.57 per sf. The building sits on 161 acres, is fully air conditioned and has more than 600k sf of 42-foot clear warehouse space.

• 130 Vintage Drive building, a 277,883 sf industrial building that was formerly part of the Qualitest Campus, sold for $19,900,000 or a 6.75% cap rate. The building is currently leased by Leidos.

Major area tenants include: J and J South Central, Cinram, PPG Industries, Mitchell Plastics, Hart & Cooley, Kommerling, and Schwarze Industries.

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Mazda/Toyota Manufacturing USA Plant.

GREENBRIER INDUSTRIAL GREENBRIER INDUSTRIAL MARKETMARKET


The Greenbrier area is in an ideal location for companies that have logistic and transportation needs in the North Alabama and Southeastern markets. Interstate I-65 and I-565 intersect near Greenbrier and serve as a key access point for companies in the automotive, services and defense industries. Rail access is available in the area.

Vacancy is currently at 0%. Several new construction projects, including the Mazda Toyota plant, will raise the total sf in the area to more than 6 million sf in a couple of years. Most companies located in the area are generally in the automotive, services, and transportation industries.

[ 4.16 MILLION SF TOTAL ]OVERALL VACANCY 0% SINGLE TENANT 0%MULTI-TENANT 0%

Recent developments in the Greenbrier

Industrial Park:• Hollingsworth Companies held a

groundbreaking for a new 404,738 sf industrial building in SouthPoint Business Park. This is the 11th building developed in the park which, once completed, will have more than 1.9 million sf of industrial space.

• The TPA Group announced plans to build a 213,000 sf building on Mooresville Road. The building is estimated for completion in September and will offer 32' clear height and excess land for outside storage or truck parking.

• Intersect Development Group closed on a 47-acre tract of land on which it will build a planned 400,000 sf industrial park. The first building will be 144,500 sf and construction is expected to be completed in 2021.

Major area tenants include: GE Aviation, Target, Fed Ex.

GREENBRIER P KWYGARRETT ROAD

BIBB GARRETT ROAD

MOORSVILLE ROAD

OLD HWY 20

SEGERS ROAD

SWANCOTT ROAD

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OFFICE OVERVIEW

HUNTSVILLE OFFICE OVERVIEW

Several new office construction projects

are underway in the CRP submarket as

part of a consolidation effort for defense

related companies.

The office market had positive absorption

of 972,501 sf in 2020. The Huntsville

market has experienced more than 2.6

million sf of positive absorption since

2017. Most of the newly leased space

is located in Redstone Gateway and

Cummings Research Park (CRP). The

Redstone Gateway project has grown to

more than 1.3 million sf of office, industrial

,and retail space.

Vacancies were down in the Jetplex/

Madison and CRP submarkets, but up

in the Central Business District (CBD).

CRP is the area’s largest submarket,

and vacancy fell to 6.99% from the prior

year’s rate of 8.14%. The CBD vacancy

increased to 14.5% while the Jetplex/

Madison market decreased to 14.06%.

Most vacancies in all three submarkets

are located in older, Class-C buildings

that might be candidates for a re-

development project.

New construction in Huntsville has

been active in all sectors, especially in

the Redstone Gateway development. A

couple of new office building projects

were announced for the CBD, and several

redevelopment projects are underway

that include a large office component.

Rental rates have increased in the

Huntsville market for Class-A and B

space. Class-A space now leases in the

low to mid $20.00 psf range (full service)

while Class-B space generally leases in

the $18.50 psf to low $20.00 psf range.

Annual rent increases average 2% to

3% and free rent is not being offered as

much as in the past.

Vacancy rates for the Huntsville office market fell slightly in 2020 to 9.26%, down from the prior year’s 10.40%. Vacancy has fallen now for five straight years from the 19.31% registered in 2015.


2016 2017 2018 2019 2020

SQ

UA

RE

F

EE

T

OFFICE ABSORPTION

973,000SQUARE FEET

892,000SQUARE FEET

2020:

-200,000

0

200,000

400,000

600,000

800,000

1,000,000

VACANCY RATESMARKET

SINGLE

TENANT

MULTI

TENANTOVERALL

Cummings Research Park

4.25% 13.13% 6.99%

Jetplex/ Madison 0% 17.13% 14.06%

Central Business District

7.30% 15.29% 14.55%

MARKET SF VACANT SF 2020 2019 2018 2017 2016

Single Tenant 9,825,427 SF 414,664 SF 4.22% 6.31% 4.06% 6.32% 7.87%

Multi-Tenant 9,473,794 SF 1,372,191 SF 14.48% 13.97% 16.38% 17.53% 24.39%

Total Office 19,299,221 SF 1,786,855 SF 9.26% 10.40% 10.64% 12.26% 16.63%

Office Announcements of Note in 2020

Redstone Arsenal was selected as the preferred headquarters for the new Space Command

program. Huntsville was chosen over six other sites that compared infrastructure, community

support, and costs. The decision is pending results from an environmental impact analysis. The

project would employ 1,400 people once fully operational. Redstone Arsenal employs more than

40,000 employees to serve 65 various federal agencies on the base.

The Redstone Gateway project has grown dramatically during the last three years and now has

more than 1.3 million sf of office, warehouse, and retail space on its campus. The project has

fourteen properties and is 100% leased at this time. The average age of the buildings is five years

old. Three new building projects are under development that will offer 156k sf of space once

completed. The tenant mix includes Boeing, Yulista, DRS, Cummings Aerospace, and Spaces.

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Redstone Federal Credit Union

CENTRAL BUSINESS DISTRICT CENTRAL BUSINESS DISTRICT OFFICE MARKETOFFICE MARKET


The Huntsville downtown/central business district (CBD) office market consists of approximately three and half million sf and is dominated by the business and health sectors including law firms, banking, accounting, and real estate companies. City, county, and government employees also make the CBD their home.

Vacancy in the CBD increased slightly to 14.55%, up from the previous year’s 14.13% rate. Construction has been active with four new hotels, two multi-family projects, two new office buildings, and a large parking deck slated to be complete by 2022. The need for additional Class-A office space is beginning to be met with a couple of new office building offerings. Land prices continue to appreciate with recent sales over $50 psf.


Recent developments in the Central Business District Office Market:• The 67,000 sf Redstone Federal Credit

Union building on Davis Circle completed construction in late 2020. The building will be home to Redstone’s mortgage, insurance, and investment services business units.

• The two Wells Fargo buildings located on Franklin Street and Madison Street were sold to a local investment group. Wells Fargo will remain in the office building. The owners will look for a new tenant to backfill the existing branch building.

• The former Law Library located at 205 Eastside Square sold to a local LLC for $128 per sf. The building is 12,600 sf and features three floors of open office space and a basement.

• The 220,000 sf Lincoln Mill was purchased by a local team of investors and will undergo a redevelopment project that will include painting, additional parking and lighting, updated elevators, and other tenant specific improvements. The building was originally built in 1900 and was the office to many of the early NASA engineers.

Major area tenants include: Regions Bank, Bryant Bank, The City of Huntsville, BB&T, Lanier Ford Attorneys at Law, Bradley, and Huntsville Hospital.

21

Toyota Field

JETPLEX/MADISON OFFICE MARKET


Vacancy for the Jetplex/Madison office market decreased in 2020 to 14.06%, down from the previous year’s 20.15% rate. Vacancy rates in Madison have now dropped five years in a row.

Madison is one of the fastest growing cities in the state of Alabama and the demand for medical and business services remains strong. Many medically related office and financial services buildings have been built in the Madison market in the last three years. Both Crestwood and Huntsville Hospital have a presence in Madison.


Recent developments in the Jetplex/Madison Office Market:• The multi-use development along Highway

72 has plans for a 350,000 sf medical office building. Retail, multi-family, and residential construction has already begun at the development.

• Development on County Line Road continues to accelerate with a large amount of announced retail transactions and a new 10,000 sf medical building under construction. 12205 County Line Road, a 25,400 sf medical building constructed in 2008 sold for $130 per sf.

Major area tenants include: Palco, Intergraph, Boeing, Huntsville Hospital, and Progress Bank.

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7.35 AC

6.16 AC

7.61 AC

6.57 AC

8.47 AC

9.31 AC

11.1 AC

10.91 AC

18.12 AC

20 AC

6.04 AC7.7 AC

8.07AC

9.6 AC

10.6 AC

12.71 AC 10.75 AC

12.38 AC7.97 AC

8.75 AC 10.09 AC

10.64 AC

21 AC

11.92AC

7.3 AC

14 AC26.79 AC6.75AC

30 AC

18 AC

6.2 AC

7 AC

10 AC 10.76 AC

12 AC

10.75 AC

8.7 AC

8.64 AC

6.08 AC

6.49 AC

14 AC

11 AC

8.3 AC

6.43 AC

6.22 AC

35.88 AC

43.92 AC

12.3 AC

5.21 AC

24 AC

10.63 AC15.47 AC

13.26 AC

5 AC

18 AC

5 AC

7.19 AC

7.59 AC

5 AC

6 AC

10.23 AC 9 AC

10 AC

5 AC

7 AC6.5 AC

11 AC

6 AC5.35 AC

10 AC

19.69 AC

18.35 AC

19.23 AC

9.3 AC

9.5 AC

9.67 AC

11.78 AC

11.96 AC

11.3 AC

27 AC

86 AC

10.34 AC

7.8 AC

9.6 AC

5.64 AC

5.91 AC

9.2 AC

5 AC

4.6 AC9.3 AC

11.35 AC

51.95 AC

18 AC

9.22 AC

6.78 AC

11 AC8.2 AC

6.4 AC

3.2 AC

7.9 AC

5 AC

~ 50 acresCRP Landmark Site

Discovery Place

Technology CenterStrayer University

Bevill Center

UniversityFitnessCenter

Optics Building

Materials Science Building

Engineering Building/

Admissions

Olin B. KingTechnology Hall

Salmon Library

Business Administrative Building

Premier Preschool

UAH SMAP

Fire Station #12

Morton Hall

North CampusResidence Hall

UniversityCenter/Exhibit Hall

RobertsHall/Roberts Recital Hall

Wilson Hall/Wilson Theatre

Southeast Campus Housing

NursingBuilding

Spragins Hall

Union Grove Gallery &Meeting Hall

Wernher von Braun

Research Hall

Central Campus

Residence Hall

Shelbie King Hall

Credit Union

Physical Plant

Central Receiving & Shipping

Johnson Research

CenterWLRH Radio

Station

Business Services Building/

Copy Center

Social SecurityAdministration

Frank Franz Hall

Amphitheater

Fraternity/Sorority Row

Solar Energy Research

Propulsion Research Lab

Robert “Bud” Cramer Research Hall(NSSTC & NOAA Weather Forecasting Office)

Defense Acquisition University

Chan Auditorium

Charger Union

Intermodal Parking FacilityPublic Safety

Charger Village Food Court

Charger Village I

McDonnell Douglas Auditorium

SWIRLL (Severe Weather InstituteResearch and Lightning Laboratory)

Studio 106

Charger Park

Hampton Inn & Suites Home2 Suites by Hilton

401 Wynn Drive

The Bridges

Park Place

Colonial Centerat Lakeside

Progress CenterResearch Park Office Center

Corporate Office Park

Executive Plaza Office Park

Research Place

Lake 1

Lake 4

Lake 3 Lake 2

Lake 5

306 WynnDrive

4975 Bradford

Park WestCenter

Highland Office Park

Technology Pointe

106 WynnDrive

Bldg. 3

Bldg. 2

Bldg. 1

4815Bradford

305 Quality Circle

635 Discovery

Rainbow Daycare

Intuitive Center atResearch Center

Shelby Center for Science & Technology

Student ServiceBuilding

Columbia High School

Cabela'sCatholic

High School

Faulkner University

103 WynnDrive

215 WynnDrive

The Point

ThorntonResearch Park

University of Alabama in Huntsville Foundation

U.S. ArmyRedstone Arsenal

NASA Marshall SpaceFlight Center

UAHFoundation

(Zoned CRP West)

Huntsville International Airport

Downtown Huntsville

FutureDevelopment

CRP Applications

Bridge Street Town Centre

Future ResearchURS / Siemens /

M3 Superior SolutionsDynetics

General Atomics /Complex IQ

AlabamaSupercomputer /

AlabamaResearch & Education Network

DyneticsMTA /Gideon

Dynetics

DavidsonTechnologies

AT&T

InterFuze

Colsa

Aerojet Rocketdyne

ADTRAN

ADTRAN

AeroVironment

HuntsvilleUtilities

MacroIndustries

HII

Quantum Research

DeltaResearch

Vertiv

A-P-TResearch /

SEACQualitest

Shearer & Associates

Kratos Defense & Security Solutions

MBDA /Titertek Instruments

Lockheed Martin

DESE Research /SENTAR

SPS /MSSI

SimTech /Aranea Solutions /U.S. Army Corps

of Engineers

Baron Services

Lockheed Martin

AT&T

Amtec

Redstone Federal

Credit Union

NorthropGrumman

Benchmark Electronics

TeledyneBrown

Engineering

BizTech

Technical Micronics Controls

General Dynamics

AAR IntegratedTechnologies

Advanced Systems Technology

(United Technologies)

SAIC /FPMI

Rolls Royce /CenturyLink

Selex Galileo /Hawk Enterprises

NorthropGrumman

Dynetics

KRS, LLC /F1 Solutions

ASRC Federal

TARCOG

Radiance Technologies, Inc.OMI

KBRwyle

ERC /Cummings Aerospace

DirecTV

Dynetics

NorthropGrumman

NorthropGrumman

RaytheonCompany

SDI /Sierra Nevada

CINRAMBPI

HuntsvilleHospital

Parsons

Lockheed Martin

Digium, Inc.

AEgisTechnologies

ARSA, P.C.

Sikorsky Aircraft

RockwellCollins

ARC /MDA

Decibel

GarverYulista

Yulista

IRSPeopleTec

Jackson Center

BAE Systems /Orbital ATK /

BWXT

HuntsvilleHospital

Strata-GSolutions

Willbrook Solutions

Avion

KBRwyle

L3 /Summit 7

EADS

Technology Service Corporation / MTS

Dynetics

Raytheon /The SI /

Telephonics

NeXolve /Graham & Co.

SpacehabROC/CAMO

Sigmatech /Victory Solutions /

BRC

Stratolaunch / SnellingJohnson Controls /

Moog / Red Hat

Synapse Wireless /

Leidos

T&W Operations /NetWorx

Dynamic Concepts /SRA

Geocent

Dynetics /Vencore Logicore

Aviagen

S3, Inc.

AT Solution /SESI / KLO

Dynetics Field

Bentley

CFDRC /The Smith Family

Clinic for Genomic Medicine

CSRA / Trimble / Trident Technologies /

DynCorp International /ExoAnalytic Solutions /

Booz Allen Hamilton

Cubic GATRTechnologies

Gleason Research Associates /INTUITIVE /

Pinnacle Solutions

Chugach

LSINC / Trideum

i3 / MCR Qualis

Ares Corp.

Kord Technologies

HudsonAlphaMain

RFCU

Tecvox

HII

Intrepid

Paragon at 511

Voya

ger

Way

Discov

ery D

rive

Odyssey Drive

Old Madison Pike

Jan

Dav

is D

rive

Res

earc

h P

ark

Bou

leva

rd

Spar

kman

Dri

ve

Gilmer Drive

Technology Drive

Wyn

n D

rive

Research Drive

Corporate Drive

Bradford Drive

Ente

rpri

se W

ay

Pegasus

Dia

mon

d D

rive

Explorer Boulevard

Expl

orer

Bou

leva

rd

Eagle Drive

Qua

lity

Cir

cle

Gov

erno

rs W

est

University Drive

Holmes Avenue

Holmes Avenue

Moquin Drive

Farrow Road

B

ob H

eath

Dri

ve

Mark C. Sm

ith Drive

Ben

Gra

ves

Dri

ve

Uni

vers

ity

Gre

enw

ay

Ben

Gra

ves

Dr i

ve

Charger Way

John

Wri

ght D

rive

MIDTOWNEON THE PARK

565

72

More than 50 Years of Success3,843 acres11.8 million square feetAlmost 300 companies totalMore than 26,000 employees13,258 enrolled college students

Cummings Research Park

CRP WestInterior Lots (Lots that do not front Park boulevards, and must be accessed via

non-boulevard roads)

Boulevard Non-Access Lots (Lots that have property frontage on boulevards, but are accessed from non-boulevard roads)

Boulevard Access Lots (Lots that have property frontage on and are directly accessible via boulevards)

Lakeside Lots

Outside of official CRP boundaries

Established in 1962, Cummings Research Park (CRP) is one of the largest and most-respected research parks in the world. Since its inception CRP has grown to become the second-largest science and technology park in the U.S. and fourth-largest in the world.

CRP, as shown here, encompasses 3,843 acres and includes nearly 12 million square feet of administration, laboratory, research and development, classroom and manufacturing space.

Approx. 310 acres of land are available for development in CRP West. In order to stimulate economic development and investment, the price of land per acre in CRP is significantly lower than adjacent property, providing an attractive incentive for new and expanding companies.

Land parcels in CRP West range from four acres (minimum) to 18 acres, but may also be reconfigured to meet company requirements. For each parcel, the City of Huntsville will complete basic site preparation including road access, curbing, drainage, telecommunications, and utilities to the site.

CummingsResearchPark.com Scale in Miles 0 1/4 1/2 3/4

May 2018

Acreage depicted on this map should be confirmed with CRP Director if interested.

For more information and undeveloped land prices, contact Erin Koshut at 256.535.2086 or [email protected]

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CUMMINGS RESEARCH PARK OFFICE MARKET

Redstone Gateway


The Cummings Research Park (CRP) submarket remained steady as vacancy rates decreased to 6.99% down from the previous year’s 8.14%. Multi-tenant vacancy increased to 13.13% while single tenant vacancy fell to 4.25%.

Many companies in CRP are defense-related and depend on the government for the funding of military projects. Many of the companies in CRP have expanded their footprint in the last three years, and money allocated for defense programs has improved.

CRP is the largest office market in Huntsville with more than twelve million sf, representing greater than 70% of the total Huntsville office market. Cummings Research Park is the second largest research park in the United States, encompassing 3,843 acres. Only 430 acres remain for future development. The range of companies in the park includes Fortune 500 companies, local entrepreneurial start-ups, biotechnology and defense related firms.

Most companies in CRP act in a support role to meet various demands for military installations located on Redstone Arsenal. Redstone is home to the U.S. Army Aviation and Missile Command (AMCOM), the Space and Missile Defense Command, numerous Program Executive Offices (PEO), and major components of the Defense Intelligence Agency and the Missile Defense Agency.


Recent developments in the Jetplex/Madison Office Market:• The plans for the new 8,000 capacity

amphitheater development were approved. Construction will begin in 2021 with plans to be opened in 2022. The amphitheater is a key component for the MidCity Development which now includes Topgolf, Dave & Buster’s, REI Co-Op, and the newly announced Trader Joe’s.

• A six-property office portfolio sold for $83 million to an out of town investment group. The portfolio consists of more than one million sf of Class-A and B office space and includes the Northrop Grumman building in CRP and the Regions building in the CBD. The buildings were 97% occupied at the time of the sale.

• Yulista moved into its new headquarter buildings in Redstone Gateway. The company consolidated multiple office and industrial locations in CRP and Jetplex into more than 364,000 sf of newly built office, R & D, and warehouse space at Redstone Gateway.

• Construction for the Alabama School of Cyber Technology and Engineering (ASCTE) began at the intersection of Bradford Drive and Wynn Drive. The school will open at Oakwood University in the fall of 2021, then move into the new facility upon completion which is slated for summer of 2022. ASCTE is a state-level magnet school that will specialize in the integration of cyber technology and engineering.

Major area tenants include: Dynetics, Adtran, Northrop Grumman, Lockheed Martin, and numerous other high-tech companies.

27

GRAHAM SERVICES

Graham & Company has a market-leading office platform

with bolstered development capabilities. Graham’s client-

centric philosophy and growth-oriented approach as well

as a shared culture of teamwork, integrity, and service

position it to offer “best-in-class” real estate services.

GRAHAM SERVICES

INVESTMENT SALESDEVELOPMENT BROKERAGE


BROKERAGEGraham & Company’s brokerage division provides sales and leasing services in four key sectors of commercial real estate: office, industrial, land, and investment. Graham agents consistently rank among the best in their prospective markets. However, it’s not the numbers that reflect the Graham way, it’s the ability to examine each deal through the eyes and sensibilities of its clients that separates Graham from the other industry leaders.

DEVELOPMENT/CONSULTINGGraham & Company’s development group assembles and works closely with teams of architects, engineers, and contractors to create both build-to suit as well as speculative developments. Graham’s development group also procures financing, negotiates leases, and establishes property management systems for its development projects. Graham has been involved in the development of industrial properties, office buildings, office/service centers, and office building rehabilitation projects throughout the Southeast.

INVESTMENT SALESIn addition to brokerage and development, Graham & Company offers investment sales services. Our in-house team has the experience and capability to produce quality offering memorandums, actively market assets for sale, source potential investors, and successfully navigate the closing process.

31

BrokerageRepresenting clients in the negotiation,

structuring, and execution of leases

Construction ManagementConsulting, oversight, and project

management of various build outs/construction projects

Build-to-Suit ProcessDevelop custom properties and facilities

to meet our client’s needs

CORPORATE SERVICES

Valuation ServicesBroker opinions of value, and other financial models to better help you

make wise and advantageous real estate decisions


Graham & Company serves corporate and institutional clients by offering a comprehensive platform of real estate services across geographic locations and property types.

Facilities ManagementLease administration, portfolio

management, site management, etc.

Strategic PlanningDeveloping plans to harmonize strategic business goals with property and facility

decisions

Real Estate Tax ConsultingNegotiating appropriate tax valuations

for existing or new properties

Debt SolutionsLeveraging debt relations to negotiate optimal terms for new acquisitions or

existing properties

33

GRAHAM TRANSACTIONS& AVAILABILITIES

SOLD

2308 Meridian StreetHuntsville, AL160,000 SF Graham represented the buyer in purchasing this multi-building storage warehouse facility.George Twitty, Jr.

LEASED

130 Vintage DriveHuntsville, AL 277,883 SF Graham represented both the landlord and tenant in leasing this industrial facility.Bart Smith, CCIM, SIORJeremy D. Pope, CCIM, SIOR

LEASED

3414 Governors Drive Huntsville, AL9,806 SF Graham represented Performance Drone Works in leasing office space at Stovehouse. Bart Smith, CCIM, SIOR

SOLD

2313 Whitesburg Drive Huntsville, AL4,000 SF Graham represented the buyer in purchasing this facility for medical use.George Twitty, Jr.

SOLD

912 Winchester RoadHuntsville, AL 10,952 SF Graham represented the owner in the disposition of this industrial facility.George Twitty, Jr.

LEASED

5323 Endeavor WayTanner, AL252,800 SF Graham represented Custom Assembly in its lease of this industrial facility.Jeremy D. Pope, CCIM, SIOR

GRAHAM TRANSACTIONS


SOLD

2094/2100 Fisher StreetHuntsville, AL16,421 SF Graham represented the owner in the disposition of this industrial facility.George Twitty, Jr.

LEASED

355 Quality CircleHuntsville, AL58,883 SF Graham represented Dynetics in leasing this industrial facility. Bart Smith, CCIM, SIOR

SOLD

409 Madison Street & 408 Franklin Street, Huntsville, AL17,816 SF Graham represented the owner in the disposition of this office facility in downtown Huntsville.Bart Smith, CCIM, SIORTyler Fanning, SIOR

LEASED

1000 James Record Road Huntsville, AL 124,097 SF Graham represented the landlord in leasing this industrial facility to UPS.Jeremy D. Pope, CCIM, SIOR

LEASED

905 James Record Road Huntsville, AL67,285 SF Graham represented the landlord in leasing this industrial space to JIT Services.Jeremy D. Pope, CCIM, SIOR

LEASED

905 James Record Road Huntsville, AL49,325 SF Graham represented the landlord in leasing this industrial space to High Sec Labs.Jeremy D. Pope, CCIM, SIOR

37

SOLD

1241 Gnat Pond RoadLeighton, AL47,500 SF Graham represented the owner in the disposition of this industrial facility.Jeremy D. Pope, CCIM, SIOR

LEASED

495 Production AvenueMadison, AL 19,200 SF Graham represented the landlord in leasing this space to GigaParts. Jeremy D. Pope, CCIM, SIOR

SUBJECT

Johns RoadJohns RoadJohns Road

Oakw

ood Road

Oakw

ood Road

Oakw

ood Road

SOLD

Oakwood RoadHuntsville, AL2.35 Acres Graham represented the buyer in purchasing this land site.Tyler Fanning, SIOR

SUBJECT

Chase Farm BlvdChase Farm BlvdChase Farm Blvd

Swancott R

dSw

ancott Rd

Swancott R

d

SOLD

25025 Chase Farm Boulevard, Madison, AL8.74 Acres Graham represented Penske in purchasing this industrial land site in the Greenbrier area.Tyler Fanning, SIOR


2308 MERIDIAN STREETHUNTSVILLE, AL

AVAILABILITY: 5,000 SF - 50,000 SF• Storage warehouse facility• Yard space available

George Twitty, [email protected]

MERIDIAN STREET WAREHOUSES

LEASE

SUBJECT

Sparkman Drive

Sparkman Drive

Sparkman Drive

Wynn Drive

Wynn Drive

Wynn Drive

Old Madison Pike

Old Madison Pike

Old Madison Pike

140 SPARKMAN DRIVEHUNTSVILLE, AL

AVAILABILITY: Up to 219,000 SF• Industrial/flex campus within Cummings

Research Park East• Located within an Opportunity Zone

Bart Smith, CCIM, [email protected]

Tyler Fanning, [email protected]

140 SPARKMAN DRIVE

LEASE

670 DISCOVERY DRIVE HUNTSVILLE, AL

AVAILABILITY: 38,000 SF• Located within Cummings Research Park

West• Situated on a 10-acre campus• Additional pad site available



670 DISCOVERY DRIVE

LEASE

150 VINTAGE DRIVEHUNTSVILLE, AL

AVAILABILITY: 269,981 SF• Fully conditioned facility within Chase

Industrial Park• State-of-the-art cross dock facility• 31’ clear height

Jeremy D. Pope, CCIM, [email protected]

150 VINTAGE DRIVE

SALE/LEASE

230 LARACY DRIVEHUNTSVILLE, AL

AVAILABILITY: Up to 208,000 SF• New construction in Jetplex Industrial

Park• 48 docks with 2 wide drive-in ramps• 32’ clear height• Only 1.5 miles to the I-565 interchange


RUNWAY DISTRIBUTION

LEASE

23366 BIBB GARRETT ROADTANNER, AL

AVAILABILITY: Up to 305,760 SF• Class-A industrial facility at the NW

corner of I-65 & I-565• Expandable by 200,000 SF• Custom TI packages and incentives

available



23366 BIBB GARRETT ROAD

LEASE

AVAILABILITIES

39

AVAILABLE

AVAILABLE

8.3 ACRES

8.3 ACRESAVAILABLE

8.3 ACRES

MADISON BOULEVARD (HWY 20)



RESEA

RC

H B

LVD

RESEA

RC

H B

LVD

RESEA

RC

H B

LVD

MADISON BOULEVARDMADISON, AL

AVAILABILITY: 8.3 Contiguous Acres• Convenient ingress/egress via traffic

signal at Research Boulevard• Highly visible location with frontage on

Madison Boulevard• Close proximity to Town Madison


MADISON BLVD. LAND

SALE

135 WESTCHESTER DRIVEMADISON, AL

AVAILABILITY: 25,000 SF• New and planned construction in the

Jetplex area• Located off Madison Blvd. just west of

Wall Triana Hwy.


135 WESTCHESTER DRIVE

LEASE

240 HIGHWAY 31HARTSELLE, AL

AVAILABILITY: 10,000 or 16,000 SF• Retail opportunity• Highly visible location with access from

Hwy. 31 and Hwy. 36


240 HIGHWAY 31

LEASE

SUBJECT SITE20+ Acres

Robinson StreetRobinson StreetRobinson Street

Bethel RoadBethel RoadBethel Road

Priceville Junior High SchoolPriceville Junior High SchoolPriceville Junior High School

HIGHWAY 67 PRICEVILLE, AL

AVAILABILITY: 20 Acres• Excellent visibility along Hwy. 67• Less than 1 mile from I-65


HIGHWAY 67 LAND

SALE

600 COLLEGE STREETALBERTVILLE, AL

AVAILABILITY: 17,766 SF• Two-story office building less than 1 mile

from Hwy. 431• 3-phase power with 100 Kilowatt natural

gas generator


600 COLLEGE STREET

SALE

SUBJECTSUBJECTSUBJECT

4701 ANGLER DRIVEHUNTSVILLE, AL

AVAILABILITY: 5,190 SF• Investment opportunity• Truck repair shop


4701 ANGLER DRIVE

INVESTMENT SALE


565 LOGISTICS CENTERHUNTSVILLE, AL

AVAILABILITY: Up to 144,750 SF• Planned construction in the Greenbrier

area; available 3Q 2021• 32’ clear height• 30 dock doors


565 LOGISTICS CENTER

LEASE

PRODUCTION COURTMADISON, AL

AVAILABILITY: 3 Acres• Build-to-Suit opportunity• Located in the Jetplex area


BTS OPPORTUNITY

BUILD-TO-SUIT

2860 DENTON ROAD TUSCUMBIA, AL

AVAILABILITY: 10,487 SF• Office/warehouse facility with 10-ton

crane• 1,200 amp 3-phase power• Fenced yard area


2860 DENTON ROAD

SALE/LEASE

Photo representative of typical construction.Photo representative of typical construction.Photo representative of typical construction.

296 NICK FITCHEARD ROADHUNTSVILLE, AL

AVAILABILITY: 10,000 SF• New construction in the Spacegate area• 2 dock doors; 1 drive-in door• 18’ - 21’ ceiling height


296 NICK FITCHEARD

LEASE

13800 MOORESVILLE ROADATHENS, AL

AVAILABILITY: 60,000 SF• Convenient access to Hwy. 72, I-65 &

I-565• Dock high and ground level loading• Ample land to accommodate yard

requirements


13800 MOORESVILLE ROAD

LEASE

SUBJECT

HIGHWAY 72 EAST HUNTSVILLE, AL

AVAILABILITY: 28 Acres• Within the Huntsville city limits; zoned

R2A (multi-family)• Approved for 408 units


HIGHWAY 72 EAST LAND

SALE

41

ABOUT GRAHAM & CO

GRAHAM & CO – HUNTSVILLE

JEREMY D. POPE, CCIM, SIOR

SENIOR VICE PRESIDENT

[email protected]

JOINED GRAHAM & COMPANY: 2000

AFFILIATIONS/HONORS:

• Certified Commercial Investment

Member (CCIM) designation

• Society of Industrial & Office

Realtors (SIOR) designation

• Member NAIOP – AL Chapter

• Huntsville/Madison County Convention & Visitors Bureau,

Board Member

CLIENTS INCLUDE:

• AZ Technology • Boneal Aerospace • Custom Assembly

• Kaman International • Parksite • Space & Rocket Center

• 9 Round Fitness • Intergraph • Huntsville Hospital

• Kuehne & Nagel • Harris Corporation

• International Truck & Engine

TYLER FANNING, sior

VICE PRESIDENT

[email protected]





• CCIM Candidate (Certified

Commercial Investment Member)

• Huntsville Rotaract Club, Member

• Huntsville Committee of 100 Young Professionals

Initiative, Member

• Huntsville High School Wrestling Coach

CLIENTS INCLUDE:

• MITRE • Prometric • PNC Bank • Aerospace Corporation

• Stephen Gould Corporation • Wells Fargo Securities

• Southern Research • DRS • LBYD Engineering

GEORGE TWITTY, JR.

VICE PRESIDENT

[email protected]



Alabama Real Estate Salespersons

License – 2018

BART SMITH, CCIM, SIOR

MANAGING BROKER

[email protected]



• Certified Commercial Investment

Member (CCIM) designation



• Alabama Commercial Real Estate Center (ACRE),

Leadership Council

• Alabama CCIM Chapter, President of Board of Directors

• Huntsville Rotary Club

• Huntsville Land Trust – Board Member

• First Methodist Church – Board of Trustees

CLIENTS INCLUDE:

• Sanmina-SCI • Northrop Grumman • Cisco • COPT

• Stanley Corporation • Wells Fargo Securities • DirecTV

• ATK • MITRE • Dynetics • AEGON • Orbital Sciences

• Booz Allen Hamilton • MetLife • Rockwell Collins


ERIKA HARLESS

REAL ESTATE ASSISTANT

[email protected]


BLANCH ROGERS

PROPERTY MANAGER

[email protected]


JASON BEACH

BUILDING ENGINEER

[email protected]


JOHN WILLIAMS

BUILDING ENGINEER

[email protected]


45

SIOR–Society of Industrial & Office Realtors

CCIM–Certified Commercial Investment Member

CRE–Counselors of Real Estate

IREM–Institute of Real Estate Management

LEED–Leadership in Energy and Environmental Design

ULI–Urban Land Institute

A B O U T G R A H A M & C O M P A N Y

Founded in 1978, Graham & Co is a full-service commercial real estate firm based in Birmingham, with offices in Birmingham and

Huntsville, Alabama and the Gulf Coast, Florida. The company offers professional services including sales, leasing, property management,

corporate services, consulting, investment, and development. In response to client demand, Graham has systematically extended its

range of services and geographic reach, now serving clients throughout Alabama and several surrounding states.

C O M M U N I T Y I N V O LV E M E N T

At Graham & Co we recognize that our clients can enhance the value of their property, business, and/or investment if the community

in which they live, and work is vibrant and healthy. Graham and its employees continue to give back to the community in a number of

ways including volunteering time and energy in support of a variety of community and social causes.

A F F I L I AT I O N S

NAIOP–Commercial Real Estate Development Association

G R A H A M & C O M P A N Y P E R S O N N E L

PRINCIPALS

Mike Graham, CPM, SIOR

Steve Graham, MAI, CRE

INDUSTRIAL GROUP

Jack Brown, SIOR

John Coleman, SIOR

Sonny Culp, SIOR

Ogden Deaton, SIOR

Courtney DeShazo

Joelle Rogers

Jordan Tubb, SIOR

INVESTMENT

Matthew Graham

MARKET RESEARCH ANALYST

Matt Rowan

DEVELOPMENT

Henry Graham II

CORPORATE SERVICES

Hayden Scott, MAI

FINANCE

Charlie Crane

Micia Hardaway

Janice Ivy

David Walker, CFO

Tana Welch

OFFICE GROUP

Walter Brown, SIOR

Sam Carroll IV, SIOR

Bo Grisham

Jerry Grant, CCIM

Matt Gilchrist

Lauren Limbaugh

Dan Lovell, SIOR, LEED AP

Charles H. Simpson

CLIENT SERVICES MANAGER

Christie Neely

GRAPHIC DESIGN

Joel Dorning

RECEPTION

Eleanor Caver

Susan Plate

PROPERTY MANAGEMENT

Theresa Baker

Jacob Kines

Thomas Michael

Edward Nobinger, PA, FMA, CFM

Leslie Williamson

HUNTSVILLE OFFICE

Jason Beach

Tyler Fanning, SIOR

Erika Harless

Jeremy Pope, CCIM, SIOR

Blanch Rogers

Bart Smith, CCIM, SIOR

George Twitty, Jr.

John Williams

GULF COAST OFFICE

Jason Carnes

Kevin Williams, CCIM

INDIVIDUALMEMBERSHIPS

HUNTSVILLE | ALABAMA

2021 OFFICE MARKET SURVEYGRAHAM & CO

305 Church Street

Suite 710

Huntsville, AL 35801

256.382.9010

www.GrahamCompany.com

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