Behringer Harvard buys in Alabama

Purchase part of 'diversification strategy'

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Behringer Harvard purchased a 149,463-square-foot office building in Birmingham, Ala., for an undisclosed price. The six-story, class A property, known as Grandview II, is located at 3595 Grandview Parkway. Built in 1998, it is situated on approximately 8.4 acres. "This is a well-leased, high-quality asset," said Robert M. Behringer, chairman and CEO of Behringer. "This acquisition furthers our national portfolio diversification strategy and should provide solid cash flow." At the time of sale, the building was 92.5 percent leased, with three tenants occupying 56 percent of the building. Anchor tenants include Assurant, a provider of specialized insurance products and related services; Solutions Plus Inc., a software developer; and Daniel Realty Services, the property's original developer. Behringer Harvard is an integrated commercial real estate company investing in assets domestically and internationally. ...