A regional lender engaged The McEnery Company to provide an opinion of market value related to financed acquisition of this property in 2011. Riverview Plaza is a Class A mid-rise office building situated in the heart of Downtown Mobile, Alabama. The building is a 13 story (175 foot) poured in place and reinforced concrete and steel structure with a total gross building area of 181,166 square feet and a net rentable area of 163,348 square feet. This office tower is one of a handful of notable towers located in the Downtown Mobile market. The property is situated on a leasehold estate with the Mobile Housing Board through 2080. At the time of our appraisal, the property was fully occupied, with the U. S. Attorney’s Office Southern District of Alabama accounting for almost 40,000 square feet leased at a rate concluded to be an above market rate tied mainly to above market TI expenditures. The property was under contract at the time of our appraisal, and the buyer secured a price and sale terms that dictated seller responsibility for completion of the remaining TI on the U. S. Attorney’s office space. The sale closed 1st Quarter of 2012 for $16,830,000, or $92.90 per SF on GBA.
