The 1928 vintage property houses the Chamber's offices, which will relocate to the Financial Center at Fifth Ave. North and 21st Street. The building will be delivered vacant next month.
The purchaser, Twenty Twenty-Seven First Avenue LLC, a division of Inman, takes its name from the building's address and was formed for this purchase.
Birmingham-based Corporate Realty Development LLC had an option to buy the building for $1 million and considered converting it into a multifamily housing facility.
When Corporate dropped its option, Inman sweetened the deal by $100,000. According to a chamber spokesperson, Inman also recently purchased Brown Marx Tower and the 16-story Empire Building near Commerce Center. The Empire property was built in 1909.
John Lauriello of Birmingham-based Southpace Properties represented the Chamber in the Commerce Center sale, and local broker Bill Arant represented the buyer. Lauriello tells GlobeSt.com the building will need to be renovated and speculated that Inman plans to turn it into class-B office space.
Neither Jeff Nortica, owner of Inman, nor any other Inman representative returned calls to GlobeSt.com by press time.
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