JLL Income Property Trust Acquires Shopping Center in Tuscaloosa, Alabama for $94M

TUSCALOOSA, ALA. — Chicago-based JLL Income Property Trust has acquired Midtown Village, a 345,000-square-foot shopping center located near the University of Alabama campus in Tuscaloosa, for $94 million. The seller requested anonymity. Built in 2007, Midtown Village consists of eight single-story buildings across a 30-acre site. The open-air center features a mix of retailers such as Barnes & Noble, Ulta Beauty, Old Navy, Best Buy, lululemon, American Eagle & Aerie, Fab’rik, Kay Jewelers, South Boutique, Loft, Tuscaloosa Nail & Spa and GameStop. Restaurants include Panera Bread, Blaze Pizza, Metro Diner and Tropical Smoothie Café. The tenant roster has a weighted average lease-term (WALT) of more than 16 years. “The enduring demand of this strong tenant roster supports stable operating performance, and the center is well-positioned in a thriving submarket with proven traffic,” says Allan Swaringen, president and CEO of JLL Income Property Trust. Midtown Village is situated on the southwest corner of McFarland Boulevard East and 15th Street and is one of the most visited retail shopping centers in the state, with over 5.7 million annual visits, according to JLL Income Property Trust. It is also located within one mile from DCH Regional Medical Center, Tuscaloosa’s largest regional hospital. With the... The post JLL Income Property Trust Acquires Shopping Center in Tuscaloosa, Alabama for $94M appeared first on REBusinessOnline .