JLL Income Property Trust Acquires Tuscaloosa Alabama Shopping Center
Rhea-AI Summary
JLL Income Property Trust (NASDAQ: ZIPTAX, ZIPTMX, ZIPIAX, ZIPIMX, ZIPIBX, ZIPSAX, ZIPZAX, ZIPDBX) announced the acquisition of Midtown Village, an open-air retail shopping center in Tuscaloosa, Alabama, for approximately $94 million. The 345,000-square-foot property is leased to a mix of necessity anchor, apparel, food, and service tenants, with a weighted average lease term of more than 16 years. The center sits at Tuscaloosa's primary commercial intersection, is one of Alabama's most visited retail centers with over 5.7 million annual visits, and is located near the University of Alabama and DCH Regional Medical Center. According to JLL Income Property Trust, retail real estate has been a core portfolio component since 2012; with this purchase, grocery-anchored and necessity-driven retail now represents 13% of its approximately $7 billion portfolio, totaling roughly $900 million across 22 open-air shopping centers.
Positive
- Midtown Village acquisition for approximately $94 million, 345,000-square-foot open-air center
- 16+ year weighted average lease term across a mix of necessity and complementary tenants
- 5.7 million+ annual visits at a primary commercial intersection in Tuscaloosa, Alabama
- Grocery-anchored and necessity-driven retail now 13% of $7 billion portfolio, about $900 million
- Retail portfolio expanded to 22 open-air shopping centers with this investment
Negative
- None.
AI-generated analysis. How Rhea-AI works. Not financial advice.
The property is an open-air retail center totaling approximately 345,000 square feet and is leased to a mix of seasoned necessity anchor tenants as well as complementary apparel, food, and service tenants, with a weighted average lease term of 16+ years. The center is strategically located on the corner of Tuscaloosa's primary commercial intersection and is one of the most visited retail shopping centers in the state, with over 5.7 million annual visits. It is also located 1.5 miles from the University of
"Midtown Village offers an attractive enhancement to our retail portfolio," said Allan Swaringen, President and CEO of JLL Income Property Trust. "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. With retail construction and vacancies declining nationally, we anticipate this continued supply-demand imbalance to drive returns for the sector as a whole."
Retail real estate has been a mainstay in the JLL Income Property Trust portfolio since its inception in 2012. With the addition of this investment, grocery-anchored and necessity-driven retail investments comprise
JLL Income Property Trust is an institutionally managed, daily NAV REIT that owns a growing portfolio of real estate investments selected by an institutional investment management team and sponsored by one of the world's leading real estate services firms.
For more information on JLL Income Property Trust, please visit our website at www.jllipt.com.
JLL INCOME PROPERTY TRUST, INC. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX; ZIPIBX; ZIPSAX; ZIPZAX; ZIPDBX),
JLL Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare and office properties located in
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LaSalle Investment Management, a subsidiary of JLL, is a globally integrated, diverse real estate investment manager. On a global basis, LaSalle manages US
Forward Looking Statements and Future Results
This press release may contain forward-looking statements with respect to JLL Income Property Trust. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management's intentions, beliefs, expectations, research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Past performance is not indicative of future results and there can be no assurance that future dividends will be paid.
CONTACTS:
Michael Gelobter
LaSalle Investment Management
Email: Michael.gelobter@lasalle.com
Doug Allen
Dukas Linden Public Relations
Telephone: +1 646 722 6530
Email: JLLIPT@DLPR.com
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SOURCE JLL Income Property Trust