Alabama retail center trades
JLL Capital Markets closed the sale of the 49,821-square-foot Whitesburg Center in Huntsville, Alabama
ATLANTA, Nov. 9, 2022 – JLL Capital Markets announced today that it has closed the sale of Whitesburg Center, a 49,821-square-foot retail center with significant value-add potential located in Huntsville, Alabama.
JLL marketed the property on behalf of the seller, Baker Storey McDonald Properties. Last Mile Investments acquired the asset.
Built in 1990 and renovated in 2002, the center offers both national and regional tenants, including Dollar Tree, Hollywood Feed, Edible Arrangements, Baskin Robbins, Buff City Soap and Papa Murphy’s. The property presented a value-add opportunity for the new owner via the lease up of three vacant spaces and several mark-to-market opportunities.
Located at 5000 Whitesburg Dr., the center is surrounded by Huntsville’s top economic drivers, including Crestview Medical Center, Huntsville High School, and a dominant retail corridor. The center also has convenient access to US-231 (60,000 VPD), which offers connection to downtown Huntsville and the Cummings Research Park.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Associate Andrew Michols.
“Whitesburg Center is a quintessential neighborhood center located at the epicenter of one of the most well-established retail corridors within the Huntsville MSA. The property offered the buyer upside via lease up and several mark to market opportunities,” said Buchanan.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Last Mile Investments
Last Mile Investments (“LMI”) is a real estate investment manager that is 100% focused on the retail real estate sector, with two goals, to continually produce top risk-adjusted returns for our Investors and foster a long-term partnership as a result. As an executive team, LMI has over 55 years of total real estate experience, with 45 of those focused solely on retail investing, leasing/operations, and strategic finance within best-in-class companies.
Read more here: https://lastmileinvestments.com/.
About Baker Storey McDonald
Baker Storey McDonald has served Nashville, Middle Tennessee and the Central South with professional expertise in commercial retail real estate since 2002. Baker Storey McDonald Properties, Inc. supports the retail real estate community with the combined experience and knowledge of David Baker, Carl Storey, Allen McDonald, and a team of talented professionals offering a unique advantage in accomplishing retail and commercial real estate goals. Learn more here: https://bsmproperties.com/.