Grocery-anchored retail center sells for $17.5M
JLL Capital Markets completed the sale of the Publix-anchored neighborhood shopping center in Mobile, Alabama
ATLANTA, May 20, 2021 – JLL Capital Markets announced today that it has closed the $17.5 million sale of Midtown Mobile, a 62,335-square-foot, newly constructed neighborhood shopping center anchored by Publix in Mobile, Alabama.
Constructed in 2018, Midtown Mobile is 95% leased and anchored by Publix, the most sought-after grocery anchor in the Southeast. The shopping center is also home to a diverse list of national and regional tenants, including Great Clips, Marco’s Pizza, Benchmark Physical Therapy, 9Round Boxing, Charm Nail Lounge, Rock N Roll Sushi, Coffee Monster and more.
Midtown Mobile is located at 100 N. Florida St. in Mobile, a port city in south Alabama and one of the state’s top three metro areas. Located only three miles west of downtown Mobile, the Publix at Midtown Mobile is the most visited grocery store between Interstate 65 and downtown Mobile. The property also benefits from its proximity to major economic drivers, including University of South Alabama, Port of Mobile and Mobile Infirmary, the third largest hospital in the state.
JLL Research recently released U.S. Grocery Tracker 2021, which discusses how grocery-anchored retail centers continue to be investors’ preferred retail property type. JLL expects grocery anchored retail under 100,000 square feet – like Midtown Mobile – to be one of the most sought-after asset classes during the recovery.
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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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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About MAB American
Since 2013, MAB has developed more than 2 million square feet of properties across the U.S. with a cumulative value in excess of $500 million. For more information, visit mabamerican.com.
About DRA Advisors
DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA was founded in 1986, the firm has acquired over $34 billion of real estate, including 80 million square feet of industrial, 59 million square feet of office, 82 million square feet of retail and 76,000 multifamily units. As of December 31, 2020, DRA has $11.2 billion in gross assets under management. draadvisors.com
About East Coast Acquisitions
East Coast Acquisitions (ECA) is a Tampa-based full service real estate investment firm focused on the acquisition of grocery anchored retail centers in core and robust secondary markets. The company, founded in 2015, has acquired and managed over $300 million in retail shopping centers from New York to Florida. For more information, please visit eastcoastacq.com.