JLL closes sale of super-regional retail center
The Birmingham-area center has an extended trade area of more than 30 miles
ATLANTA, August 19, 2019 – JLL announced today that it has closed the sale of Promenade Fultondale, a 208,568-square-foot super-regional retail center in the Birmingham community of Fultondale, Alabama.
JLL marketed and sold the asset to LBX Investments.
Promenade Fultondale is located five miles north of downtown Birmingham in the largest retail node north of the city and has an extended trade area that extends more than 30 miles to the north. Additionally, it is the only shopping center within a three-mile radius that houses national big-box tenants. Completed in 2008, Promenade Fultondale is 96% leased to a variety of tenants, including anchors Ross Dress for Less, Five Below, JCPenney, Books-A-Million and Shoe Dept., and is shadow anchored by Target and Ashley Furniture HomeStore. It is situated on 21.6 acres at 3345 Lowery Parkway and is immediately off Interstate 65, the dominant interstate that passes through Birmingham and exposes the center to approximately 90,000 vehicles a day.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Jim Hamilton and Directors Mike Allison and Brad 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 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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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About LBX Investments
LBX Investments owns and operates neighborhood and community shopping centers located throughout the southeastern region of the U.S. and focuses on high growth submarkets, including Atlanta, Charlotte, Nashville, Orlando and Charleston. Over the past three years, LBX and/or its executive team have acquired 17 properties totaling 2.6 million square feet and $210 million in asset value. LBX has developed a robust investment management platform that includes best in class in-house and third-party leasing, property management, asset management, construction, investor relations, finance and accounting capabilities.