Shopping center in Birmingham’s dominant US-280 retail corridor trades
JLL Capital Markets closed the sale of the 24,760-square-foot 280 Station located in Birmingham, Alabama
ATLANTA, Sept. 20, 2023 – JLL Capital Markets announced today that it has closed the sale of 280 Station, a 24,760-square-foot shopping center located in Birmingham, Alabama’s dominant US-280 retail corridor.
JLL represented the seller, and procured the buyer, a real estate fund advised by Crow Holdings Capital.
280 Station is 91% occupied and home to a synergistic tenant mix of national and regional tenants, including Dunkin’, Oasis Nails & Spa, Eyemart Express, Subway, Bedzzz Express, Isbell’s Jewelry, Budget Car Rental, Tint World, State Farm Insurance and Tao Massage. The tenancy features a weighted average tenure of 8.3 Years.
Situated on 1.7 Acres at 420 Cahaba Park Circle, 280 Station features direct road frontage on US-280, where over 90,000 vehicles pass the property each day. The US-280 corridor is one of Alabama’s most dominant retail corridors, home to 5.4 million square feet of retail estimated at 96% occupancy, and supported by the area’s affluent demographics, with an average household income exceeding $150,000 and over 115,000 residents within five miles of the property.
The JLL Retail Capital Markets team was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Analyst Anton Serafini.
“280 Station is a well-established retail center ideally positioned along Highway 280, one of the most heavily trafficked thoroughfares in the Birmingham MSA with nearly 90,000 vehicles passing by the property each day. We received significant interest from a wide variety of capital sources, which is a testament to the quality of the asset and the continued investor demand for service-oriented neighborhood retail centers throughout the Southeast,” 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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.