JLL REIT Snaps Up Alabama Asset for $94M
This asset traded at a 31 percent premium to its previous sale price.
JLL Income Property Trust has purchased Midtown Village, a 345,000-square-foot retail center in Tuscaloosa, Ala., for $94 million. Hudson Advisors sold the asset, according to Yardi Matrix information.
The property previously traded in 2021, when Hudson Advisors bought the retail center from The Carlyle Group for $71.4 million. Pinnacle Financial Partners issued a $46.5 million acquisition loan for that deal, the same data provider shows.
Recent retail market trends point to sustained investment activity, with U.S transaction volume reaching $17.7 billion in the second quarter of this year, and $35.6 billion in the first half of 2026, according to a recent CBRE report.
A closer look at Midtown Village
Midtown Village came online in 2007 at 1800 McFarland Blvd. E. The property consists of eight single-story buildings across a 30-acre site. The tenant roster has a weighted average lease term of more than 16 years, and includes Barnes & Noble, Best Buy, Old Navy, Planet Fitness, Ulta, Bath & Body Works and Chipotle.
The retail center is just off the interchange between Alabama State Route 215 and McFarland Boulevard. The University of Alabama’s main campus and the Bryant-Denny Stadium are within a 2-mile radius.
Following the acquisition of Midtown Village, grocery-anchored and necessity-based retail properties account for 13 percent of JLL Income Property Trust’s $7 billion overall portfolio. The company now owns 22 open-air shopping centers in the U.S. with a total value of $900 million.
Apart from Midtown Village, the company owns one other shopping center in the state of Alabama, namely Westbury Square in Huntsville. The firm acquired the 115,000-square-foot property in December 2025.
You must be logged in to post a comment.