Jones Lang LaSalle Incorporated : Alabama retail centers sell to Livingston Properties for $26.55M

ATLANTA, Sept. 13, 2021 -JLL Capital Markets announced today that it has closed the $26.55 million sale of Crossings of Hoover and Strong Station, two retail centers anchored by Sprouts Farmers Market and totaling 133,705 square feet in markets in Birmingham and Huntsville, Alabama.

JLL represented the seller, GBT Realty. Livingston Properties acquired both properties.

Constructed in 2015, Crossings of Hoover is a 37,765-square-foot retail center anchored by Sprouts Farmers Market. The property is located 11 miles south of downtown Birmingham and benefits from both direct access and visibility from Interstate 459, one of the most heavily travelled Birmingham arteries with nearly 80,000 travelers per day. The center serves an affluent trade area in one of the most sought-after and growing submarkets in the Birmingham MSA with approximately 36,960 residents earning an average annual household income of $135,497 living within a three-mile radius of the property.

Strong Station is anchored by Sprouts Farmers Market and Hobby Lobby and benefits from a strong shadow anchor, Academy Sports and Outdoors. Also built in 2015, the 95,940-square-foot retail center is located in the Huntsville MSA, the fastest-growing MSA in Alabama with projections estimating it to be the largest MSA in Alabama by 2022. Strong Station is surrounded by an affluent and educated population that includes more than 43,100 residents earning an average annual household income of $114,643 within a three-mile radius of the property.

The JLL Capital Markets Investment Sales Advisory team that represented the seller was led by Senior Managing Director Jim Hamilton, Senior Director Brad Buchanan and Associate Andrew Michols.

'Both properties received strong interest from the market and are well positioned within their respective submarkets,' Hamilton said. 'Since the first quarter of this year, we have seen significant investor interest for Southeast grocery-anchored assets and have seen significant cap rate compression compared to pre-pandemic pricing.'

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 and 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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