Jones Lang LaSalle Incorporated : Publix-anchored retail center in growing Huntsville area sells for $19.15M

ATLANTA, Sept. 27, 2021 - JLL Capital Markets announced today that it has closed the $19.15 million sale of Madison Commons, a 75,340-square-foot shopping center anchored by Publix in the Huntsville-area community of Madison, Alabama.

JLL marketed the property on behalf of the seller, Michael Collard Properties. JRW Realty was the sourcing broker on behalf of ExchangeRight, a vertically integrated real estate company with over $3.9 billion in assets under management.

Completed in 2018, the 92-percent-occupied Madison Commons is anchored by Publix, the most sought-after grocer in Alabama and the Southeast, and home to a diverse list of national and regional tenants, including Easy Vet Clinic, Golden China, ATI Physical Therapy, Goodwill, Primp and Posh Nail, Pita Mediterranean and more.

Madison Commons is located at 300 Hughes Rd. in Madison, a close-in western suburb of Huntsville, which is experiencing rapid population. The center is at a signalized intersection of Hughes and Brows Ferry roads, providing visibility to more than 35,000 vehicles a day, and is less than two miles from U.S. Highway 72 and a direct path into downtown Huntsville. The center is surrounded by a dense, growing and educated population of nearly 50,000 residents earning an average annual household income of more than $114,400 with in a three-mile radius, and that population is expected to swell to 52,668 by 2025.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Brad Peterson, Senior Director Whitaker Leonhardt and Director Michael Brewster, along with Senior Managing Director Jim Hamilton, Senior Director Brad Buchanan and Associate Andrew Michols.

"Publix-anchored shopping centers continue to command the highest demand from retail investors in the southeast, and the sale of Madison Commons reaffirms this trend," Peterson said. "Our client did a tremendous job introducing Publix to this site, which was formerly anchored by a Kroger that relocated down the street. Because of the seller's knowledge of and relationship with Publix, the site was quickly redeveloped, and it turned about to be a terrific project quickly recognized by the buyer."

Huntsville investor retail demand is exploding along with its population growth, demonstrated by other recent property sale closings that include the JLL-brokered sale of Strong Station.

"Huntsville is one of the fastest growing markets in the U.S. and is projected to surpass Birmingham as the largest city in Alabama in 2022," Hamilton added. "There is significant interest from top-tier capital and retailers that wants a presence in Huntsville."

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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