JLL Income Property Trust has acquired Midtown Village, an open-air shopping center in Tuscaloosa, Alabama, for approximately $94 million. The acquisition expands the daily NAV REIT’s portfolio of grocery-anchored and necessity-driven retail properties.
Midtown Village encompasses approximately 345,000 square feet and is leased to a combination of necessity-based anchor tenants, apparel retailers, restaurants, and service providers. The property’s leases have a weighted average remaining term of more than 16 years.
The shopping center is located at a primary commercial intersection approximately 1.5 miles from the University of Alabama’s main campus and within one mile of DCH Regional Medical Center. According to JLL Income Property Trust, Midtown Village receives more than 5.7 million annual visits and ranks among Alabama’s most visited retail centers.
Following the acquisition, grocery-anchored and necessity-driven retail investments represent approximately 13% of JLL Income Property Trust’s $7 billion portfolio. The REIT now holds approximately $900 million across 22 open-air shopping centers, making the transaction a meaningful expansion of an established portfolio allocation.
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