JLL Income Property Trust Acquires Alabama Shopping Center for $94 Million

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JLL Income Property Trust (NASDAQ: ZIPTAX) has acquired Midtown Village, a shopping center in Tuscaloosa, Alabama for approximately $94 million.

The property is a 345,000-square-foot open-air retail center and is leased to a mix of prominent national chains and popular local businesses. The tenants have a weighted average lease term of 16-plus years.

“Midtown Village offers an attractive enhancement to our retail portfolio,” said Allan Swaringen, president and CEO of JLL Income Property Trust. “The enduring demand of this strong tenant roster supports stable operating performance, and the center is well positioned in a thriving submarket with proven traffic. With retail construction and vacancies declining nationally, we anticipate this continued supply-demand imbalance to drive returns for the sector as a whole.”