Alabama retail centers sell to Livingston Properties for $26.55M
JLL Capital Markets completed the sale of the Crossings of Hoover near Birmingham and Strong Station near Huntsville
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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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About GBT Realty Corporation
Founded in 1987, GBT Realty Corporation develops virtually all types of retail and mixed-use properties throughout the United States from its headquarters in Brentwood, Tennessee, a suburban Nashville community.
Under the leader of George B. Tomlin, the real estate firm has built a portfolio of more than 37 million square feet of commercial real estate worth over $7 billion. Today, 5 million square feet of prime assets are currently under management with another $1.185 billion in the pipeline. With its original development roots in retail, the company continues to pursue a diverse range of development and acquisitions including mixed-use, office, hospitality and multi-family.
At the core of the GBT team’s success is its uncanny knack for connecting tenant with dirt. In other words, assessing the specific, unique needs of each retailer and identifying the most lucrative sites that provide the best exposure and competitive edge. Regardless of asset type – anchored or un-anchored retail center, free-standing building, triple-net lease or mixed-use – value for the tenant is the firm’s ultimate focus.
About Livingston Properties
Livingston Properties owns, develops, redevelops, manages and leases shopping centers, triple-net-leased properties and office buildings throughout the Southeast with its primary focus in the northern suburbs of Atlanta. Livingston Properties is a privately held company owned by Bill Livingston based out of Warner Robins, Georgia. The company’s current portfolio consists of over 1.2 million square feet focusing primarily on grocery and other big box anchored or shadow centers. In business for over 35 years, Livingston Properties welcomes opportunities for other acquisitions within the region.