Jones Lang LaSalle Inc.
10/30/2024 | Press release | Distributed by Public on 10/30/2024 14:01
River Ridge Shopping Center sells for $27M in Birmingham
ATLANTA, Oct. 30, 2024 - JLL Capital Markets announced today that it has arranged the $27 million sale of River Ridge, a value-add multi-anchored shopping center in Birmingham, Alabama.
JLL worked on behalf of the seller, Nuveen Real Estate, in procuring the buyer, Gulf Coast Commercial. Nuveen Real Estate, a global real estate investment manager with $143 billion in assets under management, acquired River Ridge in 2007.
River Ridge, located at 4606-4614 US-280, is strategically positioned in one of Birmingham's most thriving submarkets and is home to a diversified and nationally recognized tenant mix including Academy Sports + Outdoors, Marshalls, World Market and Dollar Tree. Currently 75% leased, River Ridge features significant value-add potential via lease up of approximately 43,000 square feet.
Birmingham Metropolitan Statistical Area, a top 50 metro in the US with a population of 1.2 million, is renowned for its exceptional affordability and strategic location served by five major interstate highways. With its burgeoning tech scene and extensive transportation infrastructure, including an international airport, Birmingham has established itself as a dynamic and promising metropolitan area in the southeastern United States.
"We are thrilled to announce the sale of River Ridge Shopping Center in one of Alabama's top retail submarkets. The transaction highlights the current market dynamics, characterized by a significant amount of capital and undersupply of open air retail product. The diverse and deep group of Investors that displayed interest underscores the strong demand for premium retail properties," says Hamilton.
JLL Capital Market's Investment and Sales Advisory team was led by Senior Managing Director Jim Hamilton and Managing Director Brad Buchanan.
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.
For more news, videos and research resources, please visit JLL's newsroom.
Gulf Coast Commercial Group, Inc., founded in 1999, is a fully integrated real estate development, management and leasing company led by a seasoned team of industry professionals. Gulf Coast and its affiliates have acquired more than 1.5 million square feet of retail centers over the last five years. Buoyed by an established pool of equity investors and long-standing banking relationships, the Houston-based firm and its affiliates have overseen the development and acquisition of more than eight million square feet of retail space spanning 35 cities and twelve states. Gulf Coast's nearly 100 projects include approximately a million square feet of grocery-anchored retail centers and 63 build-to-suit stores for major brands.