JLL Capital Markets completed the sale of the Trussville retail center
JLL Capital Markets announced today that it has closed the sale of Homestead Village, a 106,606-square-foot ALDI-anchored shopping center in Trussville, Alabama, one of the fastest growing submarkets in the Birmingham MSA.
JLL represented the seller, Blackwater Resources, who developed the property. An affiliate of Select Strategies Realty acquired the property.
Homestead Village was 99 percent occupied at the time of sale and is home to a high-quality line up of national tenants, including ALDI, HomeGoods, Petco, Five Below, Ulta, Panera Bread, Jimmy Johns and more.
The property is strategically located at 2000 Gadsden Hwy. in the epicenter of Trussville’s commercial corridor. It is only one mile south of downtown Trussville, which is currently undergoing a significant amount of revitalization with new restaurants, shopping, parks and an amphitheater.
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.
“Homestead Village was one of the first multi-anchored shopping centers to be marketed for sale in the Southeast this year, which received significant investor interest due to the prime location, best-in-class retailers and durable cash flow,” Hamilton said. “Overall, investor interest for Homestead Village and other similar southeast retail assets that we have marketed for sale this year have surpassed levels compared to prepandemic.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About Select Strategies Realty
Select Strategies Realty is a privately held real estate investment company that specializes in the development, acquisition, management and leasing of retail and mixed-use real estate in the midwestern and southeastern U.S. Select has sponsored retail investments totaling in excess of $250 million and provides management and leasing services for over 4.5 million retail square feet. Founded in 2005, the firm has offices Birmingham, Alabama; Beaufort (Hilton Head), South Carolina; Greensboro, North Carolina; Orlando and Tampa, Florida; Youngstown, Ohio; St. Louis, Missouri and Fort Thomas, Kentucky, along with their Cincinnati headquarters. The company manages and leases retail assets in nine states as well as office and multifamily assets in Ohio and Kentucky. Select Strategies’ deep bench of leadership includes former senior executives of some of the largest retail real estate companies in the United States, including Kimco, Colonial Properties Trust, North American Properties, Casto, Taubman and Cafaro, providing a unique combination of expertise and experience.
About Blackwater Resources
Blackwater Resources is privately held, full service real estate development company specializing in all aspects of real estate investment including ground-up development, net lease, redevelopment, acquisitions, leasing and management. Blackwater was assembled by industry professionals with over 100 years of collective experience and leverages its’ experience, knowledge, expertise, and financial capacity to pursue and evaluate real estate projects and investments of all sizes with a primary focus on the Southeast and Mid-Atlantic regions, allowing Blackwater to expand on its in-depth market knowledge and key relationships to further deal flow and identify new opportunities. With its roots beginning in the 1980’s developing large shopping centers and traveling across the entire country performing site selection and development, Blackwater continues to excel and adapt with the changing retail market constructing grocery-anchored developments, preferred developer single-tenant site selection and acquisition, and redevelopment of existing assets. Blackwater has become synonymous with unprecedented expertise exhibited through its long track record of retail development amid changing real estate cycles and economic environments.
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, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
