The company has added an open-air shopping centre in a prominent Southern college town to its portfolio.
The JLL Income Property Trust has acquired Midtown Village in Tuscaloosa, Alabama, for a purchase price of approximately $94M. The 345,000sq ft property is one of the most visited retail centres in the state, with over 5.7 million annual visits. Tenants at Midtown Village include Best Buy, Planet Fitness, American Eagle, Old Navy, Ulta Beauty and more, along with several national fast-casual eateries including Chipotle, Chicken Salad Chick and Tropical Smoothie Cafe.
The property is located 1.5 miles from the University of Alabama’s main campus and within one mile of DCH Regional Medical Center, Tuscaloosa’s largest regional hospital. The city’s population was estimated at over 114,000 as of 2025.
“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 centre 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.”
