MIAMI, Oct. 9, 2024 - JLL Capital Markets announced today that it has secured the $42.45 million refinancing of Vestavia Hills City Center, a 389-736-square-foot open-air, mixed-use lifestyle center in Vestavia Hills, Alabama.
JLL worked on behalf of the borrower, KPR Centers, in arranging the floating-rate loan through an affiliate of MetLife Investment Management.
Vestavia Hills City Center, spanning 28 acres, is a modern, open-air shopping complex with a rich history dating back to 1954. Located at 700 Montgomery Hwy, just 15 minutes south of Downtown Birmingham, Vestavia Hills City Center serves an affluent suburban population. Recently renovated by the Sponsor, the center has undergone multiple revitalizations and expansions across three phases. The center features 66 diverse retailers, service providers and restaurants. Anchored by a high-performing Publix, the center also includes notable tenants such as AMC Theaters, Planet Fitness, PetSupermarket, ShoeStation, Dollar Tree, Panera Bread and Dave's Hot Chicken.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Chris Drew and Gregg Shapiro and Vice President Kelsey Bawcombe.
"Vestavia Hills City Center represents a prime example of a well-positioned retail asset in a thriving market," Drew said. "The center's strong performance, coupled with Birmingham's status as a top 50 metro and its exceptional demographics, made this an attractive opportunity for lenders. With its diverse tenant mix anchored by a high-performing Publix and recent renovations, this property exemplifies the type of quality retail that continues to garner institutional interest in today's market."
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.
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Jones Lang LaSalle Inc. published this content on October 09, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on October 09, 2024 at 15:25:25.604.
