JLL Income Property Trust Purchases Tuscaloosa Retail Center for $94M

With over 5.7 million annual visits, Midtown Village in Tuscaloosa has become the latest acquisition for JLL Income Property Trust. The Chicago-based REIT finalized the purchase of the 345,000-square-foot open-air shopping center for approximately $94 million, citing the property's prime location and stable tenant base as key drivers.

Corp and Tech·August 27, 2026·reads: 502

JLL Income Property Trust Purchases Tuscaloosa Retail Center for $94M

The center sits at a primary commercial intersection, just 1.5 miles from the University of Alabama campus and within a mile of the DCH Regional Medical Center. These proximity factors, combined with a weighted average lease term exceeding 16 years, anchor the property's appeal. The site hosts a mix of necessity-based retailers alongside apparel and food service tenants.

Allan Swaringen, President and CEO of JLL Income Property Trust, highlighted the acquisition as a strategic enhancement to the company's retail holdings. Swaringen noted that declining national retail vacancy rates and limited new construction create a supply-demand imbalance that favors long-term returns for the firm's portfolio.

Since its 2012 inception, JLL Income Property Trust has focused on necessity-driven retail. This latest deal brings the company’s grocery-anchored and necessity-based retail assets to approximately $900 million across 22 centers, representing 13 percent of its $7 billion total portfolio.