Kelsey Bawcombe
MIAMI, FL, Oct. 9, 2024 – JLL Capital Markets 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.
Chris Drew
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.
Gregg Shapiro
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, Vestavia Hills, AL
"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."
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