August 19, 2019 – JLL announced today that it has closed the sale of Promenade Fultondale, a 208,568-square-foot super-regional retail center in the Birmingham community of Fultondale, Alabama.
JLL marketed and sold the asset to LBX Investments.
Promenade Fultondale is located five miles north of downtown Birmingham in the largest retail node north of the city and has an extended trade area that extends more than 30 miles to the north. Additionally, it is the only shopping center within a three-mile radius that houses national big-box tenants. Completed in 2008, Promenade Fultondale is 96% leased to a variety of tenants, including anchors Ross Dress for Less, Five Below, JCPenney, Books-A-Million and Shoe Dept., and is shadow anchored by Target and Ashley Furniture HomeStore. It is situated on 21.6 acres at 3345 Lowery Parkway and is immediately off Interstate 65, the dominant interstate that passes through Birmingham and exposes the center to approximately 90,000 vehicles a day.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Jim Hamilton and Directors Mike Allison and Brad Buchanan.