On behalf of a joint venture between a global investment management firm and Bayer Properties, JLL’s Capital Markets experts today announced the firm has completed the sale of Inverness Corners and Inverness Plaza, two open-air shopping centers in Birmingham, Alabama. Branch Properties purchased Inverness Corners, a 236,444-square-foot center shopping center anchored by Winn-Dixie and Kohl’s, and Inverness Plaza, a 74,818-square-foot shopping center anchored by Alabama’s only PGA Super Store and Planet Fitness.
JLL Managing Director Margaret Caldwell and Vice President Margaret Jones led the transaction for the sellers.
“There was significant interest in the properties because of their location along Alabama’s affluent Route 280 corridor, where average household incomes top $130,000 per year,” said Caldwell. “Inverness Corners and Inverness Plaza also benefit from their proximity to 8.6 million square feet of office space and the one-million-square-foot Grandview Medical Center.”
Added Jones, “The recent opening of Grandview Medical Center has been catalyst for growth in the area, with an uptick in multifamily and residential housing construction within two miles of the campus. Additional office, medical office, hospitality and multifamily developments planned over the next several years are projected to create 10,000 jobs.”
Inverness Corners and Inverness Plaza are located only two miles from the medical center and 10 miles from downtown Birmingham. The properties are among 2.5 million square feet of retail along Route 280, which include complementary tenants like Super Target, TJ Maxx, Home Depot, Dick’s Sporting Goods, HomeGoods, Academy Sports, Lowe’s, Michaels, Petco, Carmike Cinemas and Hobby Lobby.