JLL Income Property Trust, a subsidiary of Jones Lang LaSalle, announced the purchase of Westbury Square, a 115,000‑square‑foot community retail center in Huntsville, Alabama, for approximately $32 million. The transaction was completed on the same day the announcement was made, underscoring the REIT’s swift execution capability.
Westbury Square sits on Airport Road and Memorial Parkway SW, a high‑traffic corridor that serves nearby hospitals, parks, and schools. The property is 100 % leased, with a weighted‑average lease term of six years. Its tenant roster includes national value‑driven retailers such as TJ Maxx, Michaels, and Chicken Salad Chick, as well as local anchors like Captain D’s and BB&T, providing a diversified mix that supports stable cash flow.
The acquisition adds a new asset to a retail portfolio that already represents 12 % of JLL Income Property Trust’s $7 billion asset base as of November 30 2025. By expanding its retail holdings, the REIT is reinforcing its core strategy of acquiring income‑generating properties with credit‑worthy tenants and strong demographics, while also enhancing geographic diversification within the U.S. market.
Huntsville’s economy is a key driver behind the deal. The city is a hub for aerospace, defense, and advanced manufacturing, with major employers such as Lockheed Martin, GE Aerospace, and Raytheon operating nearby. The resulting population and job growth translate into higher consumer spending, which benefits retail centers like Westbury Square and aligns with the REIT’s focus on resilient, high‑traffic locations.
Allan Swaringen, President and CEO of JLL Income Property Trust, said the purchase “strengthens our retail portfolio in a high‑growth submarket and adds a stable, income‑generating asset that complements our existing holdings.” He added that the property’s 100 % occupancy and strong tenant mix position the REIT to continue delivering consistent dividends to investors.
The deal is expected to enhance the REIT’s income profile and portfolio diversification, providing a reliable cash‑flow stream that supports its dividend‑focused strategy. With Huntsville’s robust economic backdrop and Westbury Square’s solid tenant base, the acquisition is poised to contribute positively to the REIT’s long‑term value creation.
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