JLL closes $33.2M sale and secures financing for Eastern Shore Centre

ATLANTA, June 25, 2024 – JLL Capital Markets announced today that it closed the $33.2 million sale and arranged acquisition financing for Eastern Shore Centre, Southern Alabama’s premier lifestyle center and entertainment district located at 30500 Hwy 181 in Spanish Fort, Alabama.

JLL represented the seller, Allied Development, and Wicker Park Capital Management purchased the property. Working on behalf of the new owner, JLL procured the acquisition loan from Goldman Sachs.  

Eastern Shore Centre, spanning 432,158 square feet and situated on 42.7 acres, boasts a diverse tenant mix, including Belk, Shoe Station, Barnes & Noble, Stock & Trade, California Dreaming, Half Shell Oyster House, Mountain High Outfitters and a Dillard’s shadow anchor. Future ownership has plans to continue to elevate the tenant profile and activate the place-making opportunities within the property.

Strategically situated in the highly sought-after Daphne/Spanish Fort submarket, Eastern Shore Centre holds a distinct advantage as the sole lifestyle and entertainment destination within a 30-mile radius to the east. The center also benefits further from its proximity to the Gulf Coast's primary east-west corridor, attracting a daily traffic count of over 123,000 vehicles.

Crawford Square Real Estate Advisors, an affiliate of Wicker Park and a leading retail property management firm based in Birmingham, Alabama, will lease and manage Eastern Shore Centre.

The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Vice President Andrew Nichols.

"Eastern Shore Centre is a highly coveted shopping destination in the Gulf Coast region, and we are pleased to have facilitated its sale," said Hamilton. "The property's exceptional tenancy and prime location make it an attractive investment opportunity. We are proud to have represented Allied Development in this transaction and congratulate Wicker Park Capital Management on their acquisition."

The JLL Capital Markets Debt Advisory team that represented the new owner included Managing Director Chip Sykes, Director Hunter Goldberg, Associate Hamp Gibbs and Analyst Mikey Minihan.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

Wicker Park Capital Management is a private investment firm focused on acquiring and managing high-quality commercial and multi-family real estate assets in the southern united states. With a strategic approach to investment and a commitment to excellence, Wicker Park Capital Management aims to deliver superior returns to its investors and enhance the communities in which it operates. WPCM has offices in Savannah, Birmingham and Atlanta.

Crawford Square Real Estate Advisors (CSREA) is a Birmingham, Alabama-based, full-service leasing and management company specializing in the Southeast region. The company relies on its team of experienced professionals to provide clients with superior service in leasing, property management, accounting, marketing, and construction management -- producing exceptional asset results and value enhancement. CSREA currently manages and leases 53 retail and mixed-use venues in nine states comprising over 10.5 million square feet including The Shoppes at EastChase in Montgomery, AL, Pinnacle at Turkey Creek in Knoxville, TN, The Plaza at Delray in Delray Beach, FL and Westport Village in Louisville, KY. Additional information can be found at crawfordsq.com.