Premier Vestavia Hills shopping center anchored by high-performing Publix sells for $76M

ATLANTA, July 13, 2026 –  JLL Capital Markets announced today that it has secured the $76 million sale and $52 million acquisition financing of Vestavia Hills City Center, a premier shopping destination anchored by one of the Southeast's top-performing Publix supermarkets in Alabama.

JLL represented the seller, KPR Centers. The buyer was Burton Property Group, LLC, an Alabama-based commercial, residential and industrial developer. JLL also worked on behalf of the borrower to arrange the seven-year, fixed-rate loan through RGA Reinsurance Company.

Vestavia Hills City Center is strategically positioned along Montgomery Highway, which sees 37,500 vehicles per day, in one of the Southeast's most affluent communities. The center serves a highly educated and wealthy trade area, with average household incomes exceeding $193,000 within one mile and 70 percent of residents holding bachelor's degrees or higher. The property benefits from its proximity to downtown Birmingham, located just four miles away, and anchors a community where more than 205 homes valued over $1 million have sold in the past 24 months within a three-mile radius.

Birmingham is Alabama's largest metropolitan area with a population of 1.2 million and serves as a major healthcare and education hub, anchored by the University of Alabama at Birmingham, which generates $7.1 billion in annual economic impact. The city has been recognized by Forbes as the most affordable metro area in the United States and ranks among the top 10 housing markets for homebuyers.

The shopping center, located at 700 Montgomery Hwy., comprises 389,471 square feet across three phases originally constructed between 1954 and 2003, with substantial renovations recently completed by the seller. Vestavia Hills City Center is 94 percent occupied and features a robust tenant roster including Publix, AMC Theatres, Planet Fitness, Shoe Station and Dollar Tree. The center is divided into six separate tax parcels, providing future disposition optionality.

Vestavia Hills City Center presented significant upside potential for the new owner, with approximately 20,000 square feet of vacancy available for lease-up and nearly 62,000 square feet of existing shop space leasing below current market rates, representing over $500,000 in potential additional annual revenue. The property's separation into multiple tax parcels provides flexibility for future monetization strategies.

JLL Capital Market’s Investment and Sales Advisory team was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan, Director Andrew Kahn, Vice President Andrew Michols and Senior Analyst John Perry Hilton. Managing Director Gregg Shapiro and Director Hunter Goldberg secured the financing.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

KPR Centers has a defined strategy of acquiring retail and industrial properties within select markets that offer a compelling opportunity to create value. KPR Centers is a vertically integrated investor with in-house retail leasing, management and development operations tailored to maximize value through proactive leasing, repositioning, and redevelopment of its properties. Founded in 2009 as an outgrowth of Katz Properties, which was established in 2003, KPR Centers has since expanded its footprint to 19 states within the greater New England, New York State, Mid-Atlantic, Midwest, Mountain West, and Southeast submarkets. KPR Centers’ successful track record of strategic acquisitions and dispositions has led to transactions and trusted partnerships with public REITs, institutions, private equity groups, and family offices. For additional information, visit www.kprcenters.com.

Burton Property Group is a private regional commercial real estate investment, development and management firm based in Mobile, Alabama. The company focuses on the acquisition, development and management of commercial real estate assets across the Southeast and is developing several high-profile commercial and industrial projects along the Gulf Coast. This is the firm’s first acquisition in the Birmingham market.