LBX Investments

Promenade Fultondale


Status: Active (Acquired on 8/15/2019)

Photo - Fultondale.jpg
Site Plan, Fultondale.jpg


Promenade Fultondale is a Class B, 208,568 square foot Target shadow-anchored power center in Birmingham, AL

Key Attributes:
  • Has a strong Target shadow anchor and a diverse national tenant roster with Ross Dress for Less, Books-A-Million, Five Below, and Encore Shoes.
  • Highly visible from I-65, a major north-south thoroughfare in and out of Birmingham that sees almost 90,000 vehicles per day
  • J.C. Penney presents a potential value-add opportunity due to its corporate risk, large footprint (83,675 SF, or 40.1% of GLA), and sharply below market rent ($3.82/SF)

  • Status:
  • Targeted Holding Period: 6 Years
  • Total Required Equity: $9,850,000
  • Targeted Annual Avg. Cash-on-Cash Returns to LPs: 12.4%
  • Projected IRR to LPs: 19.5%
  • Target Equity Multiple: 2.11x
  • Status: Active