Tuscaloosa's premier outdoor commercial and residential center, Midtown Village, will now be operated under new ownership.

Built in 2007, Midtown Village sits on McFarland Boulevard in the heart of Tuscaloosa. The property houses several local and chain entities, including boutiques like fab'rik and South, restaurants like Metro Diner and Tropical Smoothie, and retailers like Ulta Beauty and GameStop. Just behind the shops is a 224-unit condominium complex.

The news was first reported by William Thornton at AL.com. According to the news outlet, Midtown's new owners are Lone Star Funds and Wicker Park Capital Management.

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For a full directory of which businesses call Midtown Village home, click here.

Based out of Dallas, Lone Star Funds seeks to invest in spaces in the United States, Canada and worldwide that are considered "distressed." According to the private equity firm's website, distressed assets are categorized as ones that "have suffered an economic and/or banking crisis, resulting in a dislocation in asset pricing and value opportunities."

Wicker Park Capital Management, LLC – which is housed in Savannah, Georgia – invests in retail ventures and housing properties like apartments and condos. AL.com reports that Crawford Square Real Estate Advisors, one of Wicker Park's affiliates, will take over "property management and leasing" in the acquisition, as well.

Crawford Square is run out of Birmingham, Alabama and manages properties in six different states in the southeast. The real estate advisors already have a footprint in West Alabama, though, as they are the leading managers of The Bend, another mixed-use development that is being built just across the river on Rice Mine Loop.

Stay connected to The Tuscaloosa Thread for more details on this development as information becomes available.

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