Menu
BIRMINGHAM, Ala., July 7, 2022 – Vertically integrated real estate investment firm First National Realty Partners, LLC (FNRP) today announced the addition of Brook Highland Plaza in Birmingham to its rapidly expanding portfolio. This 549,500-square-foot asset marks the Red Bank, N.J.-based firm’s second grocery-anchored shopping center acquisition in Alabama.
FNRP established a foothold in the state with the purchase of Tannehill Promenade in Bessemer in February of this year.
“A dense, rapidly-growing market catering to a highly affluent demographic, Birmingham is a great match for FNRP’s targeted national expansion into primary and key secondary markets,” said Matt Annibale, senior director of acquisitions. “Brook Highland’s desirable location and roster of best-in-class, essential tenants presented the ideal opportunity to enter the market and expand our footprint in Alabama.”
One of the most dominant retail centers in Birmingham, Brook Highland Plaza is co-anchored by a 127,000-square-foot Lowe’s Home Improvement, which has been a tenant since 2002; and a 23,400-square-foot Sprouts Farmers Market. A publicly traded supermarket chain with over 340 stores across 23 states, Sprouts generated more than six billion dollars in revenue in 2021. Brook Highland also features national brands Burlington, Best Buy, HomeGoods, Petco, Dollar Tree, Ulta, Five Below and Ashley Furniture.
Annibale noted that the remaining 11,650 square feet of vacant space at the center provides FNRP with significant upside potential by way of increased occupancy and cash flow.
Brook Highland is located in a densely populated retail corridor with proximity to downtown Birmingham and several of its wealthy suburbs. The property is situated at a signalized intersection along Route 280, the region’s dominant east-west thoroughfare, which sees daily traffic of over 82,000 vehicles. A population of more than 79,000 with an average household income of over $134,000 lives within a five-mile radius of the center.
Brad Buchanan and Jim Hamilton of JLL in Atlanta, GA represented the seller in the Brook Highland Plaza transaction.
First National Realty Partners is focused on acquiring institutional-quality commercial real estate throughout the United States. An active, opportunistic and value-add investment firm, FNRP is equipped to operate in all facets of the real estate acquisition process as an investor, developer and asset manager of commercial real estate. The firm enhances the value of properties through hands-on management and targeted investments that result in superior, risk-adjusted returns for its investors.
###
About First National Realty Partners, LLC
125 Half Mile Road, Suite 207, Red Bank, NJ 07701
Get instant access to all of our current and past commercial real estate deals.
NOTICE: An investment in commercial real estate is speculative and subject to risk, including, inter alia, the risk that all of your investment may be lost. Any representations herein concerning the viability and profitability of investing in commercial real estate, including, without limitation, the stability, diversification, security, resistance to inflation and any other representations as to the merits of investing in commercial real estate reflect our belief concerning the representations and may or may not come to be realized. Cash distributions and any specific returns are not guaranteed. Securities are only available to verified accredited investors who can bear the risk of loss of their investment.
The information contained herein, including text, graphics, images and information, is general in nature and is for informational and illustration purposes only.
FNRP makes no representations or warranties of any nature whatsoever regarding any tax matters, including, without limitation, the ability of an investor to invest in FNRP with its specific self-directed IRA vehicle. The investor should independently obtain advice from his or her own independent legal counsel and/or tax accountant and/or IRA servicer regarding any such investment and the tax benefits and burdens associated with same.
*All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them. Any product names, logos, brands, and other trademarks or images featured or referred to within are the property of their respective trademark holders. None of the trademark holders are affiliated with FNRP.
Copyright ©2024. FNRP. All Rights Reserved
