BIRMINGHAM, Ala., July 21, 2022 — Vertically integrated real estate investment firm First National Realty Partners, LLC (FNRP) today announced its third Birmingham-area retail acquisition in five months with the addition of Inverness Corners, a 242,000-square-foot, grocery-anchored shopping center. The Red Bank, N.J.-based company’s strategic regional expansion reflects its rapid, yet targeted growth as an owner and operator of open-air retail properties in primary and key secondary markets.
FNRP purchased Tannehill Promenade in Bessemer in February of this year, followed by the acquisition of Brook Highland Plaza in Birmingham earlier in July.
“We are excited to be establishing such a meaningful presence in Alabama,” said Matt Annibale, senior director of acquisitions. “The greater Birmingham market, specifically, is highly appealing with its affluent suburbs and growing, upscale demographic. In short, this is a solid market for retail tenants and the properties that serve them.”
Inverness Corners, which sits in a densely populated retail corridor approximately 11 miles south of downtown Birmingham, is anchored by a 54,000-square-foot Winn Dixie and a 92,600-square-foot Kohls. Winn Dixie has been a tenant since 2013 and is a subsidiary of Southeastern Grocers, which owns and operates over 520 locations. The market-dominant grocer plans to invest over $1 million in an interior store renovation that will include more grocery pickup capabilities. The center’s tenant mix includes Orangetheory Fitness, Mellow Mushroom, Tropical Café, Wing Stop, H&R Block and Enterprise.
Annibale noted that the remaining 17,000 square feet of vacant space provides FNRP with significant upside potential by way of increased occupancy and cash flow. “We look forward to expanding the solid roster of brand-name, necessity-based retailers to meet the community’s everyday needs,” he added.
Inverness Corners sits at a signalized intersection along Route 280, the region’s dominant east-west thoroughfare, which sees combined daily traffic counts of over 106,000 vehicles. A growing population of over 91,000 with an average household income of $152,000 lives within a five-mile radius of the center.
Zach Taylor of Marcus & Millichap’s Institutional Property Advisors (IPA) division represented the seller in the Inverness Corners transaction.
FNRP provides everyday accredited investors with access to real estate assets that traditionally have been available only to institutional investors. Specializing in grocery-anchored, necessity-based retail product, the firm sources opportunities both on and off-market nationwide. From acquisition to disposition, FRNP oversees the entire investment lifecycle 100% in-house, leveraging top talent in legal, acquisitions, leasing, and other key areas to ensure its properties achieve maximum value and partners realize exceptional, risk-adjusted returns.
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