Red Bank investment firm First National Realty Partners has entered the Alabama market with its purchase of Tannehill Promenade, an open-air retail center in the town of Bessemer.

The acquisition of the 311,000-square-foot Tannehill Promenade fits with FNRP’s strategic nationwide expansion targeting premier open air retail centers in primary and key secondary markets.

Tannehill Promenade is located at 4889 Promenade Parkway and has been anchored by a 45,600-square-foot Publix grocery store since its opening in 2008. Co-anchors and additional national brands include Aaron’s, Burlington, Five Below, Michaels, PetSmart, Ross and TJ Maxx.

“Tannehill Promenade marks our first acquisition in the great state of Alabama. We are thrilled to be in the booming Birmingham market and are excited to add Publix to our portfolio,” said Senior Director of Acquisitions Matt Annibale.

The property is located in a retail corridor at the intersection of Interstate 459 and Eastern Valley Road, with combined traffic counts of over 86,000 vehicles per day.

More than 54,000 square feet of new leases have been signed or are currently in lease negotiations at Tannehill Promenade within the past two years. There is an additional 53,600 square feet of available space at the center, which Annibale said provides FNRP with the potential of increased occupancy and cash flow.

Matt Karempelis and Chris Decoufle of CBRE represented the seller in the Tannehill Promenade transaction.