After entering the market in February and announcing another addition in the state at the start of July, First National Realty Partners of Red Bank has made its third acquisition in Alabama in five months.

FNRP said July 21 it added the 242,000-square-foot Inverness Corners grocery-anchored shopping center located in the Birmingham area to its growing national portfolio.

Zach Taylor of Marcus & Millichap’s Institutional Property Advisors division represented the seller in the Inverness Corners transaction. Financial terms were not disclosed.

“We are excited to be establishing such a meaningful presence in Alabama,” Senior Director of Acquisitions Matt Annibale said in a statement. “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.”

Both of FNRP’s earlier moves in the state are either located in or near Birmingham, as well.

Iverness Corners is about 11 miles south of the city’s downtown and is anchored by a 54,000-square-foot Winn Dixie supermarket and a 92,600-square-foot Kohls. According to FNRP, Winn Dixie plans to invest more than $1 million for interior renovations at the store, which will also allow for expanded grocery pickup capabilities.

Approximately 17,000 square feet of space is still available at the property, providing FNRP with significant upside potential via increased occupancy and cash flow. The current tenant roster also includes: Orangetheory Fitness, Mellow Mushroom, Tropical Café, Wing Stop, H&R Block and Enterprise.

The signalized intersection where Inverness Corners is situated along Route 280 sees combined daily traffic counts of over 106,000 vehicles, according to FNRP, while a growing population of more than 91,000 residents with an average household income of $152,000 is located within 5-miles of the center.