First National Realty Partners (FNRP) entered the Alabama market in February with the addition of an 311,000-square-foot open-air retail center. Now, it’s added another complex in the southeastern state.

FNRP said July 7 it added the 549,500-square-foot Brook Highland Plaza in Birmingham to its portfolio, marking its second grocery-anchored shopping center acquisition in the state.

“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 Senior Director of Acquisitions Matt Annibale. “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.”

Brook Highland Plaza is co-anchored by a 127,000-square-foot Lowe’s Home Improvement that has occupied the property since 2002, and a 23,400-square-foot Sprouts Farmers Market. Other national brands at the complex include Burlington, Best Buy, HomeGoods, Petco, Dollar Tree, Ulta, Five Below and Ashley Furniture. There is 11,650 square feet of vacant space at the plaza, which Annibale said offers significant upside potential to FNRP through increased occupancy and cashflow.

Managing Director Brad Buchanan, Senior Managing Director Jim Hamilton and Associate Andrew Michols of JLL in Atlanta, Ga., represented the seller, a joint venture of DRA Advisors and DLC Management; financial terms were not disclosed.

“Brook Highland Plaza presented investors with the rare opportunity to acquire one of the most dominant retail assets throughout Alabama,” Hamilton said. “The property sits along the U.S. 280 Corridor in the Meadowbrook submarket … the gateway to the most affluent neighborhoods in the MSA.”

With proximity to downtown Birmingham and several surrounding suburbs the property is situated along the region’s dominant east-west thoroughfare, which FNRP said handles traffic of more than 82,000 vehicles per day. Additionally, a population of more than 79,000 with an average household income of over $134,000 lives within a 5-mile radius.

FNRP has made a number of acquisitions in 2022, including recently entered the Nebraska market and picking up a center in the firm’s native New Jersey  – FNRP is based in Red Bank. To match the expansion of its portfolio, the firm also recently added to its team.

Editor’s note: This story was updated at 10:43 p.m. EDT on Aug. 3, 2022, to include the sellers of Brook Highland Plaza and to update information about the JLL team that represented them.