First National Realty Partners on Thursday said it added the addition of Brook Highland Plaza in Birmingham to its rapidly expanding portfolio. The 549,500-square-foot asset marks the Red Bank-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,” Matt Annibale, senior director of acquisitions stated. “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. 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, Georgia represented the seller in the Brook Highland Plaza transaction.