A Birmingham shopping center has been acquired by a New Jersey-based real estate investment firm.
First National Realty Partners (FNRP) has acquired Brook Highland Plaza off U.S. 280.
The 549,500-square-foot center is the firm’s second Alabama acquisition this year, in addition to Bessemer’s Tannehill Promenade back in February.
Terms of the deal were not disclosed, but when the property went on the market back in February, a price of $80 million was expected.
Brook Highland Plaza, located on 65.9 acres, is co-anchored by a 127,000-square-foot Lowe’s Home Improvement – a tenant since 2002 – and a 23,400-square-foot Sprouts Farmers Market. There are also locations for Burlington, Best Buy, HomeGoods, Petco, Dollar Tree, Ulta, Five Below and Ashley Furniture, as well as 11,650 square feet of vacant space.
“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, said.
Brad Buchanan and Jim Hamilton of JLL in Atlanta represented the seller, DRA Advisors and DLC Management.
