Investment Firm Continues Expansion in Grocery-Anchored Retail Sector
CULLMAN, Ala., Dec. 30, 2022 /PRNewswire-PRWeb/ -- First National Realty Partners, LLC (FNRP) today announced the addition of Cullman Shopping Center to its grocery-anchored property portfolio. The purchase of the 304,935-square-foot asset reflects the vertically integrated real estate investment firm's rapid expansion in Alabama as it continues its nationwide growth.
Cullman Shopping Center is anchored by a 45,600-square-foot, market-dominant Publix Food Store, which has been a tenant since 2015. The center features a strong mix of national and regional retailers including Belk, Dick's Sporting Goods, Ross Dress for Less, ULTA Beauty, Five Below and PetSmart. The remaining 18,000 square feet of vacant space provides meaningful upside potential by way of increased occupancy and cash flow.
"Cullman is a thriving market," said Matt Annibale, senior director of acquisitions. "With its desirable location and high-quality tenant roster, Cullman Shopping Center offered us an ideal opportunity to continue to grow our presence in central Alabama."
Located roughly 49 miles south of Huntsville and 50 miles north of Birmingham, Cullman is midway between two of the state's largest cities. It is also the largest city and county seat of Cullman County, considered one of Alabama's fastest-growing counties.
Kyle Stonis of SRS represented the seller in the Cullman Shopping Center transaction.
The addition of Cullman Shopping Center brings the total number of properties owned by FNRP in Alabama to four; the company first entered the regional market in February 2022. Previous acquisitions include Brook Highland Plaza and Inverness Corners in Birmingham, and Tannehill Promenade in Bessemer.
FNRP provides accredited investors with access to real estate assets that traditionally have been available only to institutional investors. The Red Bank, N.J.-based firm sources opportunities both on and off-market nationwide. From acquisition to disposition, FNRP oversees the entire investment lifecycle 100% in-house, leveraging top talent in legal, acquisitions, leasing, and other key areas. The firm strives to achieve maximum value and attractive risk-adjusted returns for its partners.
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