First National Realty Buys Alabama Retail Center

Cullman Shopping Center. Image courtesy of First National Realty Partners

First National Realty Partners has acquired a 304,935-square-foot retail center in Cullman, Ala. SRS‘s Kyle Stonis represented the seller in the transaction.

The grocery-anchored Cullman Shopping Center encompasses 27 stores on a 25-acre site. The property has been anchored by a 45,600-square-foot Publix Food Store since 2015. Other tenants include ULTA Beauty, Ross Dress for Less, Belk, Five Below, PetSmart and Dick’s Sporting Goods. At the time of the transaction, the complex had three spaces available for rent, totaling 18,000 square feet.

Situated in one of the state’s fastest-growing counties, Cullman Shopping Center is located off U.S. Highway 31, midway between Birmingham, Ala. and Huntsville, Ala. In prepared remarks, FNRP Senior Director of Acquisitions Matt Annibale acknowledged the retail center’s potential, due to its high-quality tenant roster and location.

The buyer holds a fast-growing retail portfolio. The company entered the Alabama market in the beginning of 2022 and, with the addition of Cullman Shopping Center, now owns four properties in the state. The firm recently purchased its first Nevada asset, a 586,000-square-foot, grocery-anchored retail center in Las Vegas.