Already in March, Red Bank’s First National Realty Partners LLC announced it was making its foray into the Alabama market with the purchase of the Tannehill Promenade open-air retail center. Now, the vertically integrated real estate investment firm is adding another new state to its portfolio.
First National Realty said March 29 it entered the Maryland market with the addition of the 231,000-square-foot Brandywine Crossing complex.
JLL’s Jordan Lex and Daniel Naughton represented the unnamed seller in the transaction.
“We are excited to establish a presence in Maryland with our acquisition of Brandywine Crossing,” said FNRP Senior Director of Acquisitions Matt Annibale in a statement. “With a rapidly growing, affluent population and easy access to Washington, D.C., Brandywine is an ideal match for our expansion into new regions.”
Located in Brandywine, Md., at 15802 Crain Highway, the shopping center — like other additions FNRP has made — is anchored by a grocery store — this one a 60,000-square-foot Safeway. The Albertson’s subsidiary has been a tenant at the property since 2008, FNRP said, and is joined at the open-air center by Marshalls, Joann, Advance Auto Parts, Starbucks, Suntrust Bank, Wells Fargo, Panda Express, Bonefish Grill, AT&T and The UPS Store.
According to Annibale, Brandywine Crossing has approximately 15,000 square feet of available space, providing significant upside potential by way of increased occupancy and cash flow.
Situated in a densely populated retail corridor through which more than 108,000 vehicles travel daily, the open-air center serves a growing area of more than 61,000 residents within 5 miles of the property with an average household income of $115,000, according to FNRP.
In 2022, FNRP has also announced the additions of open-air retail centers in Ohio and Pennsylvania, as well.