Most of First National Realty Partners LLC’s recent acquisitions have been made out of state, as the Red Bank-based real estate investment firm works to expand nationally by acquiring grocery-anchored retail centers in primary and key secondary markets. But on May 17, the company announced it expanded its footprint in the Garden State.

FNRP added the 227,000-square-foot Eagle Plaza in Voorhees to its portfolio, marking the fourth grocery-anchored property acquired in New Jersey.

The open-air center at 700 Haddonfield-Berlin Road is anchored by a 66,500-square-foot Acme grocery store, which has been a tenant at the site since 1981, according to FNRP.

“We have a relationship with Acme,” Senior Director of Acquisitions Matt Annibale told NJBIZ. “We are confident in their long-term commitment to the center and we look forward to strengthening our partnership with them. And, we believe that there’s a ton of upside in this deal and given our local market knowledge and our leasing expertise that we’ll be able to stabilize this center and bring in key tenants to Voorhees.”

Currently rounding out the roster at the property is a mix of regional and national businesses, including Wine Warehouse, Mattress Firm, T-Mobile, Chipotle and South Jersey Federal Credit Union. According to Annibale, the approximately 67,800 square feet of available space at Eagle Plaza “provides significant upside potential by way of increased occupancy and cash flow.”

Located within 15 miles of downtown Philadelphia, FNRP said Eagle Plaza sees combined traffic of more than 45,000 vehicles per day from its position along the region’s dominant north-south thoroughfare. Voorhees Township has a population of more than 80,000 with an average household income of more than $120,000 within a 3-mile radius.

FNRP’s other New Jersey properties are also located in the southern part of the state – Acme Commons in Bordentown, Crestwood Village in Manchester Township, The Court at Hamilton in Hamilton, and Vineland Retail Center in Vineland – but that’s not necessarily by design. According to Annibale, that’s just where the the upside for investors is. The firm isn’t opposed to adding properties in North Jersey, they’re just harder to come by.

While some of the in-state sites are what Annibale said he would characterize as legacy properties — not necessarily in line with FNRP’s current pursuit of grocery-anchored sites — the common theme of essential services still permeates. Like at Vineland Retail Center, which is anchored by “essential retailer” CVS.

Whether North, South or Central, for a company that’s been actively adding to its portfolio nationwide, Annibale says the properties FNRP is looking to add in New Jersey would need to fit the same bill as those it may scoop up across the border in Pennsylvania or down south in Texas.

“We believe grocers [are a] staple in retail and that there’ll always be value in the grocery-anchored, neighborhood shopping center,” Annibale explained. “That’s because they’re essential, they’re pandemic-proof, they’re internet-resistant and the tenants that you find in those centers are also generally internet-resistant, as well.”

An added bonus to working in N.J., though, is that there’s familiarity factor. Though the company’s more than 100 team members are all remote, its “roots” are in the Garden State.

“[We’re] based out of Jersey so we’re very comfortable in that market and we would love to buy more in New Jersey,” Annibale said. “It’s always been a focus for us — a target state more so than some others.”