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First National Realty Partners is growing, fast. This year alone the Red Bank-based firm has entered at least five new markets. However, most of those were concentrated in the Southeast, Northeast and moving toward the Midwest. Until now. 

FNRP announced making its West Coast debut Aug. 1 with the addition of Heritage Park in Suisun City, Calif.: a 167,000-square-foot, grocery-anchored shopping center. 

Heritage Park is anchored by a 60,000-square-foot Raley’s grocery store that has operated at the complex since 1989. Other needs-focused tenants at the center include Ace Hardware, AutoZone, Dollar Tree, Dunkin Donuts, Mariner Finance and H&R Block. 

“FNRP was drawn by Heritage Park’s strategic regional location and affluent San Francisco Bay-area demographics,” said Director of Acquisitions Stephen Joseph in a statement. “The property sits in a densely populated retail corridor that serves a growing population of over 125,000 people within a 5-mile radius with an average household income of over $100,000.” 

According to FNRP, Heritage Park is approximately 42 miles from both Sacramento and Oakland. The addition brings the number of states the firm owns properties in to 20. 

“Grocery-anchored essential retail is extremely durable and able to weather economic changes more than almost any other asset class,” said Chief Operating Officer Kurt Padavano. “When it comes to new portfolio additions, we have built a talented team around property stabilization and operation, which provides us with the ability to create value and realize each asset’s full potential.” 

“While achieving this coast-to-coast milestone is meaningful for our team,” Padavano added, “what matters most is maximizing the value of properties through hands-on management and targeted investments that result in superior, risk-adjusted returns for our investor partners.” 

Financial terms of the acquisition were not disclosed.

FNRP’s footprint

• Firm signs largest lease in 7-year history
• First National Realty Partners make another move in the Southeast
• Acquisition marks third in Illinois for FNRP