Red Bank’s First National Realty Partners recently entered another new state – Connecticut – as the firm continues to expand its portfolio of grocery-anchored shopping centers.
On April 22, FNRP announced its next addition: McAlpin Square in Savannah. The 170,000-square-foot complex is the fourth property the firm has acquired in Georgia.
The Connecticut purchase, meanwhile, made for the fourth new market FNRP has entered in 2022.
David Rivers of Palomar represented the unnamed seller in the McAlpin Square transactions. Financial terms of the deal were not disclosed.
Located at 1900 E. Victory Drive, McAlpin is anchored by a 43,000-square-foot Kroger, one of the original tenants of the center that opened in 1980, according to FNRP. The grocer also operates an onsite, branded fuel center. Co-tenants at the property include Big Lots, Goodwill, the U.S. Postal Service, Family Dollar, Rainbow, Rent-A-Center, Subway, Domino’s and GameStop.
“McAlpin Square provides a perfect opportunity for FNRP to expand our Georgia portfolio while establishing a presence in one of the southeast’s leading coastal markets,” said FNRP Senior Director of Acquisitions Matt Annibale. “This market-dominant shopping center has retained its anchor tenants for an average of 21 years, and the property’s unrivaled location has great synergy in an expanding marketplace.”
According to Annibale, the center’s 5,600 square feet of available space provides significant upside potential by way of increased occupancy and cash flow.
McAlpin Square is just 3 miles from downtown Savannah, situated within a densely populated retail corridor with daily traffic counts in excess of 59,000 vehicles, FNRP said, serving a growing population of more than 132,000 people within a 5-mile radius.