First National Realty Partners is expanding its presence out west with its latest acquisition, which also marks the Red Bank-based company’s entrance to the Nevada market.

FNRP announced the addition of the 586,000-square-foot Tropicana Centre, located approximately 4 miles east of the famous Las Vegas Strip, to its grocery-anchored shopping center portfolio Nov. 1.

Financial terms were not disclosed. The unnamed seller was represented by Julius Swolsky and Brenton Baskin of Graystone Capital Advisors.

The open-air retail property is unique in that it includes three anchors: a 134,000-square-foot Sam’s Club, a 120,000-square-foot Walmart and a 40,000-square-foot Sprouts Farmer’s Market. Longtime tenants Sam’s Club and Walmart have occupied the complex since 1991, FNRP said, while natural organic retailer Sprout Farmer’s Markets plans to invest more than $1 million in upgrades to its space at the shopping center.

“Las Vegas has experienced tremendous population growth fueled by cheaper costs of living, lower taxes, and newly built homes – solidifying its position as one of the fastest growing cities in the U.S.,” Director of Acquisitions Stephen Joseph said in a statement. “FNRP was attracted by Tropicana Centre’s infill location, below market rents and investment grade tenant roster, which provide a one-stop shopping destination to customers in a market that is expected to see continued growth over the next five years.”

Rounding out that tenant roster are: Ace Hardware, Ross, Conn’s HomePlus, Big 5 Sporting Goods, Dollar Tree, Rainbow and McDonald’s.

FNRP said the shopping center is situated along the region’s dominant east-west thoroughfare, which handles combined traffic of over 71,000 vehicles per day. The center serves a population of more than 454,000 people within a 5-mile radius with an average household income of over $73,000.

Providing upside potential by way of increased occupancy and cash flow, 26,000 square feet of space is available at the property.

FNRP has added a slew of new properties to its holdings in 2022, the most recent of which expanded the company’s presence in Missouri, Virginia and Pennsylvania.