Southgate Center is a 209,280-square-foot, grocery-anchored shopping center located along Hebron Road in Maple Heights Ohio. – FIRST NATIONAL REALTY PARTNERS
Heading into the new year, First National Realty Partners projects it will have $1.5 billion in assets under management by the end of 2022. And with just a matter of weeks remaining, the Red Bank-based, vertically integrated real estate investment firm is continuing to make gains with the addition of a new Ohio property.
FNRP said Dec. 16 it added the Southgate Center in Maple Heights, a 209,280-square-foot shopping center anchored by a Giant Eagle Food Store — a tenant at the property for more than 20 years.
Ben Snyder of Matthews Real Estate Investment Services represented the seller in the Southgate Center transaction. Financial terms were not disclosed.
“Southgate Center is well-positioned in the market and serves a highly captive trade area,” said FNRP Senior Director of Acquisitions Matt Annibale in a statement. “The property’s ideal infill location and desirable demographics align perfectly with FNRP’s strategic nationwide expansion targeting premier open-air retail centers in primary and key secondary markets.”
In addition to the 69,000-square-foot Giant Eagle, the center’s tenants include a mix of national brands, including Petco, Dollar Tree and IHOP. FNRP said the site’s remaining 5,300 square feet of inline vacancies provide meaningful upside potential by way of increased occupancy and cash flow.
Bishops Corner is a 259,104-square-foot retail asset anchored by a 59,000-square-foot Target store in Connecticut. – FIRST NATIONAL REALTY PARTNERS
Southgate Center joins other FNRP grocery-anchored Ohio shopping centers in Cleveland, Columbus, Akron, Euclid, Shaker Heights, University Heights and Boardman.
According to the firm, its latest addition sits along Hebron Road, the dominant retail corridor in the area, with daily average traffic counts of about 35,000 vehicles. The property has nearly 70,000 residents within a 5-mile radio. And expected to add to that base, Intel announced at the beginning of the year that it would make an initial $20 billion for two new chip factories, located just 20 miles from Southgate Center.
Earlier in December, FNRP announced it expanded its footprint in the Northeast with Bishops Corner in Connecticut, its second site in the state, which is anchored by a 59,000-square-foot Target.
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For the whole of 2022, FNRP announced at the start of the month that it’s projected to close on more than $800 million in new deals — a 60% increase over 2021. And the company isn’t planning to slow down.
“Operating fundamentals are exceptionally strong despite the volatility in the capital markets,” Chief Investment Officer Michael Hazinski said in a Dec. 6 statement. “We’re optimistic and excited about taking the company to another level, with a target of approximately $1 billion in new acquisitions next year.”
Currently, FNRP says its portfolio covers nearly 11.5 million square feet across 22 states.
“The resiliency of this asset class continues in today’s environment,” Hazinski said.
In addition to establishing itself in multiple new markets in 2021, the company also extended its reach to the West Coast.
