After most recently snatching up a shopping center in its home state of New Jersey, First National Realty Partners LLC is again expanding its footprint across the U.S., entering a new market with its latest addition.
On May 27, Red Bank-based FNRP announced it acquired The Shoppes at Grayhawk in Omaha, marking its first acquisition in Nebraska as the company expands nationwide, targeting open-air and grocery-anchored retail centers in primary and important secondary markets.
Matthews Real Estate Investment Services’ Ben Snyder and Zack Bates brokered the deal, representing the seller in transaction. Financial terms of the transaction were not disclosed.
The 221,000-square-foot property is anchored by a 140,000-square-foot Lowe’s store that has been a tenant at the center for 20 years. Co-tenants at the property located at 14455-14615 W. Maple Road include Michaels, Dollar Tree, Chipotle, Jimmy John’s and First Watch. The property is about 12 miles west of downtown Omaha, along the region’s dominant east-west thoroughfare, according to FNRP.
The Shoppes at Grayhawk serves a population of nearly 180,000 within a 5-mile radius with an average household income of $100,000.
“The Shoppes at Grayhawk offered an outstanding opportunity for FNRP to establish a presence in Nebraska,” said FNRP Director of Acquisitions Stephen Joseph. “With its proximity to Nebraska’s largest city, this destination for daily essentials is a perfect fit for our portfolio. The Center contains approximately 5,000 square feet of available space offering significant upside potential by way of increased occupancy and cash flow.”