First National Realty Partners, a Red Bank-based real estate investment firm, has acquired a shopping center in Tennessee, it announced this week.
Gadd Crossing, located at 5510 TN-153 in Hixson, is a newly renovated center anchored by an Aldi grocery store, the firm said in a news release. The center is 94% occupied, and located in the Chattanooga market.
“Entering the Tennessee market has been a company goal of ours, so we are very excited to be acquiring Gadd Crossing, a landmark asset in the Chattanooga market,” Matt Annibale, director of acquisitions, said in a prepared statement. “Aldi is one of the fastest-growing grocery chains in the country, and they recently made a significant reinvestment in their store at the center. They are complemented here by a strong lineup of internet-resistant, daily-needs tenants, which is a key attribute of the center.”