First National Realty Partners acquires shopping center in suburban Cleveland

Red Bank-based real estate investment firm First National Realty Partners has acquired a shopping center in Ohio, it announced this week.

Cedar Center South, at 13908-13998 Cedar Road in University Heights, is a 138,881-square-foot center anchored by a 45,282-square-foot Whole Foods. The property is 91% occupied, FNRP noted.

“We are very excited to be adding another high-performing, Whole Foods-anchored center to the portfolio,” Matt Annibale, director of acquisitions, said in a prepared statement. “Cedar Center South is located in a dense, high-income suburb of Cleveland and is co-anchored by high-quality, essential, daily-needs tenants including CVS, Dollar Tree and Boston Market.

“The stable in-place cash flows, coupled with the potential to increase value through lease-up of the remaining vacancies, makes this a very attractive acquisition for FNRP and our investors.”