First National Realty Partners acquires grocery-anchored shopping centers in Ohio and Michigan

Red Bank-based real estate investment firm First National Realty Partners is continuing its buying spree with two recent grocery-anchored shopping center purchases.

In Boardman, Ohio, the company acquired Southland Crossings, a 245,678-square-foot shopping center that is 91% occupied and anchored by a 77,592-square-foot Giant Eagle Supermarket. Located at 1150-1300 Doral Drive, the property is approximately 6 miles south of downtown Youngstown and adds to FNRP’s rapidly growing of premier real estate assets in Ohio and throughout the U.S.

“We are excited to acquire Southland Crossings and add Giant Eagle to our portfolio,” said Matt Annibale, senior director of acquisitions at First National Realty Partners. “In addition to having high-performing junior anchor tenants including Ross, PetSmart, DSW and Michaels, Southland Crossings is shadow anchored by Lowe’s and Walmart, who help drive foot-traffic to the center.”

The acquisition of Southland Crossings marks FNRP’s seventh grocery-anchored acquisition in Ohio.

Meanwhile, the vertically integrated company also announced the acquisition of a Kroger-anchored shopping center in Canton, Michigan. Located at 45540 Michigan Ave., the 164,781-square-foot shopping center is 88% occupied and located approximately 25 miles west of downtown. In addition to the 59,805-square-foot Kroger, the center features a 50,000-square-foot Dick’s Sporting Goods and an impressive lineup of other internet-resistant, daily needs tenants.

“We are very excited to acquire Premier Canton,” said Annibale. “Not only is the center anchored by a high-performing Kroger Supermarket, but it also features a 18,000-square-foot junior box vacancy, which provides the potential for significant upside in the deal.”

In November, FNRP acquired two strong-performing, grocery-anchored centers in Georgia.