N.J.-based investment firm adds Ohio grocery-anchored center to portfolio

First National Realty Partners expands regional foothold with Consumer Square West acquisition

Red Bank-based First National Realty Partners on Tuesday announced it added Consumer Square West in Columbus, Ohio, to its expanding grocery-anchored shopping center portfolio. This 218,000-square-foot asset marks the firm’s fifth purchase in Ohio.

Situated on 25 acres at 3530-3630 Soldano Blvd., Consumer Square West is anchored by a nearly 65,000-square-foot, high-volume Kroger supermarket. The market-dominant grocer recently added a branded fuel center, furthering its commitment to the center and facilitating increased traffic to benefit its co-tenants. Consumer Square West also features Planet Fitness, Rainbow Apparel, Dollar Tree, Shoe Show, Bargain Hunt, Pet Supplies Plus and Sally Beauty.

According to Matt Annibale, senior director of acquisitions, the Consumer Square West acquisition aligns with FNRP’s strategic nationwide expansion targeting premier open-air retail centers in primary and key secondary markets. FNRP’s Ohio properties also include Carriage Place Shopping Center in Columbus, Shore Center Plaza in Euclid, West Market Street Station in Akron and Southland Crossings in Boardman.

“Consumer Square West provides a great opportunity for FNRP to expand our footprint in Ohio, a market in which we have an established foothold and track record,” Annibale said. “With its strong tenant mix — and within the context of outstanding regional demographics — this property is well positioned to perform.”

Annibale added that approximately 15,000 square feet of available space at Consumer Square West provides significant upside potential by way of increased occupancy and cash flow.

Consumer Square West is located in a densely populated retail corridor approximately five miles west of downtown Columbus and seven miles southwest of the Ohio State University. Columbus is the fastest-growing major metropolitan statistical area in the Midwest, home to 2.1 million people and boasting 11.6% population growth since the 2010 census. More than 265,000 people with average household incomes over $80,000 live within a five-mile radius of the property.

Scott Wiles of Marcus & Millichap served as seller representative in the Consumer Square West transaction.