First National Realty Partners on Friday said it added McAlpin Square in Savannah, Georgia, to its expanding grocery-anchored shopping center portfolio. The 170,000-square-foot asset marks the Red Bank-based firm’s fourth property in the state.
McAlpin Square is anchored by a 43,600-square-foot Kroger, one of the original tenants at the center, which opened in 1980. Kroger operates a branded onsite fuel center, reinforcing its commitment to the property and driving increased traffic to benefit its cotenants. McAlpin Square’s national retailers include Big Lots, Goodwill, the U.S. Postal Service, Family Dollar, Rainbow, Rent-A-Center, Subway, Domino’s and GameStop.
According to FNRP’s Matt Annibale, senior director of acquisitions, the McAlpin Square acquisition aligns with FNRP’s strategic nationwide expansion targeting premier open-air retail centers in primary and key secondary markets. FNRP’s additional Georgia properties, all located in the Atlanta metro market, include City Center Crossing in Sandy Springs, Crossroads South in Jonesboro and Crowes Crossing in Stone Mountain.
“McAlpin Square provides a perfect opportunity for FNRP to expand our Georgia portfolio while establishing a presence in one of the Southeast’s leading coastal markets,” Annibale said. “This market-dominant shopping center has retained its anchor tenants for an average of 21 years, and the property’s unrivaled location has great synergy in an expanding marketplace.”
Annibale added that the center’s 5,600 square feet of available space provides significant upside potential by way of increased occupancy and cash flow.
Located at 1900 E. Victory Drive, McAlpin Square sits at the intersection of East Victory Boulevard and Truman Parkway, just three miles southeast of downtown Savannah. The densely populated retail corridor boasts daily traffic counts exceeding 59,000 vehicles, and the center serves a growing population of more than 132,000 within a five-mile radius of the property.
David Rivers of Palomar represented the seller in the McAlpin Square transaction.