First National Realty Partners expands its N.J. footprint with Voorhees acquisition

First National Realty Partners has added Eagle Plaza in Voorhees to its rapidly expanding portfolio. The 227,000-square-foot asset marks the Red Bank-based firm’s fourth grocery-anchored shopping center acquisition in New Jersey.

Located at 700 Haddonfield-Berlin Road, the market-dominant open-air center is anchored by a 66,500-square-foot Acme grocery store, a tenant at the site since 1981. Eagle Plaza’s tenant roster also features a strong mix of national and regional retailers and service providers, including Ross, Wine Warehouse, Mattress Firm, T-Mobile, Chipotle, H&R Block, Allstate, Sherwin Williams and South Jersey Federal Credit Union.

Located in a densely populated retail corridor approximately 15 miles east of downtown Philadelphia, the property is situated along the region’s dominant north-south thoroughfare, which sees combined traffic of over 45,000 vehicles a day. With proximity to Philadelphia and several of its affluent suburbs, Voorhees Township boasts a population of over 80,000 — with an average household income of over $120,000 — within a three-mile radius.

“Eagle Plaza is an essential neighborhood shopping destination that offers an outstanding opportunity for FNRP to expand our footprint in the New Jersey market,” Matt Annibale, senior director of acquisitions, said. “With a highly affluent demographic and proximity to Philadelphia, Voorhees is a perfect fit for our portfolio. And the approximately 67,800 square feet of available space provides significant upside potential by way of increased occupancy and cash flow.”

Annibale noted that the purchase aligns with FNRP’s strategic nationwide expansion targeting premier grocery-anchored retail centers in primary and key secondary markets. The firm’s New Jersey shopping center portfolio also includes Acme Commons in Bordentown, Crestwood Village in Manchester Township, the Court at Hamilton in Hamilton and Vineland Retail Center in Vineland.

Brad Nathanson of Marcus & Millichap Institutional Property Advisors represented the seller in the Eagle Plaza transaction.