First National Realty Partners entered the California market — and reached a coast-to-coast expansion milestone — with the purchase of Heritage Park in Suisan City, according to a Monday announcement.
The 167,000-square-foot shopping center is the Red Bank-headquartered firm’s first West Coast acquisition, reflecting the continued success of its national expansion strategy targeting premier grocery-anchored retail centers in primary and key secondary markets.
Located approximately 42 miles southwest of Sacramento and 42 miles northeast of Oakland, Heritage Park is anchored by a 60,000-square-foot Raley’s grocery store. A tenant since 1989, Raley’s is a privately held, market-leading supermarket chain that operates 126 stores in Northern California and Nevada. The center’s essential needs-focused tenant mix includes Ace Hardware, AutoZone, Dollar Tree, Dunkin Donuts, Mariner Finance and H&R Block.
“FNRP was drawn by Heritage Park’s strategic regional location and affluent San Francisco Bay-area demographics,” Stephen Joseph, director of acquisitions, stated. “The property sits in a densely populated retail corridor that serves a growing population of over 125,000 people within a 5-mile radius with an average household income of over $100,000.”
Specializing in grocery-anchored, necessity-based retail product, FNRP is one of the nation’s fastest-growing, vertically integrated real estate investment firms in its niche. To date in 2022, the privately held company has strategically expanded its portfolio to nearly 9 million square feet. With the establishment of a California footprint, FNRP-owned properties span 20 states — including multiple new markets in recent months.
“Grocery-anchored essential retail is extremely durable and able to weather economic changes more than almost any other asset class,” Chief Operating Officer Kurt Padavano said. “When it comes to new portfolio additions, we have built a talented team around property stabilization and operation, which provides us with the ability to create value and realize each asset’s full potential.”