First National Realty Partners on Monday said it added Richland Marketplace in Quakertown, Pennsylvania, to its rapidly expanding, grocery-anchored shopping center portfolio. The 162,000-square-foot asset marks the nationally focused, Red Bank-based firm’s sixth purchase in Pennsylvania and second in the Allentown metro area.
The market-dominant open-air center is anchored by a 17,000-square-foot Aldi grocery store. A tenant at the site since it was constructed in 2009, Aldi is a privately owned, German-based discount supermarket brand with over 2,000 locations across 36 states and 11,000 stores globally. Richland Marketplace’s tenant roster also features a strong mix of national retailers, including Best Buy, PetSmart, Planet Fitness, Staples, Ulta, Visionworks, Sally Beauty and Skechers. The remaining 11,400 square feet of available space provides meaningful upside potential by way of increased occupancy and cash flow.
“Richland Marketplace offers FNRP an exceptional opportunity to expand our presence in the Lehigh Valley, a regional market that has undergone a significant transformation over the past decade,” Matt Annibale, senior director of acquisitions, stated. “With its proximity to employment centers and the Philadelphia suburbs, the Quakertown area is poised to continue on a trajectory of substantial growth.”
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 Pennsylvania portfolio also includes Saucon Valley Square in nearby Bethlehem, as well as Dauphin Plaza in Harrisburg, Summerdale Plaza in Enola, Penn Hills Shopping Center in Pittsburgh and Village at Pittsburgh Mills in Tarentum.
Richland Marketplace is situated 12 miles south of Allentown on Route 309, a major north/south thoroughfare with access to many of Philadelphia’s affluent suburbs. A population of more than 209,000 people with average household incomes exceeding $107,000 lives within a 10-mile radius of the property.
Colin Behr and Chris Munley of JLL represented the seller in the Richland Marketplace transaction.