Red Bank-based First National Realty Partners on Thursday announced it added two separate grocery-anchored shopping centers to its portfolio, one in Virginia and one in Missouri.
Promenade at Manassas in Virginia is a 287,000-square-foot asset anchored by an approximately 107,000-square-foot Home Depot, a tenant at the center since it was constructed in 1995, and co-anchored by a new 43,000-square-foot local international grocer, Oh! Market. The Promenade at Manassas tenant roster also features a strong mix of national retailers, including Ashley Home Furniture, Planet Fitness, the Tile Shop and Sherwin Williams. The remaining vacancy in the center provides meaningful upside potential by way of increased occupancy and cash flow.
“The purchase aligns with FNRP’s strategic expansion targeting primary and key secondary markets across the country,” Matt Annibale, senior director of acquisitions, said. “The property’s unmatched regional location and lineup of traffic-generating, destination tenants allow Promenade at Manassas to benefit from the tremendous demographics of this affluent and densely populated in-fill market.”
Promenade at Manassas is located 31 miles west of Washington, D.C., at the intersection of Interstate 66 and Sudley Road. It serves a population of nearly 179,000 people, with average household incomes exceeding $122,000, within a five-mile radius of the center.
Ryan Sciullo of CBRE represented the seller in the Promenade at Manassas transaction.
Meanwhile, FNRP’s Missouri addition to its portfolio is a 158,000-square-foot asset in O’Fallon.
River City Marketplace is anchored by a 31,000-square-foot Fresh Thyme Market, which has been a tenant since 2015. The O’Fallon store is one of the Top 5 most visited locations for the private regional supermarket chain, which operates over 75 stores in 11 Midwest states. The center’s high-quality tenant roster includes Total Wine, Ross, Five Below, Kirkland’s and Kay Jewelers. The remaining 10,000 square feet of available space provides meaningful upside potential by way of increased occupancy and cash flow.
“River City Marketplace’s strategic regional location offers FNRP an exceptional opportunity to expand our presence in the St. Louis (metropolitan statistical area),” Stephen Joseph, director of acquisitions, said. “St. Charles County is one of the wealthiest counties in Missouri, and O’Fallon is one of state’s fastest-growing communities, with an affluent population that has quadrupled since 1990.”
River City Marketplace sits in a densely populated retail corridor, with a daily traffic count of 49,000 vehicles. It serves a population of more than 170,000 people, with average household incomes of approximately $114,000, within a five-mile radius of the property.
Evan Halkias, David Matheis and Link Dierks of Cushman & Wakefield represented the seller in the River City Marketplace transaction.