Red Bank-based First National Realty Partners is projected to have $1.5 billion in assets under management by the end of 2022, as the company completes a year of record-setting property acquisitions, according to a Tuesday announcement.
In 2022, FNRP successfully increased its market share of grocery-anchored and necessity-based shopping centers nationwide. This resulted in several year-end milestones for the company’s acquisitions team, including projected to close on over $800 million in new deals in 2022, an increase of 60% over 2021; a portfolio approaching 11.5 million square feet across 22 states, including multiple new markets; and recent closings in California, Las Vegas, New Hampshire and Alabama, which established FNRP’s coast-to-coast footprint.
Among the most active retail buyers in the country, FNRP has built its acquisition strategy on the durability of the grocery and convenience retail sector. The company’s results not only reflect its own growth, but offer a snapshot of the overall health of its target market.
“The resiliency of this asset class continues in today’s environment,” Michael Hazinski, an industry veteran who recently joined FNRP as chief investment officer, said. “This is illustrated by the performance of our portfolio and in the opportunities the current market offers for agile investors — despite the shifting economic headwinds.”
FNRP Executive Chairman Jared Feldman noted the acquisition team’s track record of both sourcing opportunities and executing transactions has continued despite volatility in the market.
“In an uncertain environment, our track record and ability to close on acquisitions are real value-adds that resonate with sellers,” Feldman said.
Looking ahead to 2023, Hazinski expects to leverage FNRP’s phenomenal growth and ability to source transactions to expand the organization’s portfolio and geographic reach.
“Operating fundamentals are exceptionally strong despite the volatility in the capital markets,” he said. “We’re optimistic and excited about taking the company to another level, with a target of approximately $1 billion in new acquisitions next year.”