First National Realty Partners on Friday said it added Southgate Center to its grocery-anchored shopping center portfolio. The 209,280-square-foot asset marks the Red Bank-based, vertically integrated real estate investment firm’s ninth purchase in Ohio, a state where it has established a meaningful presence in the open-air retail property sector.
Southgate Center is anchored by a 69,000-square-foot Giant Eagle Food Store. A tenant at the center for more than 20 years, Giant Eagle is a top regional grocery store chain with over 400 stores in Pennsylvania, Ohio, West Virginia, Indiana, and Maryland. The center’s high-quality national tenant mix includes Dunham’s Sports, Petco, Dollar Tree, IHOP and H&R Block.
“Southgate Center is well-positioned in the market and serves a highly captive trade area,” Matt Annibale, senior director of acquisitions, said. “The property’s ideal infill location and desirable demographics align perfectly with FNRP’s strategic nationwide expansion targeting premier open-air retail centers in primary and key secondary markets.”
The center is situated along Hebron Road in Heath, the dominant retail corridor in the area which sees average daily traffic counts of approximately 35,000 vehicles. In addition to serving nearly 70,000 residents within a 5-mile radius, the property will benefit from its proximity to the site of Intel’s new $20 billion campus. Just 20 miles away, that facility will generate significant economic value for the entire region.
Ben Snyder of Matthews Real Estate Investment Services represented the seller in the Southgate Center transaction.
FNRP’s Ohio portfolio includes grocery-anchored shopping centers in Cleveland, Columbus, Akron, Euclid, Shaker Heights, University Heights and Boardman.