First National Realty Partners on Thursday said it added Loyal Plaza in Williamsport, Pennsylvania, to its grocery-anchored shopping center portfolio. This 289,000-square-foot asset reflects the Red Bank-based real estate firm’s rapid growth in Pennsylvania and continues its nationwide expansion in the open-air retail property sector.
Loyal Plaza is anchored by a 67,000-square-foot, high-performing Giant Food Store that has been a tenant at the center since 1999. The center’s tenant roster also features a mix of necessity-based national retailers, including a brand-new Hobby Lobby and Planet Fitness, as well as Rite Aid, Advance Auto Parts and BB&T Bank.
First National Realty Partners provides accredited investors with access to real estate assets that traditionally have been available only to institutional investors. The Red Bank-based firm sources opportunities both on and off-market nationwide. From acquisition to disposition, FNRP oversees the entire investment lifecycle 100% in-house, leveraging top talent in legal, acquisitions, leasing, and other key areas. The firm strives to achieve maximum value and attractive risk-adjusted returns for its partners.
The approximately 44,000 square feet of available space provides meaningful upside potential by way of increased occupancy and cash flow.
“FNRP was attracted by Loyal Plaza’s exceptional performance in the market, strong leasing retention and long-term commitment of the property’s tenants,” Matt Annibale, senior director of acquisitions, said. “Benefitting from excellent roadway connectivity and visibility, as well as a high concentration of traffic driven by the anchor tenants, the center serves a highly captive audience and draws from an extended trade radius.”
Colin Behr and Chris Munley of JLL represented the seller in the Loyal Plaza transaction.
FNRP’s Pennsylvania portfolio also includes Saucon Valley Square in Bethlehem, Dauphin Plaza in Harrisburg, Summerdale Plaza in Enola, Penn Hills Shopping Center in Pittsburgh, Village at Pittsburgh Mills in Tarentum and Richland Marketplace in Quakertown.