Red Bank-based First National Realty Partners on Thursday announced strong performance for the first half of the year, despite economic headwinds.
FNRP said it achieved profitability with lower transaction volumes, highlighting its operational efficiency. The company acquired $72.8 million in real estate, surpassing its target.
“In a competitive market, our ability to source off-market opportunities and secure favorable financing terms is a testament to our industry relationships and expertise,” Mike Hazinski, chief investment officer at FNRP, said.
FNRP strategically disposed of Penn Hills Shopping Center in Pittsburgh, while maintaining its portfolio at 12.4 million square feet.
The company’s proactive leasing efforts led to significant achievements, including agreements that expanded relationships with national tenants including Five Below and Hibbett Sports. FNRP has leased 248,501 square feet year-to-date.
“We are bullish on retail real estate’s long-term fundamentals,” Fred Battisti, chief revenue officer at FNRP, said. “Despite macroeconomic challenges, we remain focused on pursuing opportunities and enhancing value for our investors.”
For the second half of 2024, FNRP will prioritize portfolio optimization, strategic portfolio sales and/or refinancings, while continuing to grow through acquisitions.
“We are proud of the strategic direction our company has taken,” Andrew DeNardo, president and head of investor relations at FNRP, said. “We are positioned for thoughtful growth and sustained success.”
