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Nationally Focused Investment Firm Expands Grocery-Anchored Center Portfolio in Virginia
MANASSAS, Va., (Oct. 13, 2022) — First National Realty Partners, LLC (FNRP) today announced the addition of Promenade at Manassas to its grocery-anchored shopping center portfolio. This 287,000-square-foot asset marks the vertically integrated real estate firm’s expansion in Virginia and continues its nationwide growth in the open-air retail property sector.
The market-dominant center is 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,” said Matt Annibale, senior director of acquisitions. “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 I-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.
FNRP’s Virginia portfolio also includes Ashland Hanover Shopping Center in Ashland and Haymarket Village Center in Haymarket. The Red Bank, N.J.-based firm provides everyday accredited investors with access to real estate assets that traditionally have been available only to institutional investors. Specializing in grocery-anchored, necessity-based retail product, the 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 to ensure its properties achieve maximum value and partners realize exceptional, risk-adjusted returns.
About First National Realty Partners, LLC
151 Bodman Place, Suite 201, Red Bank, NJ 07701