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Nationally Focused Investment Firm Purchases Southern Plaza in Indianapolis
INDIANAPOLIS, Ind. (Oct. 20, 2022) — First National Realty Partners, LLC (FNRP) today announced the addition of Southern Plaza in Indianapolis to its grocery-anchored shopping center portfolio. This 268,000-square-foot asset marks the vertically integrated real estate firm’s expansion in Indiana and continues its nationwide growth in the open-air retail property sector.
Southern Plaza is anchored by a 59,500-square-foot Kroger supermarket. A tenant at the center since 1990, Kroger recently updated its storefront and renovated the store’s interior. The market-dominant center’s tenant roster also includes Ross, Harbor Freight, Oak Street Health, Goodwill, Rue 21, Qdoba, Cosmo Prof, BMO Bank, and Sally Beauty.
“Southern Plaza is situated approximately five miles south of the largest city in the state of Indiana and the second largest city in the Midwest, said FNRP’s Matt Annibale, senior director of acquisitions. “The property’s strategic location and e-commerce resistant tenant mix offer an exceptional opportunity to expand in a dense and growing market. And the remaining vacancy in the center provides meaningful upside potential by way of increased occupancy and cash flow.”
The center is located directly off Interstate 465, an eight-lane expressway that sees daily average traffic counts of over 92,000 vehicles. It serves a population of more than 216,000 people, with an average household income of approximately $61,000, within a 5-mile radius of the property.
John May of Prodigy Real Estate Group represented the seller in the Southern Plaza transaction.
FNRP’s Indiana portfolio also includes Whitehall Plaza in Bloomington. 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, FNRP sources opportunities both on and off-market nationwide. From acquisition to disposition, the company 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