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N.J.-based Investment Firm Acquires Maple Park Place in Bolingbrook
BOLINGBROOK, Ill., July 18, 2022 — Vertically integrated real estate investment firm First National Realty Partners, LLC (FNRP) today announced the addition of Maple Park Place in Bolingbrook to its rapidly expanding portfolio. This 212,000-square-foot asset marks the Red Bank, N.J.-based firm’s second grocery-anchored shopping center acquisition in Illinois.
Maple Park Place is anchored by a 23,000-square-foot Aldi grocery store as well as a 44,000-square-foot Burlington and 32,000-square-foot Best Buy. A tenant since 2018, Aldi is a privately-owned, German-based discount supermarket brand with over 2,000 locations across 36 states and 11,000 stores globally. The center’s lifestyle-focused tenant mix also features national and regional retailers and service providers, including Advanced Auto Parts, Dollar Tree, Meineke, Benjamin Moore and X-Sport Fitness.
“Maple Park Place is an essential neighborhood shopping destination that offers an outstanding opportunity for FNRP to expand our footprint in the Chicago area,” said Matt Annibale, senior director of acquisitions. “With its strong tenant mix and outstanding regional demographics, this property is well positioned to perform for years to come. Also, the remaining 13,000 square feet of vacant space provides significant upside potential by way of increased occupancy and cash flow.”
Annibale noted that the purchase aligns with FNRP’s strategic nationwide expansion targeting premier grocery-anchored retail centers in primary and key secondary markets. The firm’s Illinois retail shopping center portfolio also includes Lemont Village Square in Lemont.
Located in a densely populated, highly affluent suburb, Maple Park Place is situated approximately 33 miles west of downtown Chicago and in proximity to the I-355 and I-55 interchange, which provides convenient regional access to downtown. A population of more than 222,300 – with average household incomes of over $138,900 – lives within a five-mile radius of the property.
Rick Drogosz of Mid-America Real Estate Corporation represented the seller in the Maple Park Place transaction.
FNRP 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, FRNP 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