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N.J.-based Investment Firm Acquires Eagle Plaza in Voorhees
VOORHEES, N.J., May 17, 2022 — Vertically integrated real estate investment firm First National Realty Partners, LLC (FNRP) today announced the addition of Eagle Plaza in Voorhees to its rapidly expanding portfolio. This 227,000-square-foot asset marks the Red Bank, N.J.-based firm’s fourth grocery-anchored shopping center acquisition in New Jersey.
Located at 700 Haddonfield-Berlin Road, the market-dominant open-air center is anchored by a 66,500-square-foot Acme grocery store. A tenant at the site since 1981, Acme is a subsidiary of Albertsons, the second largest grocery chain in North America with over 2,250 stores. Eagle Plaza’s tenant roster also features a strong mix of national and regional retailers and service providers, including Ross, Wine Warehouse, Mattress Firm, T-Mobile, Chipotle, H&R Block, Allstate, Sherwin Williams, and South Jersey Federal Credit Union.
Eagle Plaza is located in a densely populated retail corridor approximately 15 miles east of downtown Philadelphia. The property is situated along the region’s dominant north-south thoroughfare, which sees combined traffic of over 45,000 vehicles a day. With proximity to Philadelphia and several of its affluent suburbs, Voorhees Township boasts a population of over 80,000 – with an average household income of over $120,000 – within a three-mile radius.
“Eagle Plaza is an essential neighborhood shopping destination that offers an outstanding opportunity for FNRP to expand our footprint in the New Jersey market,” said Matt Annibale, senior director of acquisitions. “With a highly affluent demographic and proximity to Philadelphia, Voorhees is a perfect fit for our portfolio. And the approximately 67,800 square feet of available 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 New Jersey shopping center portfolio also includes Acme Commons in Bordentown, Crestwood Village in Manchester Township, The Court at Hamilton in Hamilton, and Vineland Retail Center in Vineland.
Brad Nathanson of Marcus & Millichap IPA represented the seller in the Eagle Plaza transaction.
FNRP’s mission is to provide 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