Nationally Focused Investment Firm Adds Richland Marketplace in Quakertown
QUAKERTOWN, Pa., Oct. 3, 2022 /PRNewswire-PRWeb/ -- Vertically integrated real estate investment firm First National Realty Partners, LLC ( FNRP) just announced the addition of Richland Marketplace in Quakertown to its rapidly expanding, grocery-anchored shopping center portfolio. This 162,000-square-foot asset marks the nationally focused, Red Bank, N.J.-based firm's sixth purchase in Pennsylvania and second in the Allentown Metro area.
The market-dominant open-air center is anchored by a 17,000-square-foot Aldi grocery store. A tenant at the site since it was constructed in 2009, Aldi is a privately owned, German-based discount supermarket brand with over 2,000 locations across 36 states and 11,000 stores globally. Richland Marketplace's tenant roster also features a strong mix of national retailers, including Best Buy, PetSmart, Planet Fitness, Staples, Ulta, Visionworks, Sally Beauty, and Skechers. The remaining 11,400 square feet of available space provides meaningful upside potential by way of increased occupancy and cash flow.
"Richland Marketplace offers FNRP an exceptional opportunity to expand our presence in the Lehigh Valley, a regional market that has undergone a significant transformation over the past decade," said Matt Annibale, senior director of acquisitions. "With its proximity to employment centers and the Philadelphia suburbs, the Quakertown area is poised to continue on a trajectory of substantial growth."
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 Pennsylvania portfolio also includes Saucon Valley Square in nearby Bethlehem, as well as Dauphin Plaza in Harrisburg, Summerdale Plaza in Enola, Penn Hills Shopping Center in Pittsburgh and Village at Pittsburgh Mills in Tarentum.
Richland Marketplace is situated 12 miles south of Allentown on Route 309, a major north/south thoroughfare with access to many of Philadelphia's affluent suburbs. A population of more than 209,000 people with average household incomes exceeding $107,000 lives within a 10-mile radius of the property.
Colin Behr and Chris Munley of JLL represented the seller in the Richland Marketplace 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, 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.
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