Nationally Focused Investment Firm Adds River City Marketplace in O'Fallon
O'FALLON, Mo., Oct. 14, 2022 /PRNewswire-PRWeb/ -- First National Realty Partners, LLC (FNRP) today announced the addition of River City Marketplace in O'Fallon to its grocery-anchored shopping center portfolio. This 158,000-square-foot asset marks the vertically integrated real estate firm's expansion in Missouri and continues its nationwide growth in the open-air retail property sector.
River City Marketplace is anchored by a 31,000-square-foot Fresh Thyme Market, which has been a tenant since 2015. The O'Fallon store is one of the top 5 most visited locations for the private regional supermarket chain, which operates over 75 stores in 11 Midwest states. The center's high-quality tenant roster includes Total Wine, Ross, Five Below, Kirkland's and Kay Jewelers. The remaining 10,000 square feet of available space provides meaningful upside potential by way of increased occupancy and cash flow.
"River City Marketplace's strategic regional location offers FNRP an exceptional opportunity to expand our presence in the St. Louis MSA," said Stephen Joseph, director of acquisitions. "St. Charles County, is one of the wealthiest counties in Missouri, and O'Fallon is one of state's fastest-growing communities with an affluent population that has quadrupled since 1990."
River City Marketplace sits in a densely populated retail corridor, with a daily traffic count of 49,000 vehicles. It serves a population of more than 170,000 people, with average household incomes of approximately $114,000, within a 5-mile radius of the property.
Evan Halkias, David Matheis and Link Dierks of Cushman and Wakefield represented the seller in the River City Marketplace transaction.
FNRP's Missouri portfolio also includes Mark Twain Village in St. Charles and Shoppes at Cross Keys in Florissant. 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.
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