First National Realty Partners Expands Portfolio with New Asset
Introducing Salisbury Marketplace Acquisition
First National Realty Partners (FNRP) is excited to announce the acquisition of Salisbury Marketplace, a grocery-anchored shopping center that strengthens their growing portfolio. This acquisition marks FNRP's third property in North Carolina, showcasing their commitment to expanding in key markets.
Details of the Acquisition
Salisbury Marketplace is prominently anchored by a well-established 31,762-square-foot Food Lion grocery store, which has been a staple of the community for over 35 years. The supermarket recently underwent significant renovations, underlining Food Lion's long-term dedication to this vital location.
The Community Impact
This shopping center serves as a crucial hub for local residents, providing access to essential daily needs through various retailers such as Citi Trends, Family Dollar, and Cricket Wireless. Each of these stores complements the offerings of Food Lion, ensuring a comprehensive shopping experience for the community.
FNRP's Vision for Growth
Stuart Brackenridge, Vice President of Acquisitions at FNRP, expressed enthusiasm about entering the Charlotte market with this acquisition. He believes that with Food Lion as a well-known anchor and a prime location in the Charlotte Metropolitan Statistical Area (MSA), Salisbury Marketplace offers a unique opportunity to enhance value for investors while cohesively supporting the local community.
Leasing Strategy and Future Plans
The property boasts 9,300 square feet of contiguous vacancy, presenting immediate prospects for value enhancement. FNRP intends to implement a targeted leasing strategy designed to attract additional retailers and service providers that will further enrich the shopping experience. By achieving new occupancy, FNRP aims to improve the rent roll, merchandising mix, and overall foot traffic at the center.
Strategic Location Advantages
Strategically located just 45 minutes from Downtown Charlotte along the I-85 corridor, Salisbury Marketplace enjoys significant visibility and accessibility within the surrounding area. The center is poised for growth due to ongoing residential development and a diverse employment base, catering to a three-mile trade area that encompasses over 24,000 people with average household incomes exceeding $78,000.
Real Estate Expertise
In this transaction, Tom Kolarczyk of JLL represented the seller, reflecting the industry's trust in FNRP’s strategy and operational capabilities. FNRP continues to position itself as a leader in necessity-based retail real estate investment.
About First National Realty Partners
First National Realty Partners (FNRP) specializes in connecting accredited investors with high-quality commercial real estate opportunities across the nation. Their focus on necessity-based retail allows them to manage investments through every stage, from acquisition to disposition. With extensive in-house expertise across areas such as legal, acquisitions, and leasing, FNRP is dedicated to crafting sustainable value for its investors.
Contact Information
If you are interested in learning more about First National Realty Partners or their investment opportunities, please reach out to Jessica DeMarino at jdemarino@fnrpusa.com.
Frequently Asked Questions
What is the significance of the Salisbury Marketplace acquisition?
The acquisition enhances First National Realty Partners’ portfolio in North Carolina, featuring a well-established grocery anchor and community presence.
What retailers are located at Salisbury Marketplace?
In addition to Food Lion, the center includes retailers like Citi Trends, Family Dollar, and Cricket Wireless, catering to daily needs.
What are FNRP's plans for the vacant spaces?
FNRP plans to implement a targeted leasing strategy to fill the 9,300 square feet of vacant space, focusing on complementary retailers.
How will this acquisition impact the local community?
The acquisition will provide job opportunities and enhance local shopping options, supporting the economic growth of the area.
Where can I find more information about First National Realty Partners?
You can visit their website at www.fnrpusa.com for detailed information on investment opportunities.
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