RED BANK, NJ, 15 August 2024 /PRNewswire/ – First National Realty Partners (FNRP), a leading national commercial real estate private equity firm, announced strong performance for the first half of 2024 despite economic headwinds.
Horizon Village, FNRP’s Phoenix-based acquisition that expanded the company’s presence into Arizona.
FNRP achieved profitability despite lower transaction volumes, underlining its operational efficiency. The company acquired 72.8 million US dollars in real estate, exceeding its target. Key acquisitions included Elements Horsham Shopping Center (PA), Sumter Square (SC)Horizon Village (AZ), Townes Crossing (IL) and Fountain Hills Plaza (AZ) – all but one were over-the-counter purchases that help expand FNRP’s presence into new states.
“In a competitive market, our ability to find off-market opportunities and secure favorable financing terms is a testament to our industry relationships and expertise,” said Michael HazinskiChief Investment Officer at FNRP.
FNRP strategically sold the Penn Hills Shopping Center in Pittsburgh, Pennsylvaniawhile the portfolio remains at 12.4 million square feet.
The company’s proactive leasing efforts have resulted in significant successes, including agreements that expanded relationships with national tenants such as Five Below and Hibbett Sports. FNRP has leased 248,501 square feet year-to-date.
“We are optimistic about the long-term fundamentals of retail real estate,” said Fred BattistiChief Revenue Officer at FNRP. “Despite macroeconomic challenges, we remain focused on capitalizing on opportunities and driving value for our investors.”
In the second half of 2024, FNRP will focus on portfolio optimization, strategic portfolio sales and/or refinancings while continuing to grow through acquisitions.
“We are proud of the strategic direction of our company,” said Andrew DeNardoPresident and Head of IR at FNRP. “We are positioned for thoughtful growth and sustainable success.”
FNRP provides accredited investors with access to institutional-quality commercial real estate and specializes in need-based real estate nationwide: retail grocery stores, multifamily and industrial properties. From acquisition to disposition, FNRP oversees the entire investment cycle through its proprietary vertically integrated platform, leveraging top talent in legal, acquisition, leasing and other key areas. For more information, visit www.fnrpusa.com.
Disclaimer: Investing in commercial real estate involves risks, including the risk of losing your entire investment. All statements regarding investing in commercial real estate, including but not limited to statements regarding stability, diversification, security, resistance to inflation and all other statements regarding the benefits of investing in commercial real estate reflect our belief in the statements and may or may not prove to be true. Cash distributions are not guaranteed.
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Jessica DeMarino
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