WARETOWN, N.J., Aug. 22, 2024 -- First National Realty Partners (FNRP), a leading national private equity commercial real estate firm, has acquired Waretown Town Center, an 87,735-square-foot grocery-anchored shopping center strategically located in Waretown, New Jersey. This acquisition marks FNRP's seventh shopping center in New Jersey, reinforcing the firm's presence in the state.
Waretown Town Center is anchored by a 60,800-square-foot ShopRite, a market-leading grocer with over 15 years of operating history at the shopping center. ShopRite is joined by a diverse mix of tenants, including Meridian Health, Shore Smiles Dentistry, Saladworks, and Great Clips.
"We are thrilled to add Waretown Town Center to our growing portfolio," said Mike Hazinski, Chief Investment Officer at FNRP. "This market-dominant asset highlights our strategic approach to acquiring high-quality shopping centers in strong retail corridors."
Strategically located along the Jersey Shore Line, the shopping center offers high visibility and convenient access to a customer base of over 73,000 people with an average household income exceeding $132,000 within a 15-minute drive.
"Grocery anchored retail continues to be a preferred asset class due to a phenomenal operating environment with robust tenant demand coupled with limited new supply," said Hazinski.
Colin Behr and Chris Munley at CB Richard Ellis represented the seller in this transaction.
FNRP provides accredited investors with access to institutional quality commercial real estate, specializing in necessity-based real estate nationwide: grocery-anchored retail, multifamily, and industrial. From acquisition to disposition, FNRP oversees the entire investment lifecycle through its in-house vertically integrated platform, leveraging top talent in legal, acquisitions, leasing, and other key areas. For more information, visit www.fnrpusa.com.
Disclaimer: An investment in commercial real estate is subject to risk, including the risk that all of your investment may be lost. Any representations concerning investing in commercial real estate, including, without limitation, representations as to stability, diversification, security, resistance to inflation and any other representations as to the merits of investing in commercial real estate reflect our belief concerning the representations and may or may not come to be realized. Cash distributions are not guaranteed.
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