FOUNTAIN HILLS, Ariz., Aug. 13, 2024 /PRNewswire/ — First National Realty Partners (FNRP), a leading national private equity commercial real estate firm, announced the acquisition of Fountain Hills Plaza, a 111,284-square-foot shopping center in affluent Fountain Hills, Arizona. This marks the firm’s second acquisition in the state and continues its national expansion efforts.

“We think Fountain Hills Plaza is an excellent addition to our Phoenix portfolio,” said Mike Hazinski, Chief Investment Officer at FNRP. “The center is located in a captive and growing trade area, which we are confident positions it for long-term success.”

Fountain Hills Plaza boasts a 90% occupancy rate and is anchored by Bashas’, an affiliate of Raley’s Supermarket with an operating history of over 30 years at the location. It features retailers including Ace Hardware, AutoZone, H&R Block, and Great Clips. The necessity-based retail center is an excellent fit for the surrounding community.

“Fountain Hills Plaza complements our existing portfolio with its diverse tenant base and strategic location in a high-growth area. This acquisition aligns with our commitment to expanding in key markets,” commented Hazinski.

The center is located 30 miles from the Phoenix Central Business District. It is situated in a neighborhood trade area where the average household income exceeds $145,000 within a 3-mile radius and the population is projected to grow by over 8% in the next five years.

FNRP has over 2B in assets under management totaling over 12M square feet in 26 states.

Patrick Dempsey of JLL represented the seller in this transaction.

FNRP provides accredited investors with access to institutional quality commercial real estate assets specializing in necessity-based real estate: grocery-anchored retail, multifamily, and industrial and sourcing 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. For more information, visit www.fnrpusa.com.

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Contact:

Jessica DeMarino

[email protected]

SOURCE First National Realty Partners, LLC