First National Realty Partners Reports Strong First Half Performance
RED BANK, N.J., Aug. 15, 2024 /PRNewswire/ -- First National Realty Partners (FNRP), a leading national private equity commercial real estate firm, announced strong performance for the first half of 2024, despite economic headwinds.
FNRP achieved profitability with lower transaction volumes, highlighting its operational efficiency. The company acquired $72.8 million in real estate, surpassing 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 off-market purchases helping expand FNRP's footprint into new states.
"In a competitive market, our ability to source off-market opportunities and secure favorable financing terms is a testament to our industry relationships and expertise," said Mike Hazinski, Chief Investment Officer at FNRP.
FNRP strategically disposed of Penn Hills Shopping Center in Pittsburgh, PA, while maintaining its portfolio at 12.4 million square feet.
The company's proactive leasing efforts led to significant achievements, including agreements that expanded relationships with national tenants including Five Below and Hibbett Sports. FNRP has leased 248,501 square feet year-to-date.
"We are bullish on retail real estate's long-term fundamentals," said Fred Battisti, Chief Revenue Officer at FNRP. "Despite macro-economic challenges, we remain focused on pursuing opportunities and enhancing value for our investors."
For the second half of 2024, FNRP will prioritize portfolio optimization, strategic portfolio sales and/or refinancings, while continuing to grow through acquisitions.
"We are proud of the strategic direction our company has taken," said Andrew DeNardo, President and Head of IR at FNRP. "We are positioned for thoughtful growth and sustained success."
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.
Contact:
Jessica DeMarino
SOURCE First National Realty Partners, LLC
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