First National Realty Partners Secures Big-Box Tenant to Reach 100% Occupancy at Premier Center in Canton, Michigan
CANTON, Mich., May 9, 2024 /PRNewswire/ -- First National Realty Partners (FNRP), a leading national private equity commercial real estate firm, announced the successful execution of a lease agreement with Michaels at Premier Center in Canton, Michigan. The addition of Michaels not only solidifies the center as a premier shopping destination but also brings its occupancy to 100 percent, completing a significant milestone in the property's business plan.
Michaels, one of the largest providers of craft supplies in the nation, opened at the center in March, filling the prime 17,514-square-foot retail space. The firm swiftly capitalized on its extensive network to secure Michaels as a tenant, promptly filling the vacancy left by the previous office retailer.
"We are thrilled to welcome Michaels to Premier Center," said Fred Battisti, chief revenue officer. "Its presence not only complements the existing mix, which includes Kroger, Home Depot and Dick's Sporting Goods, but fulfills the center's missing component: a dedicated arts and crafts supply store."
The strategic addition of Michaels aligns with the ongoing surge in popularity of craft stores. The rise of DIY projects during the COVID-19 pandemic fueled consumer interest in creative hobbies, a trend that continues to benefit retailers like Michaels as they expand their footprints.
"During the challenging times of the COVID-19 pandemic, Michaels and other retailers experienced a surge in demand as people turned to crafting and hobbies while staying at home," noted Sam Collier, evp of leasing. "Recognizing this trend, we partnered with Michaels to expand their presence and meet the evolving needs of the community."
The execution of the Michaels deal underscores FNRP's agility and responsiveness in seizing opportunities within the market. Leveraging its leasing expertise and longstanding relationships, FNRP quickly executed a lease deal with Michaels, capitalizing on the center's prime location and high visibility.
Michaels joins a diverse mix of national tenants including Five Below, Ruby Tuesday, Great Clips, and The UPS Store.
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.
Contact:
Jessica DeMarino
SOURCE First National Realty Partners, LLC
Share this article