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Thu, 28 Mar 2024 06:42:35 -0500
2018-03-01 Print

First National Realty Partners Buys Lake Street Plaza


New Jersey Firm Continues String of Successful Acquisitions With the Purchase of 108,000 Square Foot Center

FOR IMMEDIATE RELEASE / PRURGENT


First National Realty Partners, LLC. (FNRP), today announced the acquisition of the Lake Street Plaza, a 108,000 square foot neighborhood retail center.

The thriving neighborhood retail center is located at 230 Lake Street in Penn Yann, New York, an affluent village located in the finger lakes region. FNRP plans to install it's proprietary asset management strategy to significantly increase the value of the property and the positive experience of its tenants and their respective customers.

The property is strategically positioned as the only destination, service based retail center in the local market. Current tenants include CVS Pharmacy, Peebles, Community Bank, Dollar General, Subway, Rent-A-Center, and more.

Representatives from the seller were not immediately available for comment.

Anthony Grosso, Co-Founder and Managing Principal of FNRP said:

"What a great asset. Retail real estate in general gets a black eye in today's e-commerce heavy world which is blown out of proportion in my opinion. Service based centers like this fit the needs of the local community like a hand in glove. On top of that, this asset has a tremendous amount of upside."


"Our motto is simple, and we live by it; 'You Make Your Money On the Buy' This acquisition exemplifies our strategy. Great tenants. Great location. And a great purchase price. Big box centers are pulling neighborhood deals like this down with them. We were in the right position to take advantage of an opportunity like Lake Street." said the firm's other Co-Founder and Managing Principal, Christopher Palermo.

As far as future acquisitions, Grosso maintained the firm is still very aggressive:

"The current environment is a perfect storm for value oriented investors like ourselves. Increasing rates, doom and gloom for retail. It looks like there is blood on the street. If you have vision this is the right time to be buying."

Palermo added:

"With everything (that Anthony said) being said, we always play the hand we're dealt. If 100 deals makes sense, we'll do them all. If no deal flow comes that stacks the deck in our favor, we'll sit tight."

The principals added they have about 750,000 or so feet in their immediate acquisition pipeline.

 
Contact Info
K. McGrainer
Newark, NJ]]

Phone: 8006054966

Website: http://firstnationalrealtypartners.com/