Nationally Focused Investment Firm Purchases Loyal Plaza in Williamsport
Williamsport, PA (PRWEB) - First National Realty Partners, LLC (FNRP) today announced the addition of Loyal Plaza to its grocery-anchored shopping center portfolio. This 289,000-square-foot asset reflects the vertically integrated real estate firm’s rapid growth in Pennsylvania and continues its nationwide expansion in the open-air retail property sector.
Loyal Plaza is anchored by a 67,000-square-foot, high-performing Giant Food Store that has been a tenant at the center since 1999. The dominant grocer in Central Pennsylvania, Giant is a subsidiary of Ahold Delhaize, which operates over 6,500 supermarkets worldwide and over 2,000 stores in the U.S. The center’s tenant roster also features a mix of necessity-based national retailers, including a brand-new Hobby Lobby and Planet Fitness, as well as Rite Aid, Advance Auto Parts and BB&T bank.
The approximately 44,000 square feet of available space provides meaningful upside potential by way of increased occupancy and cash flow.
"FNRP was attracted by Loyal Plaza’s exceptional performance in the market, strong leasing retention, and long-term commitment of the property’s tenants,” said Matt Annibale, senior director of acquisitions. “Benefitting from excellent roadway connectivity and visibility, as well as a high concentration of traffic driven by the anchor tenants, the center serves a highly captive audience and draws from an extended trade radius.”
Loyal Plaza is ideally located along Williamsport’s main corridor, 3rd Street. It sits less than one mile from I-180, a tributary to I-80 offering easy connections to major markets including Philadelphia and Pittsburgh. The center pulls not only from the immediate area – with a daily traffic count of over 50,000 vehicles – but also from surrounding market points.
Colin Behr and Chris Munley of JLL represented the seller in the Loyal Plaza transaction.
FNRP’s Pennsylvania portfolio also includes Saucon Valley Square in Bethlehem, Dauphin Plaza in Harrisburg, Summerdale Plaza in Enola, Penn Hills Shopping Center in Pittsburgh, Village at Pittsburgh Mills in Tarentum, and Richland Marketplace in Quakertown. FNRP provides accredited investors with access to real estate assets that traditionally have been available only to institutional investors. The Red Bank, N.J.-based firm sources 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. The firm strives to achieve maximum value and attractive risk-adjusted returns for its partners.
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