Shopping center

May 4 – First National Realty Partners Acquires Anchored Grocery Mall in Savannah | Economic development

May 4, 2022 – First National Realty Partners, LLC (FNRP), a fast-growing, vertically integrated real estate investment firm, recently announced the addition of McAlpin Square in Savannah to its expanding portfolio of grocery-anchored shopping centers . The 170,000 square foot asset marks the fourth property for the Red Bank, New Jersey, Georgia-based company.

McAlpin Square is anchored by a 43,600 square foot Kroger, one of the center’s original tenants, which opened in 1980. Kroger operates a branded on-site fuel center, furthering its commitment to ownership and leading to an increase in traffic for the benefit of its co-tenants. National McAlpin Square retailers include Big Lots, Goodwill, US Postal Service, Family Dollar, Rainbow, Rent-A-Center, Subway, Domino’s and GameStop.

According to Matt Annibale, Senior Director of Acquisitions for FNRP, the acquisition of McAlpin Square aligns with FNRP’s strategic national expansion targeting major outdoor shopping centers in key primary and secondary markets. Additional FNRP properties in Georgia, all located in the metro Atlanta market, include City Center Crossing in Sandy Springs, Crossroads South in Jonesboro and Crowes Crossing in Stone Mountain.

“McAlpin Square provides a perfect opportunity for FNRP to expand our portfolio in Georgia while establishing a presence in one of the Southeast’s premier coastal markets,” said Annibale. “This market-leading mall has retained its prime tenants for an average of 21 years, and the property’s unparalleled location provides great synergy in an expanding market.” Annibale added that the center’s 5,600 square feet of available space offers significant growth potential through increased occupancy and cash flow.

Located at 1900 East Victory Drive, McAlpin Square is at the intersection of East Victory Boulevard and Truman Parkway, just three miles southeast of downtown Savannah. The densely populated retail corridor sees daily traffic in excess of 59,000 vehicles, and the center serves a growing population of over 132,000 people within a five-mile radius of the property.

David Rivers of Palomar represented the seller in the McAlpin Square transaction.

First National Realty Partners is focused on acquiring institutional quality commercial real estate across the United States. An active, opportunistic and value-added investment company, FNRP is equipped to intervene in all facets of the real estate acquisition process as an investor, developer and manager of commercial real estate assets. The company enhances property values ​​through hands-on management and targeted investments that result in superior risk-adjusted returns for its investors.