Menu
ABERDEEN, NJ – First National Realty Partners, LLC. (FNRP), a vertically integrated, privately held Delaware-based real estate investment company and family of real estate funds, today announced the acquisition of the 204,526 square foot grocery-anchored neighborhood retail center, Lee Harvard Shopping Center, for a purchase price of $18.3 million, or $90 per foot, approximately less than one-half of replacement cost. The Lee Harvard Shopping Center is currently 97.3% occupied.
The Lee Harvard Shopping Center located at 4071 Lee Road Cleveland, Ohio is the fourteenth commercial asset to close escrow in the past 16 months with FNRP expanding its portfolio into the Cleveland market. Built in 1999 and redeveloped from 2015 to 2016, the center has served the needs of the greater Cleveland community for years and continues to be the central shopping area for residents. FNRP plans to install hands-on management, increase occupancy to market levels, and anticipates generating significant returns for investors.
Key tenants at the center include Walgreens, Family Dollar, USPS, Huntington National Bank, Subway, Goodwill, T-Mobile, H & R Block, Cleveland Dental Institute and many more.
Anthony Grosso, Co-Founder and Managing Principal of FNRP said, “We are excited to expand into the Cleveland market and acquire this well located asset in great condition.”
“We love the tenant mix and location of the Lee Harvard Shopping Center. We look forward to serving the community for a very long time with this new acquisition,” said Chris Palermo, Co-Founder and Managing Principal.
###
About First National Realty Partners, LLC
1208 Rt. 34 Suite 19, Aberdeen, NJ 07747]
Get instant access to all of our current and past commercial real estate deals.
NOTICE: An investment in commercial real estate is speculative and subject to risk, including, inter alia, the risk that all of your investment may be lost. Any representations herein concerning the viability and profitability of investing in commercial real estate, including, without limitation, the 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 and any specific returns are not guaranteed. Securities are only available to verified accredited investors who can bear the risk of loss of their investment.
The information contained herein, including text, graphics, images and information, is general in nature and is for informational and illustration purposes only.
FNRP makes no representations or warranties of any nature whatsoever regarding any tax matters, including, without limitation, the ability of an investor to invest in FNRP with its specific self-directed IRA vehicle. The investor should independently obtain advice from his or her own independent legal counsel and/or tax accountant and/or IRA servicer regarding any such investment and the tax benefits and burdens associated with same.
*All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them. Any product names, logos, brands, and other trademarks or images featured or referred to within are the property of their respective trademark holders. None of the trademark holders are affiliated with FNRP.
Copyright ©2024. FNRP. All Rights Reserved
