Fountain Hills, AZ (Aug. 12, 2024) – First National Realty Partners (FNRP), a leading national private equity commercial real estate firm, announced the acquisition of Fountain Hills Plaza, a 111,284-square-foot shopping center located in the affluent community of Fountain Hills, Arizona. This marks the firm’s second acquisition in the state and continues its national expansion efforts.
“Fountain Hills Plaza is an excellent addition to our Phoenix portfolio,” said Mike Hazinski, Chief Investment Officer at FNRP. “The shopping center is located in a captive and growing trade area, which we are confident positions the asset for long-term success.”
Fountain Hills Plaza boasts a 90% occupancy rate and is anchored by Bashas’, an affiliate of Raley’s Supermarket with an operating history of over 30 years at this location. The center features complementary retailers including Ace Hardware, AutoZone, H&R Block, Verizon, and Great Clips. This overall necessity-based retail shopping center is an excellent fit for the surrounding Fountain Hills community.
“Fountain Hills Plaza perfectly complements our retail-anchored portfolio with its diverse tenant base and strategic location in a high-growth area. This acquisition aligns with our commitment to expanding our footprint in key markets,” commented Hazinski.
The center is located 30 miles northeast of the Phoenix Central Business District. Fountain Hills Plaza is situated in a high-income neighborhood trade area where the average household income exceeds $145,000 within a 3-mile radius and the population is projected to grow by over 8% in the next five years.
Patrick Dempsey of JLL represented the seller in this transaction.
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.
Disclaimer: An investment in commercial real estate is subject to risk, including the risk that all of your investment may be lost. Any representations concerning investing in commercial real estate, including, without limitation, representations as to 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 are not guaranteed.
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