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FNRP acquires Harrisburg shopping center
Jessica Perry, BridgeTower Media//March 8, 2022
FNRP acquires Harrisburg shopping center
Jessica Perry, BridgeTower Media//March 8, 2022
— And Harrisburg makes three. On March 4, First National Realty Partners announced its third acquisition for the week, with the addition of a Pennsylvania grocery-anchored shopping center to its portfolio.
According to the Red Bank-based firm, the 216,000-square-foot Dauphin Plaza in Harrisburg is First National Realty Partners’ fifth Pennsylvania purchase and its second in the Harrisburg-metro area.
Financial terms were not disclosed. James Galbally, Chris Munley and Colin Behr of JLL represented the seller in the transaction.
Dauphin Plaza at 3812 Union Deposit Road is anchored by a 33,500-square-foot Price Rite grocery store. The Wakefern Food Corp. subsidiary has been a tenant at the property since 2006, according to FNRP. National retailers adding to the tenant mix include Big Lots, Weight Watchers, Dollar General and Subway.
“Dauphin Plaza offers an outstanding opportunity for FNRP to expand our footprint in the Pennsylvania market where we have an established track record of success,” said FNRP Senior Director of Acquisitions Matt Annibale in a statement. “The remaining 8,200 square feet of available space provides meaningful upside potential by way of increased occupancy and cash flow.”
Dauphin Plaza is approximately 3 miles from downtown Harrisburg. according to FNRP, the market boasts a population of more than 183,000 people within a 5-mile radius, with projections to grow by almost 2% in the next five years.
FNRP’s Pennsylvania portfolio also includes Summerdale Plaza in Enola, the Penn Hills Shopping Center in Pittsburgh, Village at Pittsburgh Mills in Tarentum and Saucon Valley Square in Bethlehem.
Also last week, First National Realty Partners’ announced its first foray in the Alabama market with its purchase of Tannehill Promenade, and increasing its property count to five in Ohio with the addition of the 218,000-square-foot Consumer Square West complex in Columbus.
