WILMINGTON, Del., Oct. 26, 2023 /PRNewswire/ — First National Realty Partners (“FNRP”), a national private equity commercial real estate firm, today announced the addition of Christina Crossing in Wilmington, Delaware to its grocery-anchored shopping center portfolio. The purchase of the 119,446-square-foot asset continues the firm’s expansion in the open-air retail property sector and marks its entry into the State of Delaware.
Christina Crossing is anchored by a 68,621-square-foot ShopRite. A tenant since 2007, it is one of the highest trafficked grocery stores in the state of Delaware (per Placer.ai data) and is the dominant grocer by market share in the Delaware Valley. The center features other daily needs tenants including Rainbow, Cricket Wireless, and Wingstop.
“Christina Crossing is located in one of the fastest-growing MSAs in the northeast,” said Matt Annibale, senior director of acquisitions. “The property’s strategic location adjacent to 80+ acres of future development, market-dominant anchor and strong supporting tenant mix, position it to perform well for years to come.”
The center is located in Downtown Wilmington, part of the Philadelphia MSA, one of the most populous markets in the country. It is situated adjacent to a master planned community known as Riverfront East. Within a five-mile radius, the population is over 189,000 people with an average household income of over $87,000. Located off of S. Walnut Street and S. Market Street, the center sees combined traffic counts of over 54,000 vehicles per day.
James Galbally, Chris Munley and Colin Behr of JLL represented the seller in the transaction.
FNRP provides accredited investors with access to institutional quality commercial real estate assets specializing in necessity-based real estate: grocery-anchored retail, multi-family, 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.
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SOURCE First National Realty Partners, LLC
Originally published at https://www.prnewswire.com/news-releases/first-national-realty-partners-acquires-shoprite-anchored-center-in-wilmington-de-301968836.html
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