First National Realty Partners Acquires Grocery-Anchored Center Portfolio in Georgia

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Jul 28, 2023, 10:00 ET

ATLANTA, July 28, 2023 /PRNewswire/ -- First National Realty Partners ("FNRP") today announced the additions of Village Shoppes of East Cherokee in Woodstock, GA and Cherokee Commons in Acworth, GA to its grocery-anchored shopping center portfolio. The addition of these assets strengthens the vertically integrated real estate firm's presence in Atlanta and continues its nationwide growth in the open-air retail property sector.

First National Realty Partners' latest acquisitions: Cherokee Commons (left) and Village Shoppes of East Cherokee (right)

Village Shoppes of East Cherokee is a 123,783-square-foot asset anchored by a 44,840-square-foot Publix, which has been a tenant since 2003. Publix is the second largest grocer by market share in the state of Georgia, with nearly 1,300 locations nationwide. The center's high-quality tenant roster includes Dollar Tree, Workout Anytime, Huntington Learning Center, and Subway.

Cherokee Commons is a 103,835-square-foot asset anchored by a 66,918-square-foot Kroger, which has been a tenant since 1986. Kroger is the largest supermarket chain by market share in the state and the U.S. Over its 30 years of tenure, Kroger has evolved via several notable expansions, showcasing the company's commitment to the location. The center's tenant roster features a mix of national retailers, including Pet Supplies Plus, CosmoProf, Fit Body Boot Camp, and Jackson Hewitt.

"Village Shoppes of East Cherokee and Cherokee Commons offer FNRP the opportunity to strengthen our footprint in the Atlanta MSA," said Matt Annibale, senior director of acquisitions. "Atlanta is the hub and economic engine of the Southeast, the fastest growing region in the U.S. Both centers benefit from the area's high growth market and affluent demographics."

Village Shoppes of East Cherokee and Cherokee Commons are situated approximately seven miles apart from one another and 30 miles north of downtown Atlanta. They are well-positioned in the market and serve a highly captive trade area. Within a five-mile radius, the average population boasts over 159,000 with the average household income of $103,000.

Matt Karempelis of CBRE represented the seller in the transactions.

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.

Contact:
Jessica DeMarino
jdemarino@fnrpusa.com

SOURCE First National Realty Partners, LLC