First National Realty Partners Celebrates a Decade of Exceptional Growth and Innovation in Retail Market

Celebrating a Decade of Success: FNRP's Journey in Retail Real Estate

First National Realty Partners (FNRP) is marking a significant milestone—its 10th anniversary in the competitive realm of retail real estate. Founded in 2015, FNRP has rapidly grown from a single asset in New Jersey to a formidable player with a national footprint, focusing on necessity-based retail properties, particularly grocery-anchored shopping centers.

A Strong Foundation

Over the years, FNRP has established itself as a leader in commercial real estate, attributed largely to its disciplined investment strategies and a fully integrated operating platform. With changes in the economic landscape, particularly during the COVID-19 pandemic, the firm has exhibited resilience. Its strategic focus on necessity-based retail has empowered it to thrive even in challenging times, responding to increased demand for convenient, local shopping experiences.

Jared Feldman, the Executive Chairman, attributed their success to the dedication of a talented team. He mentioned, “We have never taken a passive approach to challenging market environments—our proactive adaptations have been vital for sustaining growth.” Underpinning this adaptability is a commitment to operational excellence and a drive to capitalize on opportunities within the retail sector.

Early Days and Strategic Growth

FNRP’s journey began in a small way, with its first acquisition in New Jersey. A pivotal turn came in 2018 when the firm made its initial move into grocery-anchored properties in Pennsylvania. This decision set the stage for a focused strategy that centered on necessity-based retail assets, leading to the firm surpassing $130 million in assets relatively quickly. FNRP demonstrates an impressive ability to execute successful investment cycles, bolstered by property dispositions that have continuously added value.

In a bid to enhance operational efficiency, FNRP has increasingly brought its property management and leasing functions in-house. This shift, initiated in 2018, culminated in the formation of a dedicated leasing team in 2021. Subsequently, the firm established an in-house construction team in 2022 to facilitate better development and renovation processes, optimizing its asset management capabilities.

An Expansive Portfolio

Throughout its decade of operation, FNRP has successfully acquired nearly $2 billion worth of commercial real estate. Today, it manages a portfolio comprising over 12.5 million square feet spread across more than 60 properties in 26 states. The team's growth has been in tandem with its portfolio, expanding to over 100 full-time professionals dedicated to supporting its development.

The figures from 2022 speak volumes, as FNRP achieved over $1 billion in new acquisitions and executed leases for over 500,000 square feet within that year, demonstrating strong momentum heading into the future.

Robust Operational Framework

At the heart of FNRP’s growth lies its vertically integrated platform known as FNRP360. This system encompasses every aspect of the investment lifecycle, enabling efficient operations from acquisition to disposition. Coupled with its Dragnet Acquisitions Model, which evaluates thousands of potential investment opportunities, FNRP continues to identify high-quality assets and maximize returns across its portfolio.

This strategic framework has allowed the company to maintain a remarkable average occupancy rate of 91.8% since 2023, highlighting the firm’s effective management and sustained demand for retail offerings.

Looking Forward

As FNRP embarks on its second decade, the firm is committed to reinforcing its leadership in retail real estate. Key priorities involve further portfolio expansion, enhancing the investor network, and utilizing technology for operational advancements. Transparent communication and exceptional investor relations remain fundamental to their approach, fostering trust and supporting both new and seasoned investors alike.

Andrew DeNardo, President and Head of Investor Relations, encapsulated the sentiment of gratitude when he stated, “We are incredibly grateful for the trust placed in us. The journey over the past decade has been remarkable, and we eagerly anticipate fostering new relationships while enhancing existing ones.”

In conclusion, First National Realty Partners’ journey over the last ten years is a testament to strategic foresight, resilience, and an unwavering dedication to performance in the evolving landscape of retail real estate.