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First National Realty Partners Divests Popular Uniondale Supermarket
First National Realty Partners (FNRP) has sold a 61,000-square-foot, single-tenant grocery property at 1121 Jerusalem Ave. in the Nassau County community of Uniondale, NY. FNRP acquired the ShopRite-leased asset in August 2020.
A top-performing location within the ShopRite cooperative, the supermarket is adjacent to a popular Walmart store and generates significant daily traffic.
1121 Jerusalem Ave.’s essential-category tenant made it a risk-averse investment opportunity during COVID-19 business disruptions. The result was a net average annual return for FNRP’s partner-investors of 23.73%.
“We are pleased with our execution on this deal and the return that it has provided to our investors in such a short amount of time,” said Matt Annibale, senior director of acquisitions. “We had the benefit of working with a high-quality buyer that we recently transacted with on another deal. The sale underscores the ongoing resilience of the grocery-anchored retail niche and the institutional demand for these assets.”
