In separate transactions, First Nationwide Realty Companions LLC has acquired two grocery-anchored purchasing facilities: The 287,000-square-foot Promenade at Manassas, in Manassas, Va., and the 158,000-square-foot River Metropolis Market in O’Fallon, Mo. The costs and vendor(s) weren’t disclosed.
Promenade at Manassas is co-anchored by an roughly 107,000-square-foot Dwelling Depot, which has been a tenant on the middle because it was accomplished in 1995, and by a brand new 43,000-square-foot native worldwide grocer, Oh! Market. Promenade at Manassas’ tenants additionally embody Ashley Dwelling Furnishings, Planet Health, The Tile Store and Sherwin Williams. The middle is 97.1 % occupied.
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FNRP highlighted that the placement, about 30 miles west of Washington, D.C., at I-66 and Sudley Highway, serves a inhabitants of almost 179,000 folks with a 5-mile radius, with common family incomes exceeding $122,000.
Ryan Sciullo of CBRE represented the vendor of Promenade at Manassas.
River Metropolis Market is anchored by a 31,000-square-foot Contemporary Thyme Market, with different tenants together with Whole Wine, Ross, 5 Under, Kirkland’s and Kay Jewelers. The middle is 92 % occupied.
In a ready assertion, Stephen Joseph, FNRP’s director of acquisitions, famous that St. Charles County is certainly one of Missouri’s wealthiest counties, and O’Fallon is certainly one of state’s fastest-growing communities, having quadrupled in inhabitants since 1990.
Evan Halkias, David Matheis and Hyperlink Dierks of Cushman & Wakefield represented the vendor.
Groceries to go
In a 2022 retail outlook, Kelly Evans, CBRE managing director for Retail Occupier Options, highlighted the pattern of shops changing into more-active gamers within the provide chain, for instance by additional increasing curbside pick-up that grocers pursued beginning within the pandemic.
The CBRE outlook famous that grocery-anchored facilities attracted $5 billion in funding exercise within the U.S. within the third quarter of 2021, a near-record quantity over the past decade.
CBRE predicts that “grocery-anchored facilities will stay the gold normal of retail funding amid favorable supply-demand dynamics and enticing pricing on a risk-adjusted foundation.”
