MANASSAS, VA — First National Realty Partners, LLC (FNRP) announced the addition of Promenade at Manassas to its grocery-anchored shopping center portfolio. This 287,000 s/f asset marks the vertically integrated real estate firm’s expansion in Virginia and continues its nationwide growth in the open-air retail property sector.
The market-dominant center is anchored by an approximately 107,000 s/f Home Depot, a tenant at the center since it was constructed in 1995, and co-anchored by a new 43,000 s/f local international grocer, Oh! Market. The Promenade at Manassas tenant roster also features a strong mix of national retailers, including Ashley Home Furniture, Planet Fitness, The Tile Shop and Sherwin Williams. The remaining vacancy in the center provides meaningful upside potential by way of increased occupancy and cash flow.
“The purchase aligns with FNRP’s strategic expansion targeting primary and key secondary markets across the country,” said Matt Annibale, senior director of acquisitions. “The property’s unmatched regional location and lineup of traffic-generating, destination tenants allow Promenade at Manassas to benefit from the tremendous demographics of this affluent and densely populated in-fill market.”
Promenade at Manassas is located 31 miles west of Washington, DC, at the intersection of I-66 and Sudley Road. It serves a population of nearly 179,000 people, with average household incomes exceeding $122,000, within a five-mile radius of the center.
Ryan Sciullo of CBRE represented the seller in the Promenade at Manassas transaction.