First National Realty Partners, LLC. (FNRP), a vertically integrated, privately held real estate investment company and family of real estate funds, today announced the acquisition of the Ashland Hanover Shopping Center, a 226,665 square foot retail center, for a purchase price of $17.5 million.
The dominant grocery-anchored retail center is located at 251 North Washington Highway, Ashland, Virginia at the intersection of Washington Highway and VA Route 54 with proximity to I- 95, Amtrak, and Randolph-Macan College. It has served the community for over 40 years. FNRP plans to add significant value through increased leasing efforts and the installation of hands-on management.
Ashland Hanover Shopping Center offers a variety of grocery, home furnishings, home improvement, pet, medical, service and convenience options. Tenants include a dynamic mix of national and local retailers such as Food Lion, Family Dollar, Starbucks, Peebles, Ace Hardware, Petco, Tuesday Morning, and more.
Anthony Grosso, Co-Founder and Managing Principal of FNRP said, “We are truly excited about the acquisition and look forward to serving the Ashland community.”
“We believe this asset is an excellent addition to our portfolio,” said Chris Palermo, Co-Founder and Managing Principal.
For more information, visit: www.fnrpusa.com