Boardman Shopping Center Sells for $28.4 Million
BOARDMAN, Ohio – A New Jersey real estate investment firm has acquired the Southland Crossings shopping center at 1150-1300 Doral Drive.
First National Realty Partners of Red Bank, N.J., paid $28.4 million for the property, which is anchored by Giant Eagle supermarket. The seller was BRF II Southland LLC, a Maryland company that purchased Southland Crossings in July 2017.
The sale closed Dec. 16.
Records show a July 2017 transaction in which BRF paid $17.75 million to buy a large chunk of the shopping center. However, multiple parcels are included in the latest sale and public records do not provide sufficient clarity to determine the full purchase price that BRF paid for 1150-1300 Doral Drive.
In announcing the acquisition, First National Realty Partners said Southland Crossings is a 245,678-square-foot shopping center that is 91% occupied; Giant Eagle occupies 77,592 square feet. It is the investment firm’s seventh grocery-anchored property in Ohio.
“We are excited to acquire Southland Crossings and add Giant Eagle to our portfolio,” said Matt Annibale, senior director of acquisitions at First National Realty Partners. “In addition to having high-performing junior anchor tenants including Ross, PetSmart, DSW, and Michaels, Southland Crossings is shadow anchored by Lowe’s and Walmart, who help drive foot-traffic to the center.”
FNRP describes itself as “an active, opportunistic, and value-add investment firm that is equipped to operate in all facets of the real estate acquisition process as an investor, developer, and asset manager of commercial real estate.”
Copyright 2023 The Business Journal, Youngstown, Ohio.