First National Realty Partners has expanded its grocery-anchored center portfolio in Pennsylvania with the acquisition of Richland Marketplace in Quakertown, writes Linda Lindner for the ROI-NJ.

The 162,000-square-foot asset is anchored by a 17,000-square-foot Aldi grocery store. Other tenants at the market orientated open-air center include Best Buy, PetSmart, Planet Fitness, and Staples, among others.

“Richland Marketplace offers FNRP an exceptional opportunity to expand our presence in the Lehigh Valley, a regional market that has undergone a significant transformation over the past decade,” said Matt Annibale, senior director of acquisitions at FNRP. “With its proximity to employment centers and the Philadelphia suburbs, the Quakertown area is poised to continue on a trajectory of substantial growth.”

The acquisition is in line with FNRP’s strategic nationwide expansion that targets premier grocery-anchored retail centers in both primary and key secondary markets. The firm now has six properties in Pennsylvania, including Saucon Valley Square in Bethlehem.

Richland Marketplace is situated on Route 309, a major north/south thoroughfare that offers access to many of Philadelphia’s affluent suburbs. The average household income within the 10-mile radius of the property exceeds $107,000.

Read more about Richland Marketplace in the ROI-NJ.