First National Realty debuts in Texas

A New Jersey-based real estate investment firm, most of whose 43 outdoor centers are found east of the Mississippi River, has purchased its first property in Texas.

First National Realty Partners has acquired Champions Village in Houston, a 383,000-sq.-ft. center anchored by a Randalls grocery store, T.J. Maxx, Barnes & Noble, and Kirklands.

It also houses an experimental concept called Painted Tree Boutiques in which hundreds of local and regional vendors sell products that range from home décor to furnishings, art, and jewelry.

“We consider this a very strategic acquisition and are excited to build off this transaction to expand our presence in Houston and throughout the state,” said First National’s director of acquisitions Stephen Joseph. “Champions Village is a true value-add, grocery-anchored essential neighborhood shopping destination which is the core of our investment thesis.”

The center has 120,000 sq. ft. of vacant space that Joseph said provides his company with the opportunity to increase occupancy and cash flow.

Champions Village is located in a densely populated retail corridor 17 miles north of downtown Houston. First National’s research found that a population of more than 300,000 people live within a five-mile radius of the center. The Randalls supermarket has done business there for more than 50 years.