The Coastal Building, Red Bank, NJ
RED BANK, NJ—Locally-based First National Realty Partners has added a nearly 30,000-square-foot office building here to its growing portfolio.
The firm has purchased The Coastal Building, a Class A 29,178-square-foot office building located adjacent to the Navesink River in Red Bank in an off-market transaction. No financial terms of the deal were disclosed.
Andrew DeNardo, a principal of First National says of the deal, "The Coastal building is truly a one of a kind asset. The views the building offers the tenants at the property are remarkable. We look forward to working with the tenants at the property to ensure their continued success."
First National Realty has completed a number of other notable transactions so far in 2020, including the $19.2-million purchase of The Court at Hamilton, a 194,106-square-foot Walmart-anchored shopping center in Hamilton Township. NJ in late February.
In late January, First National Realty acquired the 90,267-square-foot grocery-anchored neighborhood retail center, Kimberly Crossing in Davenport, IA for a $12.25 million.
At the time of purchase, Kimberly Crossing was 98% occupied and more than 94% of the tenants are national tenants. The asset was built in 1980 and redeveloped from 2016 to 2017.
Key tenants at the center include Fresh Thyme, Planet Fitness, Dollar General, Qdoba, Salon Centric, Vision 4 Less and more.
According to its website, First National Realty Partners currently has more than 2.5 million square feet of retail, office, industrial, and residential properties under management throughout the United States.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
