First National Realty Partners Completes Acquisition of a Tesla Sales and Service Center in Westmont, IL
RED BANK, N.J., Nov. 5, 2020 /PRNewswire/ -- We are pleased to announce the acquisition of a 23,164 sf Tesla Sales and Service Center located at 50 West Ogden Avenue in Westmont, IL. The property was acquired in a brokered transaction and adds another well-located asset to the firm’s growing portfolio of premier real estate assets throughout the United States.
Tesla recently executed a new ten-year lease extension at the property, which benefits from a strong demographic profile including over 250,000 people with average incomes of over $139,000 within 5-miles. This location is one of only five Tesla service centers in the State of Illinois. The property is surrounded by other premier car dealerships including Mercedes-Benz, Porsche, and Lamborghini.
“We are very excited about this unique opportunity and are pleased to have Tesla as a tenant in our growing portfolio,” said Matt Annibale, Director of Acquisitions at First National Realty Partners. “We are confident in Tesla’s long-term performance here given how well-situated the property is in Westmont’s ‘Auto Mile’. Our team is excited to be a part of the Westmont community and we look forward to working with Tesla and other local stakeholders to ensure the continued success at this location.”
First National Realty Partners, LLC (FNRP) is a leading vertically integrated real estate investment firm focused on acquiring institutional quality commercial real estate assets throughout the United States. The firm is an active, opportunistic and value-add investment firm that is equipped to operate in all facets of the real estate acquisition process as investor, developer and asset manager of commercial investment properties. FNRP enhances the value of properties through hands-on management and targeted investments, resulting in substantial returns for investors.
First National Realty Partners
125 Half Mile Road Suite 207
Red Bank, New Jersey 07747
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SOURCE First National Realty Partners, LLC