FNRP Leaders Highlight Robust Market Fundamentals and Strategic Adaptations Amid Economic Shifts
LAS VEGAS, June 5, 2025 /PRNewswire/ — At ICSC Las Vegas 2025, the retail real estate industry’s flagship event, executives from First National Realty Partners (FNRP), a leading private equity real estate firm specializing in necessity-based retail properties, reported a cautiously optimistic outlook for the sector. The firm’s leadership engaged with peers and partners at the conference, discussing strong fundamentals and emerging trends shaping strategy for the months ahead.
ICSC, the global trade association, brings together industry leaders annually — including owners, developers, managers, investors, retailers and brokers — to build relationships, execute transactions and shape the future of retail real estate. This year’s event offered a look into the health and future direction of retail real estate, with FNRP’s leadership team offering insights from acquisitions and leasing.
Acquisitions: Tight Supply, Strategic Patience
Michael Hazinski, FNRP’s chief investment officer, reaffirmed what many in the market are seeing: quality grocery-anchored retail centers remain in short supply.
“Our conversations at ICSC confirmed what we’re experiencing on the acquisitions front,” Hazinski said. “There’s a deep buyer pool with a broad investor base and ample debt financing for quality assets but a significant lack of available grocery-anchored centers for sale.”
Despite constrained supply, Hazinski believes market dynamics will remain relatively stable in the near term. “It’s likely to be more of the same until the cloud of uncertainty regarding rates and especially tariff policy is raised,” he noted.
Still, he pointed to a potential shift on the horizon. “These headwinds may ease in the coming quarters as more product comes to market due to maturing loans from the heavy transaction volume during 2021–2022,” Hazinski added. “That influx could present new opportunities for investors like FNRP.”
Stuart Brackenridge, FNRP’s vice president of acquisitions, reinforced the outlook by highlighting strong retail market fundamentals.
“The retail environment seems incredibly solid,” Brackenridge said. “We’re seeing high occupancy, healthy demand for space, and minimal new construction, all of which are factors contributing to very tight availability across the country.”
Capital market volatility is further complicating the landscape. “Many owners are opting to hold rather than transact in today’s pricing environment, especially as debt costs and policy shifts complicate underwriting,” Brackenridge added. “It’s not just hesitation — it’s a strategic pause. That’s contributing to a real bottleneck in deal flow, even as buyer demand remains strong.”
Even with these challenges, Brackenridge maintained a positive outlook for the back half of the year. “Once capital markets stabilize, we anticipate more sellers re-entering the market and deal activity starting to pick up,” he said.
Leasing: Retailer Confidence and Creative Deal-Making
Retailers are demonstrating notable resilience and adaptability, expanding strategically, even amid broader economic challenges. Sam Collier, FNRP’s executive vice president of leasing and national accounts, observed that many brands are focused on optimizing their real estate footprint while continuing to grow.
“Retailers are continuing to optimize their portfolios, closing underperforming stores while making substantial investments in profitable ones,” Collier said. “Expansion continues despite macro-level issues like trade. The timing of the convention was right in the middle of tariff negotiations, so questions remain about how things will play out long-term.”
Collier also highlighted how digital integration is enhancing the in-store experience, particularly among necessity-based operators. “The grocers and warehouse clubs are having good success in this area, which is great news for FNRP,” he noted.
Adding to that perspective, Bret Nesbitt, FNRP’s vice president of leasing, reported high confidence among retail tenants, many of whom are actively pursuing growth.
“Despite concerns around tariffs and macroeconomic volatility, we are seeing that retailers remain confident in their ability to grow and maintain profitability,” Nesbitt said. “They’re aggressively expanding into infill, secondary, and tertiary markets, indicating an investment in and focus on long-term growth trajectory beyond the major metros.”
Nesbitt also pointed to a shift in how leases are getting done. “We’re seeing more creative deal structures and partnerships as tenants navigate limited space and high construction costs,” he explained. “Retailers are showing a high degree of flexibility and working closely with landlords to structure terms that meet both sides’ needs.”
That dynamic, combined with constrained supply, is giving landlords additional leverage. As Collier noted, “Retail vacancy is hovering just above 4%, and demand is outpacing supply in many markets.” With elevated construction and financing costs, many landlords are choosing to repurpose or redevelop existing spaces rather than pursue new development.
Positioned for What’s Next
Overall, the sentiment from ICSC Las Vegas 2025 was one of cautious optimism, grounded in strong fundamentals and strategic adaptability. While macroeconomic pressures and capital market volatility continue to shape the landscape, retailers remain growth-focused, leasing activity continues to show resilience and there remains a steady pool of available equity and debt for these assets even amid limited supply.
As Collier summarized, “the tone was optimistic, with many believing the bottom has been reached and we are heading into a gradual upswing.” With a disciplined investment approach, a national platform and a focus on necessity-based retail, FNRP believes it is well-positioned to capitalize on the next phase of market activity, whether through acquisitions, leasing partnerships or redevelopment opportunities in its growing portfolio.
Disclaimer: An investment in commercial real estate is speculative and subject to risk, including the risk that all of your investment may be lost. This article may contain forward-looking statements, which reflect the current views of FNRP regarding future events, market conditions, performance, or outcomes. These statements are based on current assumptions, expectations, and projections and actual results could materially differ. Nothing contained herein should be regarded as a guarantee, promise, or representation as to future performance.
About First National Realty Partners
First National Realty Partners (FNRP) provides accredited investors with access to institutional quality commercial real estate, specializing in necessity-based retail nationwide. From acquisition to disposition, FNRP oversees the entire investment lifecycle through its vertically integrated platform. Leveraging top in-house talent in legal, acquisitions, leasing, and other key areas, FNRP creates sustainable value for its investors. For more information, please visit www.fnrpusa.com.
Contact:
Jessica DeMarino
SOURCE First National Realty Partners, LLC
