ALTO Real Estate Funds acquired The Shoppes & The Plaza at College Hills, an open-air lifestyle shopping center located in Bloomington-Normal, Illinois, for $22.9 million. The 246,245 square foot shopping center was acquired with an occupancy rate of 97%.
The shopping center has a blend of more than 30 national retailers and restaurants, some of which are exclusive to the area, including anchors Hobby Lobby, as well as shadow anchors Target and Von Maur, fashion apparel retailers including Francesca’s, Chico’s, J. Jill and White House Black Market, and restaurants including Logan’s Roadhouse, Flat Top Grill and Starbucks.
“We are very excited to work with ALTO once again to acquire The Shoppes & The Plaza at College Hills. The addition of this center to our portfolio is well aligned with our focus on acquiring and creating value at lifestyle retail properties in growth markets.”
The fast-growing Bloomington-Normal market is home to Illinois State University, as well as the corporate headquarters of Country Financial and State Farm Insurance.
The acquisition of The Shoppes & The Plaza at College Hills was acquired jointly by ALTO Fund II and ALTO Fund III, and it is the first acquisition for ALTO Fund III.
This transaction is the second joint venture between ALTO and M & J Wilkow in recent months, following the Plaza at the Pointe acquisition in November 2016. M & J Wilkow will manage the shopping center, and The Pollard Group will serve as leasing agent.
Scott G. Onufrey, ALTO’s President & Managing Partner stated: “The College Hills investment is consistent with ALTO's philosophy of acquiring well positioned assets that will generate consistent cash flow with the benefit of opportunities to add value through active management. M&J Wilkow is a proven, first class operator and we look forward to growing our partnership with them.”
John Wiechart, Senior Vice President of Acquisitions for M & J Wilkow added, “We are very excited to work with ALTO once again to acquire The Shoppes & The Plaza at College Hills. The addition of this center to our portfolio is well aligned with our focus on acquiring and creating value at lifestyle retail properties in growth markets.”
ALTO Real Estate Funds is a series of closed end investment funds specializing in value-add commercial real estate across the US. Established in 2010, ALTO is managed from New York City with regional offices in Dallas and Tel Aviv. ALTO’s investments provide a stabilizing component to portfolios, combining low risk profiles with a value-add approach, to target an attractive annual yield and stable cash flow.
To date, ALTO has invested in 55 properties, with a value of approximately $1 billion and representing approximately 11 million square feet.
M & J Wilkow is a commercial real estate owner and operator whose portfolio consists of 29 properties, which includes 11 office buildings and 18 retail properties consisting of approximately 7.2 million square feet. The aggregate market value of the portfolio is estimated to be in excess of $1.3 billion.