ALTO Real Estate Funds and M & J Wilkow Acquire Shopping Center in Bloomington-Normal, Illinois
Chicago, Illinois (January 24 , 2017) – ALTO Real Estate Funds and M & J Wilkow, Ltd., have again teamed up to acquire The Shoppes & The Plaza at College Hills, a 246,245 square foot outdoor lifestyle shopping center located in Bloomington-Normal, Illinois.
At 97% leased, The Shoppes & The Plaza at College Hills features more than 30 national retailers that are substantially exclusive to the trade area, including anchors Gordmans and Hobby Lobby, as well as shadow anchors Target and Von Maur, and fashion apparel retailers including Francesca’s, Chico’s, J.Jill and White House/Black Market. The Shoppes & The Plaza at College Hills boasts exceptional access to I-55 and visibility from Veteran’s Parkway, the area’s dominant retail corridor. The fast-growing Bloomington-Normal market is home to Illinois State University, as well as the corporate headquarters of The Country Companies and State Farm Insurance.
Scott G. Onufrey, ALTO’s 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.”
The acquisition of The Shoppes & The Plaza at College Hills marks the second joint venture between M & J Wilkow and ALTO in recent months, following the Plaza at the Pointe acquisition last November. 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.”
M & J Wilkow will manage the shopping center, and The Pollard Group will serve as leasing agent.
About ALTO Real Estate Funds
ALTO Real Estate Funds, established in 2010, is a New York based series of closed-end investment funds specializing in value-add commercial real estate investments throughout the United States. To date ALTO has invested $1 billion in 55 assets, consisting of approximately 11 million square feet, and has sold its interest in 15 properties. The acquisition of The Shoppes & The Plaza at College Hills, made jointly by Alto Fund II and Alto Fund III, which is the first acquisition by Alto Fund III. For more information, visit www.alto-investments.com.
About M & J Wilkow
M & J Wilkow is a leading commercial real estate owner and operator dedicated to creating value for its investors. The Company’s approach to real estate emerged distinctively from an owner's perspective and has evolved over 77 years in the real estate business. M & J Wilkow’s 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. For more information, visit www.wilkow.com.