NEW YORK--(BUSINESS WIRE)--ALTO Real Estate Funds is pleased to announce the purchase of Commons at Hooper, a 120,349 SF community shopping center in the coastal town of Toms River, New Jersey, at a purchase price of $21.1 million.
An opportunistic purchase acquired at a bankruptcy auction, the asset was purchased by a partnership entered into by affiliates of ALTO Real Estate Funds and Unison Realty Partners, with Levin Management Corporation serving as both property manager and leasing agent. The partnership's value-add strategy includes investment in capital improvements for the center, leasing of the vacant units, and development of the pad site. The property is a joint purchase between ALTO Fund II and ALTO Fund III, and the third by ALTO Fund III.
Home to 21 tenants, the 86% leased asset is anchored by three major tenants totaling 55,661 SF – Michaels, DSW, and Dollar Tree. The center also has a pad site for future development. Built in 1987, Commons at Hooper is situated on over 14.5 acres at 1350 Hooper Avenue, a major retail corridor in Ocean County, located approximately one hour from New York City and one hour from Philadelphia, with an average daily traffic volume of approximately 40,000 vehicles per day.
"The existing tenants perform well, but there are vacant units that we can lease up by investing in capital improvements and enhancing the curb appeal of this well-located community center," says Scott G. Onufrey, President and Managing Partner of ALTO Real Estate Funds. "The acquisition of Commons at Hooper represents a classic value-add investment for ALTO."
About ALTO Real Estate Funds
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. The management team works closely with a network of experienced industry professionals to identify solid investment opportunities. ALTO consistently demonstrates a strong and solid track record and consequently maintains a loyal investor base. To date, ALTO has invested in 57 properties, with a value of $1 billion and representing approximately 11 million square feet. For further information, please visit www.alto-investments.com, or follow and connect with us on LinkedIn, Facebook, and Twitter.
About Unison Realty Partners
Unison Realty Partners is a private equity real estate firm 100 percent dedicated to middle-market retail investing. Based in Boston and founded in 2010, the firm has acquired over $180 million of shopping center space, totaling 1.5 million square feet across 13 properties since inception. As an independent owner / operator, Unison implements a value-add investment strategy throughout the Eastern U.S. Unison targets necessity-based, neighborhood and community shopping centers representing $10-$50 million in property value. Learn more at www.unisonrealtypartners.com.
Nothing contained here is, or should be relied upon as, a promise or representation as to the future performance of ALTO Real Estate Funds. In considering any prior performance information contained herein, prospective investors should bear in mind that an investment in a fund entails a high degree of risk and that prior performance is not necessarily indicative of future results. There can be no assurance that a fund or the investments by a fund, as the context requires, will achieve comparable results or that projected returns, if any, will be met.