NEW YORK--(BUSINESS WIRE)--ALTO Real Estate Funds, together with M & J Wilkow, has acquired Cranberry Square, a 195,165 square foot, 100% leased, market-leading retail center located in Cranberry Township, Pennsylvania. The property was purchased at $23.5 million, and a cap rate of 9%.
Cranberry Square is centrally located in one of greater Pittsburgh’s most affluent and fastest growing suburbs. The property is home to top national retailers including Field & Stream, Best Buy and Barnes & Noble, and is shadow anchored by Walmart and Costco. Strategically positioned at the Township’s most prominent intersection, Route 19 and Route 228, Cranberry Square sees traffic counts in excess of 70,000 cars per day.
"Cranberry Square embodies the characteristics of a great real estate investment for our fund," says Scott G. Onufrey, President & Managing Partner at ALTO Real Estate Funds, "with irreplaceable real estate generating strong cash flow, and potential to add value over time as we recapture those spaces currently paying below market rents. The asset is shadow anchored by Walmart and Costco, both maintaining extremely high sales volumes in one of the fastest growing and most affluent suburbs of Pittsburgh. This bodes well for the long-term prospects for the property."
Marty Sweeney, Senior Vice President of Acquisitions for M & J Wilkow stated, “Cranberry Square provides us the opportunity to acquire great real estate in the region’s fastest growing and most affluent submarket at a price that would have been unlikely just 18 months ago. The shopping center is home to many of the area’s strongest performing and top name retailers, and will make an outstanding addition to M & J Wilkow’s Pittsburgh portfolio.”
The acquisition of Cranberry Square marks the fourth joint venture between ALTO and M & J Wilkow, and ALTO's third acquisition in the area.
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 contacts 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 59 properties, with a value of approximately $1.1 billion and representing roughly 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 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 seventy nine years in the real estate business. M & J Wilkow’s portfolio consists of 40 properties, which includes 19 office buildings and 21 retail properties consisting of approximately 8.6 million square feet. The aggregate market value of the portfolio is estimated to be in excess of $2 billion. For more information, visit www.wilkow.com.