ALTO Real Estate Funds has Acquired Two Shopping Centers in Atlanta MSA and in Charlotte for $31 Million

DALLAS--(BUSINESS WIRE)--Arbor Square is a 122,763 SF, 97% occupied shopping center located in Douglasville, GA, 20 miles west of downtown Atlanta. The center was acquired by ALTO for approx. $18.4 million. The acquisition was financed by KeyBank with a ten-year loan with fixed rate of 3.6%. The high occupancy and attractive financing are expected to result in an average cash-on-cash return of 12% over the holding period.

Arbor Square, which was fully renovated in 2018, is the dominant shopping center in its submarket. It's situated at the highest trafficked intersection in Douglasville with more than 50,000 VPD and just off I-20.

Arbor Square anchor tenants are Burlington, HomeGoods, and Skechers. The center is shadow anchored by Starbucks, Five Guys and Del Taco.

Atlanta's MSA is the 2^nd fastest growing MSA in the nation and is ranked #3 year over year in job growth for major U.S metros. Atlanta is expected to add 2.5 million jobs by 2040.

Douglasville population has increased by 25% since 2010 and future job growth over the next ten years is expected to reach 45.0%, which is higher than the US job growth average of 33.5%.

University Place is a 93,896 SF, 93% occupied shopping center located in Charlotte, North Carolina purchased for approx. $12.2 million. The property was purchased in an all-cash deal.

University Place is located at the highly trafficked intersection of W WT Harris Blvd 64,000 VPD and N Tryon St 25,000 VPD and is backed by I-85 151,000 VPD, which runs parallel to the site.

The center was fully redeveloped in 2020 and the anchor tenants at the center include Ross Dress for Less, Office Depot, Guitar Center, and Michael’s. The center is shadow anchored by Sam's Club, Conn's, and Fitness Connection.

Charlotte with just under 2.7 million people is one of the fastest growing MSAs in the US. Since 2010 Charlotte has grown by more than 20%.

University city is one of Charlotte's fastest growing neighborhoods with more than 160,000 people. The property is located just 5 min drive from University of North Carolina (UNC) Charlotte, the fastest growing public university in North Carolina with 30,000 students and more than 3,200 employees.

The center is located next to what will be Waters Edge at University Place, a mixed-use development undergoing phase II reconstruction. Waters Edge will include 300 multifamily units in upscale apartments.

Mody Kidon, Co-Founder and active Chairman and Yaniv Melamud, Co-Founder and CEO: "We are excited about the last acquisitions by ALTO fund 3. The fund is targeting open-air shopping centers in 12 territories throughout the south-east of the US. ALTO's last acquisitions are a result of the hard work and expertise of the fund's Acquisitions team, and we expect those assets to be a fine addition to the ALTO's fund 3 portfolio, for the benefit of the fund's investors".

ALTO Real Estate Funds has invested in 67 properties with a total value of $1.3 billion and a total of 13 million SF. The fund has made 31 exits to date. ALTO investment strategy focuses on investments in logistics properties and open-air shopping centers in 12 fast-growing territories in the US.