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M & J Wilkow, ALTO JV Acquires Cranberry Square for $23.5M

RPAI Sells 195,000-SF Power Retail Center in Cranberry Township
February 20, 2018
M & J Wilkow Ltd., a Chicago-based real estate investor that owns more than 8.6 million square feet of retail and office space, partnered with New York-based ALTO Real Estate Funds in the acquisition of the Cranberry Square power retail center at 1000 Cranberry Square Dr. in Cranberry Township, PA. The seller, Retail Properties of America, Inc. (RPAI), sold the property for $23.5 million, or about $120 per square foot.

RPAI previously acquired the 195,000-square-foot retail property in 2004 for $20.22 million, according to CoStar data.

The Cranberry Square purchase marks the fourth joint venture between M & J Wilkow and ALTO, and represents M & J Wilkow’s tenth acquisition in the Pittsburgh market, initially entering the market by purchasing a portion of the 1.4 million-square-foot The Waterfront shopping center in Homestead, PA.

The Chicago-based investor’s other holdings in the market include the 467,843-square-foot office building at 11 Stanwix St., the 20-story PNC Center office tower and the Penn Center East mixed-use development.

"Cranberry Square embodies the characteristics of a great real estate investment for our fund 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," says Scott G. Onufrey, president & managing partner at ALTO.

At the time of the sale, the 195,000-square-foot retail property was fully leased to top national retailers, including Field & Steam, Best Buy and Barnes & Noble, and is shadow anchored by Walmart and Costco.

Please see CoStar COMPS #4137646 for more information on this transaction.
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