ALTO Real Estate Funds and M & J Wilkow Announce Recent Sale of Cranberry Square in Pittsburgh, PA MSA

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PITTSBURGH, Pennsylvania, October 6, 2022–(BUSINESS WIRE)–ALTO Real Estate Funds, in conjunction with M & J Wilkow, announces the recent sale of Cranberry Square, a 195,165 square foot retail center located in Cranberry Township, PA to Pittsburgh MSA. The property sold for $33.2 million and was purchased in 2018 for $23.5 million at a cap rate of 9%.

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Cranberry Square is centrally located in one of Pittsburgh’s most affluent and vibrant suburbs. The property is home to major national retailers including Public Lands (subsidiary of Dick’s Sporting Goods), Best Buy and Barnes & Noble, and is anchored by Walmart and Costco. Strategically located at the township’s most important intersection, Route 19 and Route 228, Cranberry Square sees traffic in excess of 70,000 cars per day.

Mody Kidon, co-founder and active chairman of ALTO Real Estate Funds: “Despite rising interest rates, we find that good commercial properties in good areas are very attractive to tenants and investors, we have therefore sold Cranberry at a rate cap of 7.15% Thanks to the location of the asset, our massive development strategy and our excellent working relationship with M&J Wilkow, we were able to finalize the transaction with an excellent result for our investors”

Marty Sweeney, Senior Vice President of Acquisitions for M&J Wilkow, said, “With great confidence in the Cranberry business area, we have strategically repositioned the asset through new leases with Harbor Freight, Plato’s Closet and the Dick’s Sporting Good’s first Public Lands experiential store. We also secured long-term renewals with Best Buy and Barnes & Noble. As a result, the property’s value increased significantly, allowing the property to sell the property for $33.2 million and offered its investors an IRR of over 18%. “

About ALTO Real Estate Funds

ALTO Real Estate Funds has invested in 75 properties with a total value of $1.4 billion and a total of 14 million Swiss francs. ALTO’s investment strategy focuses on investments in the development and management from the ground up of industrial properties and open-air shopping centers in 12 fast-growing territories in the United States. For more information, visit www.alto-investments.com

About M & J Wilkow

M & J Wilkow is a leading owner and operator of commercial real estate dedicated to creating value for its investors. The company’s approach to real estate emerged distinctly from an owner’s perspective and evolved over 82 years in the real estate industry. M&J Wilkow’s portfolio consists of 85 properties representing approximately 13.9 million square feet. The overall market value of the portfolio is estimated to be over $3 billion. For more information, visit www.wilkow.com.

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contacts

FOR MORE INFORMATION:
Connie Dyer
National Marketing Director
M&J Wilkow, Ltd.
312.279.5978 I [email protected]

FOR MORE INFORMATION:
hagar shaken
Investor Relations Director
ALTO real estate funds
+972 3 622 8443 , [email protected]

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