Joint Venture Acquires Open-Air Lifestyle Center in Illinois

by Katie Sloan

Normal, Ill. — A joint venture between ALTO Real Estate Funds and M & J Wilkow Ltd. has acquired The Shoppes at College Hills and The Plaza at College Hills, a 441,995-square-foot open-air shopping center located in Normal, Illinois.

The center was 95 percent leased at the time of sale to tenants including Gordmans, Hobby Lobby, Francesca’s, Chico’s, J.Jill, Starbucks Coffee and White House/Black Market. Amy Sands, Barry Brown and Clinton Mitchell of HFF represented the seller, Miller Capital, in the transaction. Additionally, working on behalf of the new ownership, Claudia Steeb of HFF placed a 10-year, fixed-rate acquisition loan with Benefit Street Partners LLC for The Shoppes at College Hills portion of the property. M & J Wilkow will manage the shopping center, and The Pollard Group will serve as leasing agent. 

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