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| Shoppes at College Hills, 314 South Towanda Avenue, Normal, IL |
CHICAGO, IL, Jan. 25, 2017
– Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the
sale of The Shoppes at College Hills and
The Plaza at College Hills, an open-air regional retail center totaling
441,995 square feet in the Bloomington-Normal area of central Illinois. HFF also arranged $13.375 million in
acquisition financing for The Shoppes at College Hills.
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| Amy Sands |
HFF marketed the property
on behalf of the seller, Miller Capital.
A partnership between M&J Wilkow and ALTO Real Estate Funds
purchased the asset. Additionally,
working on behalf of the new ownership, HFF placed the 10-year, fixed-rate
acquisition loan with Benefit Street Partners L.L.C. for The Shoppes at College
Hills portion of the property.
The Shoppes and Plaza at
College Hills is 95 percent leased to 30 tenants, including Gordman’s, Hobby
Lobby, Chico’s, Francesca’s, J. Jill, LOFT, White House Black Market,
Starbucks, Jos. A Banks, Motherhood Maternity and Panda Express.
Target and Von Maur shadow-anchor the center
along with a 128-room Hampton Inn and Suites.
Situated on 34.32 acres at 314 South Towanda Avenue in Normal, the
center is bordered by and has frontage along Veterans Parkway, the major retail
corridor of Bloomington-Normal, one of the fastest-growing communities in
Illinois.
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| Claudia Steeb |
The Shoppes and Plaza at College Hills is
exposed to approximately 184,800 vehicles per day, and more than 90,700 people
earning an average annual household income of approximately $75,723 live within
a three-mile radius of the center.
The HFF investment sales
team representing the seller was led by directors Amy Sands and Clinton Mitchell and senior managing director Barry Brown.
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| Barry Brown |
The HFF debt placement
team representing the new owners was led by managing director Claudia Steeb.
Miller Capital is an investment
advisor with headquarters in Skokie, Illinois, a suburb of Chicago. The firm also operates a regional office in
Austin, Texas.
The firm manages property
investments throughout the entire United States. Real estate investments under management totaled
approximately $9.4 billion as of December 31, 2016. Miller Capital specializes in
fashion-oriented retail and mixed use properties.
For a
complete copy of the company’s news release, please contact:
Kristen M. Murphy
Director, Public Relations
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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