Wednesday, January 25, 2017

HFF closes sale of and arranges $13.375 million acquisition financing for regional retail center in Bloomington-Normal, IL

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.

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.

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.

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 |

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