Done Deals: HFF announces sale and $11 million acquisition financing of southwest Florida grocery-anchored community center

Sunday, January 20, 2019

HFF announces sale and $11 million acquisition financing of southwest Florida grocery-anchored community center

Northpoint Shopping Center, Cape Coral, FL

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale and $11 million acquisition financing of Northpoint Shopping Center, a 115,906-square-foot, grocery-anchored community retail center in the southwest Florida community of Cape Coral, Florida.

Kimberly Flores

The HFF team marketed the property on behalf of the seller. ALTO Real Estate Funds purchased the asset free and clear of existing debt. Additionally, working on behalf of the new owner, the HFF team placed the 10-year, fixed-rate acquisition loan with Wells Fargo Bank, N.A.

Daniel Finkle

Completed in 2008, the 96.9-percent-leased Northpoint Shopping Center is home to Bed Bath & Beyond, Michaels, PetSmart, ALDI, Five Below and more.

Additionally, the center is shadow anchored by an adjacent Publix and BJ’s Wholesale Club.

Situated on 15.5 acres at 1803-1851 Northeast Pine Island Road, Northpoint Shopping Center is positioned along the trade area’s busiest thoroughfare and primary retail corridor.

More than 132,473 residents live within a five-mile radius of the center, and the population is expected to increase by nearly 10 percent over the next five years.

Luis Castillo

The HFF investment advisory team that represented the seller included senior managing director and co-head of HFF’s retail practice Daniel Finkle, managing director Luis Castillo, director Eric Williams and senior associate Kim Flores.

The HFF debt placement team that represented the new owner consisted of senior director Nat Scarmazzi.

“We are very excited to add this top-quality property to our portfolio,” said Scott G. Onufrey, president and managing partner of ALTO Real Estate Funds.

“This investment marks the first deal ALTO is doing without a partner and it aligns perfectly with our strategy to invest in well-located, core-plus assets at attractive prices. We are focused on acquiring assets in growing markets with strong demographics.”

Eric Williams

“The seller did an outstanding job creating value through the stabilization of Northpoint Shopping Center via the additions of ALDI, Five Below and Keke’s Café,” Finkle added.

“The property’s strong performing tenancy and ideal location make for an outstanding long-term investment for ALTO Real Estate Funds.”

ALTO Real Estate Funds is a series of closed end investment funds specializing in value-add commercial real estate across the U.S.

Established in 2010, ALTO is managed from New York City with regional offices in Dallas and Tel Aviv. ALTO’s investments provide a stabilizing component to portfolios, combining low risk profiles with a value-add approach, to target an attractive annual yield and stable cash flow.

Nat Scarmazzi

The management team works closely with a network of experienced industry contacts to identify solid investment opportunities. ALTO consistently demonstrates a strong and solid track record and consequently maintains a loyal investor base.

To date, ALTO has invested in 61 properties, with a value of $1.1 billion and representing approximately 12 million square feet.

For further information, please visit www.alto-investments.com, or follow and connect with us on LinkedIn, Facebook and Twitter.