Unison Realty Partners Makes $21.1 Million Acquisition in Toms River, New Jersey
BOSTON, MA (September 14, 2017) – Unison Realty Partners, a privately held retail real estate investment management firm, announced its purchase of Commons at Hooper, a 120,349-square foot community shopping center in Toms River, New Jersey. Acquired out of a bankruptcy auction, Unison in partnership with ALTO Real Estate Funds purchased the asset for $21.1M.
Anchored by Michaels Stores, Designer Shoe Warehouse (DSW), and Dollar Tree Stores, Commons at Hooper is currently 86% leased to 21 tenants. The center was constructed in 1987 and is located at 1350 Hooper Avenue. Hooper Avenue – a major retail corridor of Ocean County – has an average daily traffic volume of approximately 40,000 vehicles per day. The center is well positioned across the street from Target and Lowe’s Home Improvement and serves a strong surrounding demographic community, with over 61,000 residents earning an average annual income of more than $90,000 living with a 3-mile radius.
Unison has retained Levin Management Corporation, a prominent retail-focused real estate services firm headquartered in New Jersey, as both property manager and leasing agent for the center.
“We are excited to welcome Commons at Hooper into our portfolio,” says Karim Fadel, Founder and Principal of Unison Realty Partners. “The center is already a strong performer, and we look forward to unlocking its full potential through strategic lease-up, physical rehab, and elevating the overall curb appeal. Commons at Hooper embodies Unison’s investment thesis, and we are pleased to partner with ALTO Real Estate Funds and Levin Management Corporation for such a hands-on value-add opportunity.”
Commons at Hooper marks Unison’s fourth acquisition in the Mid-Atlantic, and the firm’s first in the Garden State. Unison continues to actively seek new deals in New Jersey and throughout the Mid-Atlantic Region to complement its existing New England and Southeastern presence.
Holiday Fenoglio Fowler (HFF) served as broker in this acquisition, marketing the property on behalf of the Bankruptcy Court Southern District of New York.
About Unison Realty Partners
Unison Realty Partners is a private equity real estate firm 100 percent dedicated to value-add retail investing. Based in Boston and founded in 2010, the firm has acquired over $180 million of shopping center space, totaling 1.5 million square feet across 13 properties since inception. As an independent owner / operator, Unison implements a value-add investment strategy throughout the Eastern U.S. Unison targets necessity-based, neighborhood and community shopping centers representing $10-$50 million in property value. Learn more at www.unisonrealtypartners.com.
About 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 US. 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. The management team works closely with a network of experienced industry professionals 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 57 properties, with a value of $1 billion and representing approximately 11 million square feet. For further information, please visit www.alto-investments.com, or follow and connect with us on LinkedIn, Facebook, and Twitter.
FOR MORE INFORMATION CONTACT:
Brendon McCarthy, CFA
John DiOrio, CAIA
Joint Venture & Investment Solutions