Trademark, ALTO Real Estate acquire shopping center on South Hulen
A joint venture between Fort Worth’s Trademark Property Co. and New York-based ALTO Real Estate Funds has acquired 5000 South Hulen, an 86,943-square-foot open-air community shopping center anchored by Barnes & Noble and Old Navy.
The retail destination is 95 percent occupied by a mix of national and regional retailers, including, along with the anchors, a number of retailers such as Potbelly Sandwich, Jamba Juice, Sprint, America’s Best Contacts & Eyeglasses, Kincaid’s and Ideal Image, among others.
“5000 South Hulen is an ideal fit within our acquisition strategy,” said Tommy Miller, CIO, Trademark Property. “It is a best-in-class property, with a strong tenant mix, located within one of the most established and recognized retail nodes in Fort Worth. After all, it’s all about location, location, location.”
Built in 2005, 5000 South Hulen is adjacent to Hulen Mall. With an average daily traffic count of 42,200, the property sits in Fort Worth’s busiest retail trade corridors, and adjacent to several shopping destinations.
“This property represents a terrific investment opportunity for ALTO. It is an irreplaceable location on a heavily trafficked intersection in a strong and growing market,” said Scott G. Onufrey, ALTO’s president & managing partner. “We are excited by the long-term prospects for the property and to be partnering with a first-class operator like Trademark.”
The acquisition of 5000 South Hulen is the first joint venture between ALTO Fund III and Trademark Property Company.
Established in 2010, ALTO is managed from New York City with regional offices in Dallas and Tel Aviv. To date, ALTO has invested in 58 properties, with a value of approximately $1.1 billion and representing approximately 11 million square feet.