CRANBERRY TWP — Cranberry Square shopping center has been purchased for $23.5 million by a Chicago-based commercial real estate company.

M & J Wilkow and its financial partner, ALTO Real Estate Funds, on Monday announced the acquisition of the 195,165-square-foot shopping center in the heart of Cranberry.

The fully-leased center includes anchor stores Field & Stream and Barnes and Noble and is adjacent to Costco and Walmart.

Jerry Andree, township manager, said it's not unusual to see changes in ownership of the township's shopping centers and business parks.

“It does demonstrate continued confidence by the retail industry with new owners entering our market,” he said.

ALTO Real Estate Funds is a series of closed-ended investment funds managed from New York City. M & J Wilkow is a commercial real estate owner and operator based in Chicago that has a portfolio of 40 properties, including Miracle Mile Shopping Center in Monroeville and The Waterfront in Homestead.