NEW YORK--(BUSINESS WIRE)--ALTO Fund II, a New York based real estate investment fund, in a joint venture with Besyata Investment Group, has acquired the 235,000 SF Washington Park Plaza shopping center located in Homewood, IL, a suburb of Chicago. The shopping center was acquired for a purchase price of $32 million.
Washington Park Plaza is located off Interstate 294 and well positioned in the heavily trafficked Halsted Street corridor, surrounded by successful retailers. The property has a 95% occupancy rate and is primarily leased to national credit tenants like Starbucks, TJ Maxx, Ross Dress for Less, Petco and Party City.
With this acquisition, ALTO Fund II has invested in 38 properties in the United States with an aggregate value of $600 million.
Scott G. Onufrey, ALTO’s Managing Partner stated: " We are continuing our strategy of investing in value add properties in strong areas. We believe that the US real estate market provides interesting opportunities especially at a time of economic uncertainty in the world”.
About ALTO Real Estate Funds:
ALTO Real Estate Funds, founded in 2010, is a series of closed-end investment funds specializing in value-add commercial real estate investments throughout the United States. To date ALTO has invested $1 billion in 53 assets, consisting of approximately 11 million square feet, and has sold its interest in 14 properties.
About Besyata Investment Group:
Besyata Investment Group is a family-owned real estate investment company focused on acquiring multi-family and retail properties with substantial upside, while pursuing a value-add strategy. Besyata is an owner and operator of properties nationwide, totaling over $500MM, and has originated and financed over 100 successful transactions.
