New York based real estate investment fund ALTO Fund II, in a joint venture with Besyata Investment Group, acquired the Washington Park Plaza shopping center in Homewood, IL, a suburb of Chicago. Purchased for $32 million, the 235,000 sqf retail center traded for just over $136 per sqf. The shopping plaza is located off Interstate 294 in the heavily trafficked Halsted Street corridor, with national tenants including 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. The center is 95 percent occupied.
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”.
