DALLAS--(BUSINESS WIRE)--ALTO Real Estate Funds has acquired Quebec Square, a 207,611 square foot, 91% leased, dominant shopping center with a significant regional draw located in Denver, Colorado. The property was purchased for $42.25 million.
Quebec Square is centrally located only 5 miles from downtown, in Stapleton, one of Denver’s most affluent and fastest growing neighborhoods. The property is home to top national retailers including Ross Dress for Less, PetSmart, Office Depot, and Panera Bread and is shadow anchored by Home Depot, Walmart, and Sam's Club. Strategically positioned along the highly trafficked Quebec Street, and only a mile from I-70, the area is positioned for continued population and economic growth.
"Quebec Square is a huge win for our fund to get a foothold in the Denver market, one of the fastest growing and most desirable areas in the US," says Yaniv Melamud, CEO and Co-Founder of ALTO Real Estate Funds, "with an irreplaceable location, limited competition, and dominant anchors, the asset is generating strong cash flow from day-one, with the potential to add value over time through lease-up of vacant suites and improvement of the tenant mix. The asset is shadow anchored by Home Depot and Walmart, both generating high sales volumes and traffic, and will assist to maintain center's position in the market and increase tenants' demand for space."
The acquisition of Quebec Square was financed with a $28.0 million, 7-year term loan at an attractive fixed rate from Goldman Sachs. Walker & Dunlop’s Los Angeles Capital Markets Team secured the debt on behalf of ALTO Real Estate Funds. This transaction marks the first acquisition of ALTO in the Denver market.
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 has offices in Dallas, Columbus, Hoboken, 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 contacts 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 62 properties, with a value of approximately $1.2 billion and representing 12 million square feet. For further information, please visit www.alto-investments.com, or follow and connect with us on LinkedIn, Facebook and Twitter.