DALLAS--(BUSINESS WIRE)--ALTO Real Estate Funds has acquired Prince William Square, a 232,957 square foot, 89% leased, dominant shopping center with regional draw located in Woodbridge, Virginia. The property was purchased for $37.85 million.
Prince William Square is located approx. 20 miles from Washington DC, and across from the Potomac Mills, Virginia’s largest outlet shopping mall. The property is home to top national retailers including Ross Dress for Less, MOM’s Organic Grocer, dd’s Discounts, Ashley Furniture, Harbor Freight Tools, and Jo-Ann Fabrics.
"Prince William Square is a huge win for our fund to get a foothold in the mid-Atlantic, 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 the recent addition of dd’s Discounts and mix of organic grocer and necessity-based retailers, the asset has the potential to add value over time through lease-up of vacant suites, while providing current cash flow."
The acquisition of Prince William Square was financed with a $25.0 million, 7-year term loan at an attractive fixed rate from Morgan Stanley Bank. 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 Northern Virginia market.
Prince William Square is the ninth asset acquired by ALTO Fund 3 whose acquisitions over the past two years amounted to $330 million. The fund intends to invest an additional $400 million over the next two years. To date, ALTO has invested in 63 properties, with a value of approximately $1.3 billion representing 12 million square feet.
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.