A closed-end fund based in Dallas is making its way into the Greater Washington real estate market with the purchase of a Woodbridge shopping center.
Alto Real Estate Funds announced Wednesday its $37.85 million purchase of Prince William Square from an affiliate of Rosenthal Properties. The 232,957-square-foot strip mall is located across from Potomac Mills at 14200-14520 Smoketown Road and is 89% leased.
It is currently home to a MOM’s Organic Market, Ross Dress for Less, dd’s Discounts, Ashley Furniture, Jo-Ann Fabrics and Harbor Freight Tools.
Alto CEO and co-founder Yaniv Melamud said in a statement the purchase gives the fund a presence in “one of the fastest-growing and most desirable areas in the U.S.” He added the center has the potential to add value over time through leasing the vacant space.
The purchase is the ninth asset acquired through Alto’s third fund, which has been used to make $330 million in buys in the last two years. Alto has invested in a total…Read the full story from the Washington Business Journal.